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.
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.
1
Borrower posts collateral
An institutional borrower completes KYC and posts risk-committee-approved collateral into an isolated vault, setting the rate, term, LTV, and funding window.
2
You lend USDC
Deposit USDC into a named vault during the funding window. Your rate is locked at deposit and you receive vault tokens. No KYC required to lend.
3
Yield accrues
No oracles watch the position. No variable rate drift, no liquidation cascade. One question at maturity: did the borrower repay?
4
Maturity or default
At maturity the borrower repays principal plus interest and you redeem for USDC plus accrued interest. On default, the agreed collateral resolution process is triggered.
Are you the borrower?
Apply to originate a vault and draw USDC against your tokenized assets.
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 and holds for the full term, regardless of what the broader market does.
02
Isolated risk
Each vault holds a single collateral type. A default or depeg in one vault cannot cascade into another. Your exposure is limited to the vault you choose.
03
No oracles required
Collateral is valued once at origination and held to maturity. No price feed to manipulate, no oracle-driven liquidation cascade.
04
Overcollateralized by design
Every loan is overcollateralized. On default, the agreed resolution process triggers: collateral transferred pro rata onchain, 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.
What's the difference between fixed-rate and variable-rate lending?
In variable-rate lending your rate floats with pool utilization and can change block to block. In a Single Asset Vault the rate is fixed at deposit and held to maturity, so both sides know the exact economics in advance. Fixed-rate vs variable-rate lending →
Is a fixed term the same as a fixed rate?
No. A fixed rate locks the interest rate; a fixed term locks the maturity date. SAVs fix both, your rate is locked at deposit and the loan settles at a defined maturity, a 30-day maximum at launch. Fixed term vs fixed rate →