Splyce Finance

[[PROJECT:1827]] is a real-world asset yield protocol on Solana and Stellar that makes tokenized institutional credit composable for on-chain users. Founded in 2024, the team identified a gap: roughly 31 billion dollars in real-world assets were tokenized on-chain by 2026, but only about 3 billion dollars was active in DeFi. Splyce attributes the gap to missing yield infrastructure rather than missing tokenization.

splyceUSDC: A Dual-Bucket Yield-Bearing Stablecoin

Splyce's flagship product is splyceUSDC, a yield-bearing token with a rising share-price model. Users deposit USDC and receive splyceUSDC; as yield accrues, the share price increases rather than rebasing balances. No fees, no lock-ups, no minimums; holders can redeem at any time. The token targets a blended 7-10% APY from two structurally uncorrelated yield sources. The liquid bucket, roughly 60%, deploys into Ethena's sUSDe, Sky's sUSDS, and Maple Finance's syrupUSDC. The fixed-income bucket, roughly 40%, captures lending spreads from Single Asset Vaults. When DeFi rates compress, the fixed-rate leg continues earning its locked return. splyceUSDC is live on Solana and Stellar, with Sui planned for Q2 2026.

Single Asset Vaults: Fixed-Rate Institutional Lending

Single Asset Vaults (SAVs) are the core credit infrastructure beneath splyceUSDC. Each vault is isolated: an institutional borrower posts eligible collateral, borrows USDC at a rate locked at origination, and repays at a fixed maturity. Lenders receive a fixed return locked from deposit through maturity. No oracles means no mid-term liquidations triggered by price movements. No rate variability means no floating-rate exposure for either party. Vaults are isolated from each other to prevent cascade defaults. Borrowers must pass KYC and receive risk-committee approval. Lenders need only a wallet, preserving permissionless access on the supply side while meeting regulatory requirements on the demand side.

S-Tokens: Retail Access to Tokenized Securities

In a partnership with Chintai, Splyce launched S-Tokens in October 2025. S-Tokens give retail DeFi users exposure to institutional tokenized securities without requiring direct ownership of, or KYC for, the underlying security token. The structure uses a loan backed by the tokenized security as collateral. The first product gave retail access to the Kin Capital Fund, a tokenized real estate fund. Chintai's issuance remains fully compliant while the Splyce-issued wrapper remains permissionless to deposit. SFULC, backed by Fulcrum Lending's senior secured U.S. multifamily real estate private credit strategy and targeting 10% APY, is tradable on Raydium.

SOLMATE and Concord

In March 2025, Splyce and [[PROJECT:1123]] announced SOLMATE, a decentralized ETF pairing JupSOL liquid staking with Huma Finance's PayFi Strategy Token. Designed in response to SIMD-228, SOLMATE buffers against SOL staking yield compression by adding PayFi-sourced returns alongside staking rewards. On Stellar, Splyce is building Concord, a peer-to-peer fixed-term lending protocol with isolated vaults at fixed rates. A Halborn audit completed July 2026 found 14 issues including one rated High, all resolved.

Team and Backing

Splyce Finance was co-founded by Manuel Rensink, Tyler Carter, Anton Grigorev, and Ross Blyth. Carter previously led digital assets at DTCC and S+P Global; Grigorev serves as CTO with an aerospace engineering background and prior experience at Fathom Protocol and Desync Labs. The project received a 150,000 dollar Stellar Community Fund Build Award (SCF no. 36). In April 2026 the project closed a strategic round from the Solana Foundation, Stellar Development Foundation, Sui Foundation, Lucid Ventures, Sarson Funds, and Kin Capital.

Security

Halborn conducted two audits. The first covered the nav_oracle and stoken programs on Solana (December 2025 to January 2026), finding 14 issues including one Critical and one High, all resolved. The second covered Concord on Stellar (June to July 2026), finding 14 issues with no Critical findings, also all resolved. The protocol is non-custodial: user funds are held in smart contracts, not by the team. A governance token is planned but had not launched as of mid-2026; the Strands points program ran through May 2026 as the pre-token mechanism for early users.