Split Stellar yield into principal and yield.
Deposit USDC. Mint SY. Separate fixed principal from variable yield, and trade both.
PT + YT = SY
The invariant every code path preserves
Standardized Yield
The wrapped yield-bearing asset. SY standardizes a Blend USDC position into a single, yield-accruing share.
Principal Token
The principal, isolated. PT redeems 1:1 for the underlying at maturity. Buy it at a discount to lock a fixed rate.
Yield Token
The yield, isolated. YT streams all yield generated by the SY until maturity, for speculation or hedging.
Deposit and mint
Action / Supply
Deposit USDC. The protocol wraps it into Standardized Yield, ready for the splitting mechanism.
Split
Mechanism / Fracture
SY fractures into two parts. The principal is secured as PT, the yield is isolated as YT.
Trade or hold
Outcome / Market
Hold PT to maturity for a fixed return, or trade either leg on a time-decay AMM priced by an internal TWAP.
Market / Roles
Who it is for
Fixed-rate buyer
Buy PT and hold it to maturity. The principal leg redeems at par while the yield leg remains separate.
Lock a rate →Yield trader
Buy YT to isolate the yield generated by SY until maturity without buying the principal leg.
Trade yield →Liquidity provider
Supply PT and SY to one pool. Direct PT swaps and routed YT trades use the same liquidity and pay fees through the same market.
Provide liquidity →Design / Guarantees
Built into the protocol
Internal TWAP only
No external oracle enters the AMM pricing path.
Recombination enforced
One PT plus one YT always recombines into one SY through the tokenizer.
Client-side signing
Every transaction is reviewed and signed by the user before submission.
Open source
The protocol is published under the Apache-2.0 license.
Protocol overview
Live · Testnet
01
Active market
Blend USDC
03
Token legs
SY · PT · YT
00
Price oracles
Internal TWAP
1:1
PT at maturity
Redeems to par