Protocol Architecture
Two pillars of yield markets
Everything needed to fix, trade, and optimize yield exposure on tokenized RWAs.
Yield Tokenization
Split yield-bearing assets into principal and yield tokens, unlocking fixed yield and future yield trading.
Yield Trading AMM
A dedicated AMM for principal and yield trading, built around maturity-based pricing and efficient liquidity.
How it works
How it works
Deposit, split, trade, and redeem yield-bearing RWAs.
Deposit
Deposit a yield-bearing RWA and receive a Standardized Yield Token (SY).
Split
Split the asset into Principal Token (PT) and Yield Token (YT) for a fixed maturity.
Trade
Trade principal and yield exposure before maturity via the Yield Trading AMM.
Redeem
Redeem PT at maturity, or claim the yield generated through YT settlements.
Upcoming Markets
First market on Principal
USDY by Ondo Finance — Principal's first yield tokenization market on Stellar.
USDY
Coming SoonUSDY by Ondo Finance · Stellar RWA
Dec 31, 2026
4.70%
USDY base yield
TBD
Available at launch
$0
Pre-launch
USDY is a yield-bearing stablecoin backed by short-term US Treasuries, issued by Ondo Finance.
Learn about USDYCompliance Architecture
Compliance inherited by design
Principal extends the underlying RWA’s native compliance controls to PT/YT markets.
Administration
The underlying RWA administrator controls market creation and compliance rights.
Authorization
Only wallets authorized to hold the underlying RWA can hold and trade PT/YT.
Clawback
PT/YT positions can be settled into the underlying RWA for native clawback.
Ecosystem
Built for Stellar
Principal brings compliant yield tokenization infrastructure to Stellar and unlocks a new financial primitive for tokenized real-world assets.
“Bringing institutional-grade yield markets to Stellar without compromising compliance.”
Unlock Yield Markets
on Stellar
Access fixed yield, future yield trading, and a new generation of RWA financial products built on Stellar.