What is Spield?
Spield is a fixed-income protocol on Stellar that splits real, on-chain yield into a fixed-rate bond and a tradable yield token.
Spield is the fixed-income layer for Stellar. It takes a yield-bearing position — USDC earning interest on Stellar's lending market — and splits it into two simple, tradable pieces:
- a Principal Token (PT) — a fixed-rate bond. It redeems 1:1 for your principal at a set date, and you buy it today at a small discount. That discount is your fixed return.
- a Yield Token (YT) — a claim on all the yield that position earns until that date. It's a cheaper, leveraged way to bet that yield will be high.
Together, PT and YT always add up to the original position. Nothing is invented; the value is just separated so each person can hold exactly the risk they want.
One line to remember
Deposit USDC → get a fixed-rate bond (PT) + a yield token (YT). Hold PT for a guaranteed return, hold YT for leveraged yield, or trade either on the market.
The problem Spield solves
Almost all on-chain yield is variable. You supply USDC to a lending market and earn… whatever the rate happens to be, day to day. That's fine for some people, but it makes two very normal things impossible:
- Locking in a known return. A saver who wants "5% for 90 days, guaranteed" can't get it — the rate floats.
- Expressing a view on yield itself. A trader who thinks rates will rise has no clean instrument to express that.
Traditional finance solved this a long time ago with bonds (fixed return) and interest-rate products (a view on rates). Spield brings the same two primitives on-chain, in a form that's transparent and verifiable.
How Spield does it
Spield doesn't create yield — it sources real yield and then restructures it.
Real yield in
Your USDC is supplied to Blend, Stellar's main lending market. The position earns interest that accrues on-chain, second by second. (More in The Yield Source.)
Split into PT + YT
The protocol "strips" that position into a fixed leg (PT) and a variable leg (YT). This is called yield stripping, and it's the same model used by the largest fixed-income protocols in DeFi.
Choose your exposure
Hold PT for a fixed return, hold YT for leveraged yield, provide liquidity to earn fees, or trade PT and YT on the market as your view changes.
What makes Spield different
Backed by real yield
The value behind your tokens grows from actual on-chain lending interest — not an off-chain number someone has to keep updating.
Solvent by construction
Because the backing is a live on-chain position, the protocol can always pay every PT holder their principal and every YT holder their yield.
Stellar-native
No bridges, no relayers, no wrapped assets in the core. Everything settles on one fast, low-fee chain.
A real trading venue
A purpose-built time-decay market prices PT and YT correctly as they approach maturity — not a placeholder order book.
Who Spield is for
| You are… | Spield gives you… |
|---|---|
| A saver who wants predictability | A fixed return locked in at deposit (PT / the Fixed-Rate Vault). |
| A yield trader with a view on rates | Cheap, leveraged exposure to yield (YT). |
| A liquidity provider | Swap fees with near-zero impermanent loss if you hold to maturity. |
| A builder | Open, composable tokens and contracts to build fixed-income products on. |