Earn a fixed yield
Step-by-step — lock a guaranteed return on Spield, the easy way (Fixed-Rate Vault) or the hands-on way (buy PT).
Locking a fixed return is Spield's core promise. There are two ways to do it: the easy way (the Fixed-Rate Vault) and the hands-on way (buy PT directly). Both lock a known return; pick based on how much control you want.
The vault hides all the machinery. Deposit USDC, get a receipt for a guaranteed payout.
Open the Fixed Vault
In the app sidebar, select Fixed Vault.
Enter your amount
Type the USDC you want to deposit. You'll see your guaranteed payout at maturity and the fixed APY you're locking.
Deposit
Click Deposit and approve in your wallet. Your first deposit may include a one-time trustline approval — that's normal.
Redeem at maturity
After the maturity date, return to the vault and redeem your receipt for the full payout in USDC.
Done — your return is locked
From the moment you deposit, your payout is fixed. Nothing the market does afterward changes it.
Buying PT yourself lets you hold the bond directly (and trade it later if you want).
Open the Markets page
Select Markets and make sure you're on the Earn Fixed tab.
Check the implied APY
The headline implied APY is the fixed return you'd lock by buying PT now and holding to maturity. If you like it, continue.
Enter an amount and review the quote
Enter how much USDC to spend. The app shows how much PT you'll receive and your effective fixed rate. Set a slippage tolerance if you wish.
Buy and hold
Confirm the swap and approve in your wallet. You now hold PT. Hold it to maturity, then redeem it 1:1 for USDC on the Markets/Positions area.
Exiting early
Want out before maturity? Sell your PT back on the market at the current price, or if you also hold matching YT, recombine them to USDC. Either way you take the current price, not the locked one.
How your return is calculated
Your fixed return comes from the discount: you acquire principal-worth-1.00 for less than 1.00 today, and it's worth exactly 1.00 at maturity.
Example: buy PT at 0.97 with 90 days to maturity. At maturity it's worth 1.00. That's a ~3.1% return over 90 days (≈ 12.5% annualized) — locked in now.
What can go wrong?
- You sell early at a loss. Before maturity, PT's price moves with rates. If you sell early when rates have risen, you might get less than you paid. Held to maturity, you get par.
- Yield-source risk. Spield's backing depends on the underlying lending market; see risks.
That's it — the simplest, lowest-risk way to use Spield. Next, the opposite bet: go long on yield.