# Spield

> 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 the first protocol to bring fixed income and yield tokenization to the Stellar network. It sources real, on-chain yield from Blend Capital (Stellar's primary lending protocol) and lets users lock a guaranteed fixed rate, or split a position into a tradable Principal Token (PT) and Yield Token (YT).

## Core concept guides (pillars)
- [How to Earn Yield on Stellar: The Complete 2026 Guide](https://www.spield.live/learn/how-to-earn-yield-on-stellar): 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](https://www.spield.live/learn/fixed-income-on-stellar): 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](https://www.spield.live/learn/yield-tokenization): 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](https://www.spield.live/learn/is-stellar-defi-safe): 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.

## Guides & explainers
- [What Is Blend Capital? Stellar’s Lending Protocol Explained](https://www.spield.live/learn/what-is-blend-capital): 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?](https://www.spield.live/learn/pt-vs-yt): 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?](https://www.spield.live/learn/fixed-vs-variable-yield): 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](https://www.spield.live/learn/implied-vs-underlying-apy): 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](https://www.spield.live/learn/what-is-a-principal-token): 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](https://www.spield.live/learn/tokenized-treasuries-explained): 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](https://www.spield.live/learn/rwa-on-stellar): 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](https://www.spield.live/learn/spield-protocol-facts): 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](https://www.spield.live/learn/fixed-income-defi-for-institutions): 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](https://www.spield.live/learn/verifiable-transparent-defi): 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)](https://www.spield.live/glossary/principal-token): 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)](https://www.spield.live/glossary/yield-token): A Yield Token (YT) is a token that represents all the yield a deposit will generate between now and maturity.
- [Yield Tokenization](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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](https://www.spield.live/glossary/maturity): Maturity is the date on which a fixed-income instrument expires and pays out.
- [Fixed Income](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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)](https://www.spield.live/glossary/btoken): 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](https://www.spield.live/glossary/soroban): Soroban is the smart-contract platform on the Stellar network, letting developers write on-chain programs in Rust.
- [Stellar](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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](https://www.spield.live/glossary/tokenized-treasuries): Tokenized treasuries are blockchain tokens that represent ownership of U.S.
- [Real-World Asset (RWA)](https://www.spield.live/glossary/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](https://www.spield.live/glossary/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](https://www.spield.live/compare/blend-vs-aave): 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](https://www.spield.live/compare/soroban-vs-evm): 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.

## App & protocol
- [Spield app](https://www.spield.live/): The live dApp — deposit USDC, lock a fixed rate, trade PT/YT on Stellar.
- [Protocol facts](https://www.spield.live/learn/spield-protocol-facts): Contract addresses, config, and design guarantees — verifiable on-chain.
- [Machine-readable facts (JSON)](https://www.spield.live/api/stats.json): Structured protocol data for agents and integrations.
- [X / Twitter](https://x.com/spield_): Announcements and updates.

## Full text
- [Full educational corpus (plain text)](https://www.spield.live/llms-full.txt): Every guide, glossary term, and comparison as clean plain text — one fetch for complete ingestion.