Fixed-Rate Vault
Spield's flagship product — deposit USDC and lock a guaranteed payout at a set date, with no need to understand PT or YT.
The Fixed-Rate Vault is the simplest way to use Spield, and the product most people will want. You deposit USDC, you're told an exact payout for an exact date, and you receive a receipt for it. That's the entire experience — no PT, no YT, no trading.
What it does
Deposit USDC → get a guaranteed payout at maturity.
When you deposit, the vault:
- Shows you a live quote: your guaranteed payout (principal + a fixed coupon) and the fixed APY.
- Issues you a receipt for that exact payout.
- At maturity, lets you redeem the receipt for the full amount in USDC.
Why the rate is truly fixed
The vault doesn't predict a rate and hope. It only ever promises a payout it is already holding the means to pay. Under the hood it backs every receipt with principal-tokens it holds in inventory, so a payout can only be quoted if the backing for it already exists. If it can't fully back a deposit's payout, it declines the deposit rather than over-promise.
The practical effect
Your payout is locked the instant you deposit. Market rates can swing wildly afterward — your receipt still pays out exactly what it said. You also can't be liquidated; there's no leverage in a vault deposit.
Using the vault
Open the Fixed Vault page
In the app sidebar, select Fixed Vault.
Enter an amount and read the quote
Type your USDC amount. The vault shows your guaranteed payout and fixed APY for the current term.
Deposit
Confirm and approve in your wallet. You receive a receipt.
Redeem at maturity
After the maturity date, return to the vault, find your receipt, and redeem it for the full payout in USDC.
Good to know
- One term at a time. Each vault targets a single maturity date. When that term ends, a new term is offered.
- The fixed rate may change for new deposits. Spield can adjust the quoted rate for future deposits (within an on-chain ceiling), but already-issued receipts never change — your locked payout is yours.
- Capacity. The vault can only promise as many fixed payouts as it can back. In rare high-demand moments it may show limited capacity; this is the safety mechanism that keeps every receipt fully covered.
Want more control?
If you'd rather hold the bond yourself (to trade it, LP with it, or claim yield directly), use the Deposit page to mint PT + YT instead. The vault is the hands-off option; PT/YT is the hands-on one.
Related
- Walkthrough: Earn a fixed yield
- Concept: PT and YT explained
Features overview
The complete set of Spield features — the Fixed-Rate Vault, PT/YT tokens, the yield market, liquidity provision, the cross-chain bridge, and the live solvency dashboard.
PT & YT tokens
Spield's Principal Tokens and Yield Tokens are real, composable Stellar assets — mint them, hold them, claim yield, redeem, or trade them.