Guides

Deposit and split

The Mint page turns USDC into SY, and SY into PT + YT. This guide walks the flow and explains what each number on the page means.

Before you start

  • A connected Stellar wallet holding USDC (Circle’s USDC on mainnet).
  • A small XLM balance for network fees. Each transaction costs a fraction of a cent.

Step 1: deposit USDC for SY

Enter an amount in Amount (USDC). Your Wallet USDC balance is shown next to the field. On submit, the protocol takes the USDC, lends it into the Blend v2 pool, and credits SY to your wallet at the current exchange rate.

The SY amount can be marginally below the USDC amount when the exchange rate is above 1.00. That is the rate math, not a fee: your SY is worth what you put in. The protocol charges nothing to deposit.

Step 2: split SY into PT + YT

Splitting locks your SY with the protocol and credits you equal amounts of PT and YT. The page offers a combined flow, Deposit, then split (2 signatures), which signs the deposit and the split back to back. You can also split SY you already hold.

The amounts follow the rate: splitting n SY at exchange rate R gives you n × R of each token, counted in USDC face value. The preview shows both amounts before you sign anything.

Step 3: decide what you now hold

The split by itself changes nothing about what you own; it just makes the halves sellable. Three stances from here:

  • Hold both. Economically identical to holding SY. A useful staging position, since you can sell either side at any moment without another split.
  • Keep PT, sell YT. You have locked in a fixed rate. The YT sale is your interest, taken up front in cash; the PT pays full face value at maturity. See Trade PT and YT.
  • Keep YT, sell PT. You have concentrated into pure interest exposure, using only a fraction of the capital.

Reading the yield-choice card

The Mint page frames the same decision as two rates:

  • Fixed: the yearly rate you lock by holding PT to maturity, implied by PT’s current price.
  • Variable: the Blend pool’s current lending rate, which is what YT collects as it floats.

If the fixed number looks better to you than your best guess about the variable one, that comparison is the whole trade.