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 trading itself runs through a newly implemented order book rather than an automated market maker, which is a meaningful design choice for an ecosystem where liquidity can be thin and price discovery matters.

Stellar expansion marks a new chapter

For Spectra Finance, previously known as APWine before its 2022 rebrand, this launch represents a notable departure from its roots. The protocol historically focused on Ethereum Virtual Machine chains. Moving to Stellar, a non-EVM network, required building cross-chain infrastructure from scratch.

Certora, a formal verification firm known for its work on smart contract security, completed an audit of Spectra’s cross-chain components on May 18, 2026.

The initial markets were seeded by GamiLabs, providing the early liquidity needed to make the order book functional from day one.

The Stellar ecosystem has been positioning itself as a destination for tokenized real-world assets. Circle’s CCTP integration with Stellar has improved stablecoin movement across chains, while initiatives from firms like DTCC have signaled that traditional finance sees Stellar as a credible rails option for tokenized securities.