Spectra Brings Fixed-Rate Markets to Stellar Network

Spectra, an open interest-rate derivatives protocol, has integrated with Stellar to bring fixed-rate markets and tradable yield to its network. This integration enables users to split yield-bearing assets into two separate tokens: Principal Tokens (PT) and Yield Tokens (YT).

The PT represents the fixed-yield side of the arrangement, allowing holders to buy the principal at a discount to its face value and redeem it for its full fixed value at maturity. This structure provides users with a predictable return over a set period.

The YT, on the other hand, gives holders exposure specifically to the future yield of the underlying asset, rather than owning the asset itself. This allows traders to gain a claim on what the asset earns, effectively trading the yield as its own instrument.

Stellar's Security Audit Bank confirms that Spectra has completed a Certora audit dated May 18, 2026, indicating that the integration has been thoroughly reviewed. XCCY is also building a fixed-rate engine on Stellar, signaling growing demand for interest-rate tools on the network.