Spectra Finance launches fixed-term markets for deJTRSY on Stellar

Spectra Finance has rolled out fixed-term markets for the deJTRSY token on the Stellar network, giving holders the ability to either lock in fixed rates or take speculative positions on short-term yield movements. The deJTRSY token represents a tokenized version of the Janus Henderson treasury fund, issued through the Centrifuge protocol. By splitting this yield-bearing asset into two tradeable components, Spectra is creating a market where fixed-income strategies can coexist with yield speculation. How the PT and YT split works Spectra’s model revolves around separating an asset’s principal value from its future yield. When a user deposits a yield-bearing token like deJTRSY into the protocol, they receive two distinct tokens in return. The first is a Principal Token, or PT. Buying a PT at a discount is functionally similar to purchasing a zero-coupon bond. You pay less than face value now and receive the full principal amount when the term expires. The second is a Yield Token, or YT. Holding a YT gives you exposure to whatever variable yield the underlying deJTRSY generates during the fixed term. If yields spike, YT holders benefit. If yields compress, they eat the downside. The t...