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I've been with Figure for 2 years now. Yes, YLDS functions mechanically like a tokenized MMF. It's actually a very cleverly structured type of security called a "face-amount certificate". YLDS certificates are backed by a reserve of high quality liquid assets, primarily short dated U.S. Treasuries and overnight Treasury repurchase agreements (repos). Figure uses these to generate the yield which is SOFR minus a fixed spread. So the underlying asset (short term treasuries) is extremely low risk, but I'd say the structural risk is maybe more moderate (issuer credit, smart contract bugs). Personally I've felt very safe holding my balance in YLDS. I've moved some funds over from my HYSA since YLDS has no transaction limits. Hope that helps