Protocol Architecture
Every tool you need to fix, trade, and optimize yield exposure on tokenized real-world assets.
Split yield-bearing assets into principal and yield tokens, unlocking fixed yield and future yield trading.
A dedicated AMM for principal and yield trading, built around maturity-based pricing and efficient liquidity.
How it works
Four steps from deposit to optimized yield exposure.
Deposit a yield-bearing RWA into Principal Protocol and receive a standardized yield token.
Split the yield-bearing asset into Principal Token (PT) and Yield Token (YT) with a fixed maturity date.
Trade principal and yield exposure independently before maturity through the Yield Trading AMM.
Redeem PT at maturity for the underlying asset, or claim accumulated yield through YT settlements.
Upcoming Markets
USDY by Ondo Finance — the first tokenized RWA market on Stellar.
USD Yield by Ondo Finance · Stellar RWA
Sep 26, 2025
~6 months remaining
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 USDYWhy Principal
Purpose-built yield primitives for the Stellar real-world asset ecosystem.
Lock in predictable returns from tokenized RWAs. Know your yield at entry — no surprises.
Trade future yield separately from principal ownership. Long or short yield exposure without selling your asset.
Unlock new strategies and liquidity opportunities across Stellar's growing RWA ecosystem.
Ecosystem
Principal Protocol brings yield tokenization infrastructure to Stellar and unlocks a new financial primitive for tokenized real-world assets.
“Bringing institutional-grade yield markets to the Stellar ecosystem.”
Access fixed yield, future yield trading, and a new generation of RWA financial products built on Stellar.