← YLDSreviewed 2026-10-17 · 25 claims checked
Fact-check findings
What an automated fact-checker found when it re-read YLDS against the sources the page cites. Only the most recent review is shown.
Read this first
These findings are produced by an automated reviewer, and its results vary between runs: the same page, checked three times on the same day, came back with 15%, 20% and 34% of its claims disputed, mostly because each run extracted a different number of claims. Treat what follows as leads, not rulings.
“Disputed” means the reviewer could not reconcile the claim with the evidence it cited. It does not mean the claim is false. “Unverifiable” means no reachable source settled it either way.
Nothing here changes the page on its own. A proposed correction is applied only after a human moderator approves it; until then the page reads as it did when reviewed.
disputed
3 claimsThe reviewer could not reconcile the claim with the evidence it cited. This is a lead, not a ruling that the claim is false.
- #23[disputed][awaiting moderator]in the timeline
“2026-02-13”
reviewerOn 2026-02-13, Figure Technology Solutions announced an upsized secondary public offering of 4,375,000 shares at $32.00 per shareThe timeline entry conflates two separate press releases: it is dated and sourced to the Feb 13 'launch' announcement (unpriced, up to 4,230,000 shares) but describes the terms of the Feb 18 'pricing and upsizing' announcement. The date field should be corrected to the date those terms were actually announced.Proposed correction (not yet applied)2026-02-18 - #24[disputed][awaiting moderator]in the timeline
“https://investors.figure.com/news-releases/news-release-details/figure-technology-solutions-announces-launch-secondary-offering”
reviewerSource for the Feb 2026 secondary offering upsizing/pricing announcementCompanion finding to the date correction above: the cited source only supports an earlier, unpriced, smaller proposed offering, not the specific upsized/priced terms stated in the event text.Proposed correction (not yet applied)https://investors.figure.com/news-releases/news-release-details/figure-technology-solutions-announces-pricing-and-upsizing - #25[disputed][awaiting moderator]in the timeline
“YLDS ranks approximately #91–97 by market capitalization on CoinGecko with approximately $540 million in circulation, up from $598 million reported at end of Q1 2026.”
reviewerAs of July 21, 2026, YLDS had approximately $540 million in circulation, up from $598 million reported at end of Q1 2026This is an internal logical error independent of the exact true figure: $540 million is less than $598 million, so the entry cannot correctly describe the change as 'up from.' Figure's own disclosed Q2 2026 data confirms circulation actually declined after Q1, not grew.Proposed correction (not yet applied)YLDS ranks approximately #91–97 by market capitalization on CoinGecko with approximately $540 million in circulation, down from $598 million reported at end of Q1 2026.
unverifiable
1 claimNo source the reviewer could reach confirms or contradicts the claim.
- #20[unverifiable][awaiting moderator]in section: YLDS Token Risk Factors
“CoinGecko ranked YLDS approximately #91–97 by market capitalization as of July 2026, with approximately $540 million in circulation.”
reviewerYLDS ranked approximately #91-97 by market cap on CoinGecko as of July 2026 with approximately $540 million in circulationThe $540M/#91-97 figures are plausible given the confirmed declining trend (598M to 556M), but could not be independently pinned to the specific July 21, 2026 snapshot since the cited Wayback Machine archive was inaccessible for direct verification in this review.
partially supported
4 claimsThe cited evidence supports part of the claim but not all of it.
- #7[partially supported][awaiting moderator]in section: Parent Company: Figure Technology Solutions
“Figure and its ecosystem partners have originated over $22 billion in loans across 160+ institutional partners.”
reviewerFigure and its ecosystem partners have originated over $22 billion in loans across 160+ institutional partnersThe $22 billion figure and the 160+ partner figure each appear in Figure's own materials, but not paired together at the same point in time; they appear to come from different snapshots (partner count looks stale relative to the loan total). - #12[partially supported][awaiting moderator]in section: Short-Seller Allegations: YLDS Concentration and Lending Quality
“Morpheus Research alleged that as of December 2025, Figure and its affiliates controlled approximately 99% of the YLDS supply, with only a single passive investor holding the remainder.”
reviewerMorpheus alleged Figure and its affiliates controlled approximately 99% of YLDS supply as of December 2025, with only a single passive investor holding the remainderThe 99% figure and the single-passive-investor detail are both in the source, but the page restructures the sentence in a way that changes who holds what share; the source treats Figure + the one investor as a combined 99%, not Figure alone at ~99% plus a residual holder. - #17[partially supported][awaiting moderator]in section: YLDS Token Risk Factors
“Institutional custody support has been secured from multiple regulated custodians: BitGo Bank & Trust (OCC-regulated) added qualified custody support for YLDS, and Copper announced YLDS availability on its institutional custody platform in July 2026.”
reviewerInstitutional custody support secured from BitGo Bank & Trust (OCC-regulated) and Copper, announced July 2026The custody partnerships and dates check out; the 'OCC-regulated' characterization of BitGo Bank & Trust is press-stated and not independently confirmed against an OCC charter document. - #21[partially supported][awaiting moderator]in the summary
“It is the first interest-bearing transferable stablecoin to be registered under the U.S. Investment Company Act of 1940, and as of mid-2026 has approximately $540 million in circulation across Provenance Blockchain, Solana, Stellar, and Sui.”
reviewerYLDS is the first interest-bearing transferable stablecoin registered under the U.S. Investment Company Act of 1940, with approximately $540 million in circulation across Provenance, Solana, Stellar and Sui as of mid-2026The regulatory 'first' claim and chain list are solid; the specific $540M figure carries the same sourcing uncertainty flagged in the sections[6] CoinGecko finding (same underlying figure, repeated here).
confirmed
17 claimsThe cited evidence supports the claim as written.
- #1[confirmed][no action needed]in section: Product Overview and Regulatory Structure
“FCC is the first new registrant under this framework in over a quarter century and only the second currently operating face-amount certificate company in the United States.”
reviewerFCC is the first new face-amount certificate company registrant in over 25 years and only the second currently operatingVerified verbatim against the cited A&O Shearman article; the page's claim matches the source's own wording. - #2[confirmed][no action needed]in section: Product Overview and Regulatory Structure
“The interest rate accrues daily at the Secured Overnight Financing Rate (SOFR) minus 35 basis points (adjusted from an initial SOFR minus 50 basis points), with a floor of 0.00%.”
reviewerYLDS interest rate accrues at SOFR minus 35 bps, adjusted down from an initial SOFR minus 50 bps, with a 0.00% floorBoth the original rate (minus 50 bps) and the current rate (minus 35 bps) are independently confirmed in SEC filings. - #3[confirmed][no action needed]in section: Parent Company: Figure Technology Solutions
“Figure Technology Solutions completed an IPO on Nasdaq in September 2025, raising approximately $663 million, and subsequently conducted a secondary offering in February 2026 at $32.00 per share.”
reviewerFigure Technology Solutions completed its Nasdaq IPO in September 2025, raising approximately $663 millionNet proceeds figure and secondary offering price both check out against SEC filings and press coverage. - #4[confirmed][no action needed]in section: Parent Company: Figure Technology Solutions
“The company reported Q1 2026 loan volumes of $2.90 billion, up 113% year-over-year.”
reviewerFigure Technology Solutions reported Q1 2026 loan volumes of $2.90 billion, up 113% year-over-yearConfirmed against the company's own Q1 2026 earnings release. - #5[confirmed][no action needed]in section: Parent Company: Figure Technology Solutions
“Figure Technology Solutions posted a profit surge in 2025 and authorized a $200 million share buyback program.”
reviewerFigure Technology Solutions posted a profit surge in 2025 and authorized a $200 million share buyback programBoth the profit growth and buyback figure are independently confirmed. - #6[confirmed][no action needed]in section: Parent Company: Figure Technology Solutions
“As of early July 2026, the stock traded around $31.05.”
reviewerAs of early July 2026, FIGR stock traded around $31.05No specific day was cited by the page, but the approximate figure falls squarely within FIGR's actual July 2026 trading range. - #8[confirmed][no action needed]in section: Founder Background: Mike Cagney
“Cagney resigned as SoFi's CEO in September 2017 immediately following the emergence of sexual harassment lawsuits, including a claim by executive assistant Laura Munoz and a wrongful termination lawsuit alleging he had created a workplace culture tolerant of harassment.”
reviewerMike Cagney resigned as SoFi CEO in September 2017 following sexual harassment lawsuits, including a claim by executive assistant Laura Munoz and a wrongful termination lawsuitBoth named elements (Munoz claim, wrongful-termination suit) are independently corroborated by period reporting. - #9[confirmed][no action needed]in section: Founder Background: Mike Cagney
“Morpheus Research separately alleged that Cagney sold approximately $64 million worth of FIGR stock since the IPO at an average price of $28.50; Figure stated the sales occurred under pre-established trading plans or in connection with stock vesting and associated tax obligations.”
reviewerMorpheus Research alleged Cagney sold approximately $64 million of FIGR stock since the IPO at an average price of $28.50Direct fetch of the Morpheus report confirms this figure is actually stated there, as cited. - #10[confirmed][no action needed]in section: Short-Seller Allegations: Blockchain Misrepresentation
“The report characterized Figure's blockchain use as recording conventionally-originated loan data to a distributed ledger after the fact — effectively using it as a 'glorified database.'”
reviewerMorpheus characterized Figure's blockchain use as a 'glorified database' recording conventionally-originated loan data after the factConfirmed verbatim against the primary source. - #11[confirmed][no action needed]in section: Short-Seller Allegations: Blockchain Misrepresentation
“Morpheus also alleged that co-founder Mike Cagney has publicly criticized tokenization and 'digital twins' on social media, in apparent tension with Figure's promotional materials describing loans as blockchain-native.”
reviewerMorpheus alleged Cagney publicly criticized tokenization and 'digital twins' on social media, in tension with Figure's promotional materialsConfirmed verbatim against the primary source. - #13[confirmed][no action needed]in section: Short-Seller Allegations: YLDS Concentration and Lending Quality
“On lending quality, Morpheus noted that delinquent balances in Figure's held-for-sale loan pool rose from 3.91% in 2024 to 5.46% in 2025, compared to Bank of America's improvement during the same period.”
reviewerMorpheus found delinquent balances in Figure's held-for-sale loan pool rose from 3.91% in 2024 to 5.46% in 2025, compared to Bank of America's improvementConfirmed verbatim against the primary source, including the BofA comparison direction. - #14[confirmed][no action needed]in section: Short-Seller Allegations: YLDS Concentration and Lending Quality
“It is noted that by Q1 2026 YLDS circulation had grown to $598 million, an 83% quarter-over-quarter increase from Q4 2025, suggesting meaningful distribution growth since December 2025.”
reviewerYLDS circulation grew to $598 million by Q1 2026, an 83% quarter-over-quarter increase from Q4 2025Confirmed against the company's own disclosed operating metrics. - #15[confirmed][no action needed]in section: Data Breach (February 2026)
“In February 2026, Figure Technology Solutions disclosed a data breach affecting approximately 967,200 customer accounts.”
reviewerIn February 2026, Figure Technology Solutions disclosed a data breach affecting approximately 967,200 customer accountsAccount count independently confirmed by multiple outlets. - #16[confirmed][no action needed]in section: Data Breach (February 2026)
“The threat actor group ShinyHunters posted approximately 2.5 GB of stolen data on a dark web forum on February 13, 2026; unauthorized access had been first identified internally on January 28, 2026.”
reviewerThe breach was executed via a social engineering voice-phishing attack obtaining an employee's credentials and MFA codes; ShinyHunters posted 2.5 GB of data Feb 13, 2026; internal detection was Jan 28, 2026Dates, actor attribution and vector are all independently corroborated. - #18[confirmed][no action needed]in section: YLDS Token Risk Factors
“Hastra, a DeFi protocol, offers wYLDS (Wrapped YLDS) on Solana, enabling use of YLDS yield in decentralized finance contexts.”
reviewerHastra offers wYLDS (Wrapped YLDS) on Solana, enabling use of YLDS yield in DeFiClaim is accurate as far as it goes; Solana deployment is confirmed even though wYLDS also exists on Ethereum. - #19[confirmed][no action needed]in section: YLDS Token Risk Factors
“Figure Certificate Company also submitted letters to the SEC in April and May 2025 regarding the use of YLDS trading pairs as a settlement mechanism for non-security crypto assets, indicating active regulatory engagement.”
reviewerFigure Certificate Company submitted letters to the SEC in April and May 2025 regarding YLDS trading pairs as a settlement mechanism for non-security crypto assetsBoth the April and May 2025 letters are independently located on SEC.gov. - #22[confirmed][no action needed]in the timeline
“Figure Technology Solutions (FIGR) completes its Nasdaq IPO, raising approximately $663 million in net proceeds at $25 per share.”
reviewerFigure Technology Solutions (FIGR) completed its Nasdaq IPO around September 2025, raising approximately $663 million in net proceeds at $25 per shareFigures match SEC filings and contemporaneous reporting; month-level date precision is reasonable.
How this fits together. The reviewer reads the published page and its cited sources and records one finding per claim. A human moderator decides whether each proposed correction is applied; those decisions, and the score changes they cause, appear in the audit log. Earlier review runs are not shown here; only the latest reflects the page as it stands.