Spectra launches fixed-rate interest markets on Stellar

Spectra has integrated with the Stellar network to launch fixed-rate interest markets, introducing a new layer to the network's onchain economy. The protocol functions as an open, permissionless interest-rate derivatives protocol that splits yield-bearing assets into two distinct components: Principal Tokens (PT) and Yield Tokens (YT).

Principal Tokens allow holders to purchase the principal at a discount to its face value, which can then be redeemed for its full fixed value at maturity, providing predictable returns. Yield Tokens provide traders with exposure to the future yield of an underlying asset without requiring direct ownership of the asset itself.

The integration follows Stellar's expansion into tokenized assets, lending, and settlement infrastructure. A Certora audit for the integration was completed on May 18, 2026. Additionally, XCCY is developing a fixed-rate engine on Stellar, indicating rising demand for these financial instruments within the ecosystem.