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Lending

Single Asset Vaults

Isolated, fixed-rate, fixed-term institutional lending markets. One borrower. One collateral type. One rate. One term. Deposit USDC during the funding window and your rate is locked until maturity. No oracle price feeds. No commingled pools. No variable rate drift. 30-day maximum term at launch, initially deployed on Stellar.

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Single Asset Vaults
Max term at launch 30 days
  • Fixed rate · fixed term
  • One borrower · one collateral
  • No oracle feeds · settled at maturity
How It Works

How Single Asset Vaults work.

Traditional DeFi lending uses variable rates, shared pools, and oracle-dependent liquidations. Single Asset Vaults replace all of that with a simpler, more predictable model: one borrower, one collateral type, one rate, one term.

Four-step flow

Fixed rate.
Fixed term.

No variable rate drift. No utilization spikes. No mid-term liquidation cascade. Just one borrower, one collateral type, and a rate locked from origination to settlement.

Start Lending

Permissionless to lend · No KYC required

  1. 01
    Borrower posts collateral

    An institutional borrower completes KYC and posts risk-committee-approved collateral into an isolated vault. They set the rate, term, LTV, and funding window.

  2. 02
    You lend USDC

    During the funding window, you deposit USDC into a named vault. Your rate is locked at deposit. You receive vault tokens representing your position. No KYC or accredited investor status required to lend.

  3. 03
    Yield accrues

    No oracles watch the position. No variable rate drift. No liquidation cascade. One question at maturity: did the borrower repay?

  4. 04
    Maturity or default

    At maturity, the borrower repays principal plus interest and you redeem vault tokens for USDC plus accrued interest. If the borrower defaults, the collateral resolution process agreed at vault creation is triggered.

Why Fixed-Rate

Why fixed-rate matters.

Most DeFi lending rates change by the minute. Single Asset Vaults lock your rate from day one, giving you certainty in an uncertain market.

01
Rate locked at deposit

Your rate is set the moment you deposit. It does not change for the duration of the vault term, regardless of what happens in the broader market.

02
Isolated risk

Each vault holds a single collateral type. A default or depeg in one vault cannot cascade to affect another. Your risk exposure is limited to the vault you choose.

03
No oracles required

Collateral is valued once at origination and held to maturity. No oracle price feed watches the position, so no manipulation and no oracle-driven liquidation cascade. Rate certainty is the tradeoff.

04
Overcollateralised by design

Every loan is overcollateralized. If a borrower defaults, the collateral resolution process agreed at vault creation is triggered: either collateral is transferred pro rata onchain to lenders, or converted to USDC by a designated liquidator.

FAQ

Frequently asked questions.

What are Single Asset Vaults?
Single Asset Vaults are isolated, fixed-rate, fixed-term institutional lending markets. One borrower. One collateral type. One rate. One term. Deposit USDC during the funding window and your rate is locked until maturity. No oracle price feeds. No commingled pools. No variable rate drift. 30-day maximum term at launch, initially deployed on Stellar.
How is the fixed rate determined?
The borrower proposes the fixed rate at vault origination. Lenders decide whether the rate is attractive for the term and collateral on offer. Because the fixed-rate structure is valuable to institutional borrowers, they compete by setting terms that attract lender confidence. Once you deposit, your rate is locked for the full term regardless of market conditions.
What happens if a borrower defaults?
SAVs are overcollateralized. If a borrower fails to repay at maturity, the collateral resolution process agreed at vault creation is triggered. Depending on collateral type, this may involve direct transfer of collateral to lenders pro rata onchain, or conversion to USDC by a designated liquidator. If proceeds are insufficient, lenders absorb the shortfall pro rata. Because each vault is isolated, a default in one vault cannot cascade to affect any other vault.
Can I exit a vault before maturity?
SAV lenders commit capital for the full term. There is no guaranteed secondary market for vault tokens, and lenders who need early exit may be unable to find buyers. If you need on-demand liquidity, splyceUSDC provides exposure to SAV yield through its fixed-income bucket with no term commitment.
What can be used as collateral?
SAVs accept two categories of collateral: (1) freely transferable tokens that settle permissionlessly onchain, and (2) restricted tokens subject to issuer whitelist controls, available only where the issuer has authorized the SAV escrow contract and a designated liquidator. Eligible collateral includes tokenized real-world assets, institutional money market instruments, and institutional digital assets. Restricted collateral SAVs are not available at launch.
Learn More
Learn more about Splyce.
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