Ondo Finance has purchased $25 million of YLDS—a yield-bearing stablecoin issued by Figure Technology Solutions—to diversify the supporting assets of its tokenized U.S. Treasury fund.

The company announced on Monday that YLDS will be added to its reserve portfolio, which already includes tokenized Treasury products from major asset management firms, including BlackRock, Fidelity, Franklin Templeton, and funds issued by WisdomTree.

The Ondo Short-Term U.S. Government Bond Fund (OUSG) is designed for institutional investors, providing on-chain Treasury exposure with support for anytime redemptions, and is expected to yield an annual return of 3.68%. As of the time of writing, the total locked value (TVL) of the tokenized fund is approximately $777 million.

Figure operates loan and capital market infrastructure on the Provenance blockchain and has issued over $19 billion in loans, covering home equity lines of credit, mortgage products, and crypto-collateralized credit. This transaction follows Figure's completion of its Nasdaq initial public offering (IPO) earlier this year. According to DefiLlama data, the market capitalization of its YLDS stablecoin is approximately $100 million.

Ondo Finance is a U.S. platform established in 2021, focusing on the tokenization of traditional financial assets. In October, the company expanded its tokenized asset lineup to the BNB Chain, adding over 100 tokenized Wall Street stocks and exchange-traded funds (ETFs) on-chain.

On Wednesday, the platform received regulatory approval from the Financial Market Authority (FMA) of Liechtenstein to offer tokenized stocks in Europe.

According to Yahoo Finance data, Figure's stock price rose nearly 4% in early trading on Monday.

Crypto collateralized loans are gaining increasing attention globally, with more lenders expected to resume and expand crypto collateralized loan products by 2025, accelerating this trend.

In July, Block Earner launched BTC-backed home loans in Australia, providing borrowers with cash up to half the property value, with crypto collateral protected by Fireblocks.

On Tuesday, stablecoin issuer Tether announced an investment in Ledn, a platform offering BTC-backed consumer loans. In the third quarter, Ledn reported issuing over $390 million in BTC-backed loans.

Centralized exchanges are also expanding in this area, broadening their product offerings beyond BTC. On Thursday, Coinbase launched ETH-backed loans for U.S. customers, allowing users to borrow up to $1 million in USDC using their Ethereum (ETH) holdings as collateral.

According to Dune data, Coinbase's on-chain lending market has processed approximately $1.28 billion in loan issuance since its launch earlier this year.

Related: Bitwise Chief Investment Officer: Rising value capture of crypto tokens may drive market rebound in 2026

Original article: “Ondo invests $25 million in Figure stablecoin to support tokenized fund”

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