The Securities Exchange Commission (SEC) has approved a stablecoin application with interest for the first time. The stablecoin, called YLDS, was developed by digital asset firm Figure Markets and will be pegged to the U.S. dollar, similar to cash in a savings account. While other major stablecoins such as USDC and USDT remain in a regulatory gray area, YLDS will be officially registered with the SEC as a security, Figure CEO Mike Cagney told Fortune, putting YLDS in the same financial category as stocks or bonds. Figure's application was approved on Tuesday, according to filings on the S.E.C. website. A spokesperson for the agency did not immediately respond to a request for comment.