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. Blend is the real, on-chain yield source that Spield builds on — Spield deposits supply USDC into Blend and its rising bToken exchange rate is the yield Spield tokenizes.
Blend Capital is Stellar’s main money market. Suppliers deposit assets into isolated pools and earn interest paid by borrowers; a backstop module provides first-loss protection to each pool. Blend is where Spield’s yield actually comes from.
When you deposit USDC into Spield, it is supplied into Blend, and Blend’s bToken exchange rate (the bRate) rises as interest accrues. That real, on-chain rate — not an invented index — is what Spield turns into fixed rates and tradable yield.
Is Blend Capital safe?
Blend is an audited, non-custodial lending protocol native to Stellar with a backstop module that absorbs first losses in each pool. Like all DeFi lending, it carries smart-contract and market risk, but it avoids cross-chain bridge risk because it is Stellar-native.