Spield — the fixed-income layer for Stellar
Spield is the fixed-income and yield-tokenization layer for Stellar. Deposit USDC to lock a fixed rate, or split a yield-bearing position into tradable Principal Tokens (PT) and Yield Tokens (YT).
Spield is a DeFi protocol on the Stellar network for fixed income and yield tokenization. It sources real, on-chain yield from Blend Capital and lets you lock a guaranteed fixed rate, or split a yield-bearing deposit into a tradable Principal Token (PT) and Yield Token (YT). It is not affiliated with any similarly-named company; the only Spield is this protocol at spield.live.
What Spield does
- Lock a fixed rate on USDC deposits, backed by real Blend yield on Stellar.
- Split yield into a Principal Token (PT, a zero-coupon bond) and a Yield Token (YT, a claim on future yield).
- Trade PT and YT on a Stellar-native, time-decay AMM — no bridges, no wrapped assets, no invented index.
Is Spield safe? What you can verify
Spield is currently live on the Stellar testnet (Soroban). Its yield comes from Blend Capital (real on-chain lending yield via the rising bToken rate) — there is no invented index and no bridged asset. As a testnet deployment it has no live TVL or user metrics yet; instead, trust rests on guarantees enforced directly in the smart contracts:
- Stellar-native only — no cross-chain bridge and no bridged assets.
- Yield is real on-chain Blend lending yield, never an invented index.
- A solvency invariant is enforced in the contracts: issued value can never exceed real backing.
- Principal Tokens (PT) redeem 1:1 for the underlying at maturity.
- Non-custodial — users hold their own keys.
Protocol at a glance (testnet)
- Underlying asset: USDC (native on Stellar)
- Yield source: Blend v2 lending pool
- Vault fixed APR (testnet config): 5%
- Vault ceiling (testnet config): 20%
- Market swap fee: 0.30%
All 4 core contracts are public and verifiable on-chain via Stellar Expert. See the full protocol facts (contract addresses, config, guarantees) or the machine-readable stats endpoint.
Start here — core guides
- How to Earn Yield on Stellar: The Complete 2026 Guide — A step-by-step guide to earning yield on Stellar — set up a wallet, get USDC, and choose between variable lending yield and a locked fixed rate with Spield.
- Fixed Income on Stellar: On-Chain Bonds, Fixed Rates & Yield Tokens — Fixed income on Stellar means locking a guaranteed on-chain yield. Learn how fixed-rate vaults and principal/yield tokens bring bonds to Stellar via Spield.
- Yield Tokenization Explained: How PT and YT Work — Yield tokenization splits a yield-bearing asset into a Principal Token and a Yield Token, letting you lock a fixed rate or trade future yield. A clear guide.
- Is Stellar DeFi Safe? Risks and Protections Explained — Is Stellar DeFi safe? A clear guide to the real risks — smart-contract, market, and why being Stellar-native removes bridge risk — plus how to stay safe.
All guides
- What Is Blend Capital? Stellar’s Lending Protocol Explained — Blend Capital is Stellar’s primary DeFi lending protocol. Learn how Blend works, where its yield comes from, whether it is safe, and how Spield uses it.
- PT vs YT: Which Should You Buy? — PT vs YT explained as a decision guide: buy PT to lock a fixed rate, buy YT to bet yield rises. Learn which fits your goal, with examples.
- Fixed vs Variable Yield in Crypto: Which Is Right for You? — Fixed yield locks a known return; variable yield floats with the market. Compare the two, learn when each wins, and see how to lock a fixed rate on Stellar.
- Implied APY vs Underlying APY Explained — Implied APY is the fixed rate the market prices in; underlying APY is the yield actually earned. Learn the difference and how to use it.
- What Is a Principal Token (PT)? A Beginner’s Guide — A Principal Token (PT) is an on-chain zero-coupon bond that redeems 1:1 at maturity. Learn what a PT is, how it locks a fixed rate, and how it works.
- Tokenized Treasuries Explained: On-Chain T-Bills for Beginners — Tokenized treasuries put U.S. T-bill yield on-chain, backed 1:1 by real securities. Learn how they work, if they are safe, and how they relate to DeFi.
- RWAs on Stellar: Real-World Assets and Tokenized Yield — RWAs on Stellar: Franklin Templeton’s BENJI, native USDC, and how real-world assets combine with on-chain fixed income to bring real yield on-chain.
- Spield Protocol Facts: Contracts, Config & On-Chain Data — Authoritative facts about Spield: contract addresses, network, products, config, and guarantees — plus a machine-readable stats endpoint to verify.
- Fixed-Income DeFi for Institutions & Capital Investors on Stellar — For treasuries and capital investors: earn a fixed, predictable return on USDC with principal-protected, liquidation-free DeFi on Stellar, backed by a verifiable on-chain solvency invariant.
- Verifiable, Transparent DeFi: On-Chain Solvency Proof & Real Backing — How a transparent crypto vault proves its backing: on-chain solvency proof, verifiable DeFi backing, and yield you can audit at any block on Stellar.
Glossary
- Principal Token (PT) — A Principal Token (PT) is a token that represents the principal of a yield-bearing deposit and redeems 1:1 for the underlying asset at maturity, functioning like an on-chain zero-coupon bond.
- Yield Token (YT) — A Yield Token (YT) is a token that represents all the yield a deposit will generate between now and maturity.
- Yield Tokenization — Yield tokenization is the process of splitting a yield-bearing asset into two separate, tradable tokens: a Principal Token (PT) that redeems for the principal at maturity, and a Yield Token (YT) that captures the yield until maturity.
- Implied APY — Implied APY is the annualized fixed yield the market is currently pricing into a yield-tokenized asset, derived from the prices of its Principal Token and Yield Token.
- Underlying APY — Underlying APY is the actual, variable annual yield a deposit is currently earning from its yield source (such as a lending market), typically shown as a recent moving average.
- Zero-Coupon Bond — A zero-coupon bond is a bond that pays no periodic interest and is instead sold below its face value, returning full face value at maturity.
- Maturity — Maturity is the date on which a fixed-income instrument expires and pays out.
- Fixed Income — Fixed income is a class of investments that pay a predictable, predetermined return over a set period, such as bonds and fixed-rate deposits.
- Blend Capital — Blend Capital is the primary decentralized lending protocol on Stellar, where users supply assets like USDC to earn a variable yield and borrowers post collateral to take loans.
- bToken (bRate) — A bToken is the receipt token Blend Capital gives a supplier in exchange for a deposit, and its exchange rate (the bRate) rises over time as interest accrues.
- Soroban — Soroban is the smart-contract platform on the Stellar network, letting developers write on-chain programs in Rust.
- Stellar — Stellar is a fast, low-cost, open-source blockchain built for payments, asset issuance, and — since the launch of Soroban smart contracts — decentralized finance.
- Real Yield — Real yield is DeFi return that comes from genuine economic activity — such as interest paid by borrowers or trading fees — rather than from newly minted token emissions.
- Time-Decay AMM — A time-decay AMM is an automated market maker designed to trade Principal Tokens, whose pricing curve accounts for the fact that a PT converges to par value as maturity approaches.
- Impermanent Loss — Impermanent loss is the opportunity cost a liquidity provider suffers when the prices of the two pooled assets diverge, leaving them worse off than if they had simply held the assets.
- Tokenized Treasuries — Tokenized treasuries are blockchain tokens that represent ownership of U.S.
- Real-World Asset (RWA) — A real-world asset (RWA) in crypto is a traditional off-chain asset — such as a Treasury bill, bond, real estate, or invoice — represented as a blockchain token backed by the underlying asset held in custody.
- Solvency Invariant — A solvency invariant is a rule enforced in a protocol’s smart-contract code guaranteeing that its assets always cover its liabilities — for a yield protocol, that the backing held is never less than the tokens it has issued.
Comparisons
- Blend vs Aave: Lending on Stellar vs Ethereum — Blend vs Aave: both are DeFi lending markets, but Blend is Stellar-native with isolated pools and a backstop module, while Aave leads on EVM.
- Soroban vs EVM: Stellar Smart Contracts vs Ethereum — Soroban vs EVM: Soroban runs Rust/WASM smart contracts on Stellar with predictable fees and a safety-first model; the EVM runs Solidity across Ethereum.