24 guides
Fixed income on Stellar, explained.
Guides to fixed income on Stellar: how yield tokenization works, what Principal and Yield Tokens are, where Blend's yield comes from, and how to earn a fixed rate on USDC.
Start here
- How to Earn Yield on Stellar: The Complete 2026 GuideA 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 TokensFixed 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 WorkYield 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 ExplainedIs 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.
Fixed income
- Zero-Coupon Bonds Explained: From T-Bills to Principal TokensA zero-coupon bond pays no interest along the way: you buy below face value and collect the full amount at maturity. The same idea now powers PTs in DeFi.
- What Is a Fixed-Rate Vault? A Known Payout in a Floating WorldA fixed-rate vault accepts your deposit, quotes a payout up front, and delivers it at maturity no matter where market yield drifts. Here is how that works.
Yield tokenization
- 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.
- Implied APY vs Underlying APY ExplainedImplied 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 GuideA 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.
- What Is a Yield Token (YT)? The Yield, Sold SeparatelyA Yield Token (YT) pays you all the yield a deposit earns until maturity, then expires at zero. Learn how YTs work, why they decay, and when to buy one.
- Time-Decay AMMs: How to Price a Token with an Expiry DateA time-decay AMM prices assets that expire, like PTs, by shifting its curve toward par as maturity nears. Why normal AMMs fail at this, and how it works.
Stellar
- What Is Blend Capital? Stellar’s Lending Protocol ExplainedBlend 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.
- How to Set Up a Stellar Wallet: A Freighter WalkthroughSet up a Stellar wallet in about five minutes: install Freighter, back up the recovery phrase, fund the 1 XLM minimum, and connect to apps like Spield.
- How to Get USDC on Stellar: Three Routes That WorkThree ways to get USDC on Stellar: withdraw from an exchange over the Stellar network, on-ramp through an anchor, or bridge from another chain. Trustline first.
- Is Blend Capital Safe? An Honest Risk WalkthroughBlend Capital is audited, immutable, and insured by per-pool backstops, but no lending protocol is risk-free. What protects you, and what can still go wrong.
- Does XLM Have Staking? No — Here’s What Works InsteadNo. XLM cannot be staked. Stellar’s consensus pays no validator rewards, so anything sold as “XLM staking” is really lending. Here’s how yield on Stellar works.
- USDC Yield on Stellar: What Your Stablecoins Can EarnEvery way USDC earns yield on Stellar (variable lending, fixed rates, and LP fees) plus how to tell real yield from token emissions before you deposit.
- Best DeFi Yield on Stellar (2026): An Honest ComparisonThe best yield on Stellar in 2026, compared honestly by mechanism and risk: variable lending, fixed rates, LP fees, and custodial earn, without fake APY bait.
- Spield Protocol Facts: Contracts, Config & On-Chain DataAuthoritative facts about Spield: contract addresses, network, products, config, and guarantees — plus a machine-readable stats endpoint to verify.
DeFi basics
- 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.
- Verifiable, Transparent DeFi: On-Chain Solvency Proof & Real BackingHow a transparent crypto vault proves its backing: on-chain solvency proof, verifiable DeFi backing, and yield you can audit at any block on Stellar.
Real-world assets
- Tokenized Treasuries Explained: On-Chain T-Bills for BeginnersTokenized 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 YieldRWAs 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.
For institutions
Every term these guides use, defined in one place — or take the two comparisons if you are weighing Stellar against an EVM chain.
GlossaryComparisons