The US Securities and Exchange Commission has approved an application from Figure Markets for a yield-bearing stablecoin that will allow users to earn interest payments on their holdings — signaling the regulator’s intent to accommodate the rapidly growing stablecoin market.

Yield-bearing stablecoins have long been on the wish list of many crypto market participants who use the tokens to facilitate billions of dollars in transactions daily.

It’s the first time the regulator has approved the registration of an interest-bearing stablecoin as a public security.