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.
PT and YT are the core building blocks of Spield. Unlike the Fixed-Rate Vault (which keeps them behind the scenes), the Deposit flow mints them straight to your wallet so you can use them however you like.
They're real, composable assets
PT and YT are real Stellar assets — not abstract balances locked inside a contract. That means they:
- show up in your wallet,
- can be transferred,
- can be traded on Spield's market,
- can be supplied as liquidity,
- and can be used by other apps that integrate Spield.
| Token | Symbol | Represents |
|---|---|---|
| Principal Token | PT | Your principal — redeems 1:1 for USDC at maturity. |
| Yield Token | YT | All yield the position earns until maturity. |
Minting PT + YT
On the Deposit page, deposit USDC and the protocol mints equal amounts of PT and YT to your wallet (e.g. 100 USDC → 100 PT + 100 YT). Your USDC starts earning yield immediately.
What you can do with them
Hold PT for a fixed return
Keep PT to maturity and redeem it 1:1 for USDC. The discount you effectively paid is your locked return.
Claim YT yield
At any time, claim the yield your YT has accrued. It pays out in USDC, and your YT keeps earning until maturity. You can claim as often as you like.
Redeem PT at maturity
At or after the maturity date, redeem PT for USDC at par (1:1).
Recombine to exit early
Hold equal PT + YT and combine them back into USDC any time — even before maturity. Spield claims any pending yield first, so you lose nothing. This is the clean "exit early" path.
Trade either token
Sell PT for a quick exit at the current market price, or buy more PT for additional fixed exposure. YT is traded through the market's routing too — see the yield market.
Position-level accounting
Each deposit you make is tracked as its own position, with its own starting point for measuring yield. This is what makes Spield's accounting precise: yield is always measured from the moment your position began, so you only ever earn what your deposit actually generated — never more, never less.
Why this matters
Precise per-position accounting is the reason transferring or trading these tokens is safe: a new holder can only ever claim yield that accrued after they acquired the position, not before. No yield is double-counted or fabricated.
A note on trustlines
Because PT and YT are real Stellar assets, your account establishes a one-time trustline to each before holding them. The app handles this for you on your first deposit with a single approval — see funding your wallet.
Related
- Concept deep-dive: PT and YT explained
- Build with them: Spield's tokens for developers