Home / Single Asset Vaults
Product
The borrower sets the terms they need. The rate is locked at origination and does not move for the life of the loan. One borrower, one collateral type, one vault.
The book
A book of fixed-term loans, drawn on a time axis. One borrower, one collateral type, one rate per vault.
Treasury Vault 04
Tokenized treasuries
MMF Vault 02
Money market fund
Treasury Vault 01
Tokenized treasuries
MMF Vault 05
Money market fund
Crypto Vault 06
Institutional crypto
Credit Vault 03
Private credit
Every bar ends. Variable-rate lending never matures, so it cannot be drawn this way. Sorted by maturity, a fixed-term book forms a ladder. Vaults and rates shown are illustrative examples, not quoted rates.
From application to settlement. The borrower proposes the term and size; the risk committee approves the collateral.
A borrower applies and proposes terms
An institution brings collateral it does not want to sell, and states the size and term it needs. It completes KYC and signs a Master Loan Agreement with Splyce Finance.
The risk committee approves the collateral
Collateral type, valuation method and overcollateralization are set before the vault exists. Issuer-whitelisted assets clear the designated liquidator framework first.
The vault opens with terms fixed
One borrower, one collateral type, one rate, one term. The rate is locked at origination and does not move for the life of the loan.
Lenders fund it
Lend USDC directly, or hold splyceUSDC and let its fixed-income half allocate for you. Lending is permissionless.
Settlement at maturity
The borrower repays principal and interest, and reclaims the collateral. If they do not, the resolution process agreed at vault creation is triggered: direct transfer to lenders onchain, or conversion to USDC by a designated liquidator.
Most onchain lending puts every lender in one pool. A vault is a market of one.
1
Borrower per vault
You know exactly whose obligation you are funding, rather than a blended pool of anonymous positions.
1
Collateral type per vault
No cross-collateralization. A repricing in one asset class has no path into another vault.
0
Contagion between markets
A default is bounded by the vault it happens in, and the resolution path was agreed when that vault opened.
Market type
Isolated, fixed-rate, fixed-term institutional lending markets.
Rate
Locked at origination. It does not move with utilization or market conditions.
Collateral
Tokenized treasuries, money market funds, private credit and institutional crypto.
Collateralization
Overcollateralized, at a ratio approved by the risk committee before the vault opens.
Borrower requirements
KYC and a signed Master Loan Agreement with Splyce Finance.
Lender requirements
None. Lending is permissionless.
Default resolution
Direct transfer to lenders onchain, or conversion to USDC by a designated liquidator, as agreed at vault creation.
A Single Asset Vault (SAV) is an isolated, fixed-rate, fixed-term lending market. One borrower posts one collateral type and draws USDC at a fixed rate for a fixed term. Terms are set once at origination and held for the full duration. Lenders deposit USDC during the funding window and have their rate locked at deposit. At maturity, the borrower repays principal plus interest. No oracle price feeds watch the position mid-term.
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.
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.
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.
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.
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 borrower and lender know the exact economics in advance.
No. A fixed rate locks the interest rate; a fixed term locks the maturity date. Single Asset Vaults fix both: your rate is locked at deposit and the loan settles at a defined maturity, a 30-day maximum at launch.
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