The largest rate spike to date on stXRP just landed on @spectra_finance markets, bumping the 1D rate to 15%, 7D to 3.01%, and 30D to 1.34%. Usage-driven XRP yield underpinned by @Firelightfi is crystallizing, fueling onchain activity on Spectra @FlareNetworks

I'll be at @StellarOrg Meridian in Lisbon 28-29 Oct @spectra_finance hosts fixed-term markets on Stellar with an order book, starting with Janus Henderson's treasury fund tokenized by Centrifuge looking to meet issuers, funds and operators to grow their footprint with Spectra

Spectra's Q3 report is out and it's packed. My thoughts on top. The real economy keeps moving onchain, and its rates will need a venue. We've been building toward that all year. Q3 took it further with a Stellar deployment, RWA listings and two new ways to trade (OTC/OB). First, the most awaited piece: the order book. It's live on Stellar, with the EVM release planned for the end of Q4. We built seamless rollovers through MetaVaults first, so liquidity carries from one maturity to the next. This now works at scale. The book is the next step, and here's why it's a big deal for Spectra's permissionless stack: Until now, every market on Spectra needed liquidity committed to a pool from day one. Early pools are often thin, and a single trade can move the rate enough to put off traders, and sometimes even LPs. That's where many new markets stalled. With the book, the pool's job changes. Orders sit in wallets at the rates traders choose and fill when someone takes the other side. Example: a market can open with as little as $1 in the AMM and carry $100M in orders on the book around it. I see the book as the main way to kickstart a market from here on, while AMM liquidity will grow right alongside it. Tokenomics: Q3 was our first full quarter with zero SPECTRA emissions, with trading fees still flowing to the DAO treasury and LPs. Revenue stays in the DAO until the protocol nears profitability, and any change after that goes through governance. Next, tokenized stocks. Spectra hosts the first fixed-rate markets on Coinbase Tokenized Stocks, with onchain yield under the hood. That opens a new way to hold stocks: 1. Until now, 100 NVDA held for a year stayed 100 NVDA, plus whatever the price did. 2. Now, the same 100 NVDA at a 5% fixed rate can end the year as 105 NVDA, with the same exposure to price. I believe a big wave is ahead for tokenized equities. Spectra acts as the source where operators, desks, funds, and wallets can get inventory for their earn-on-stocks programs. The rest of the quarter, briefly: • A tokenized treasury fund live on Stellar, open to any account with XLM or USDC • Spectra remains central to XRP yield trading, now with an onchain yield leg, plus stXRP PTs backing loans on Mystic • Stock markets split into price and dividend are set up, with the first Coinbase multipliers coming onchain • More on OTCs soon

Over 11M Stellar accounts can now use XLM directly on Spectra XLM holders can fix a rate or amplify their exposure to yield on markets like deJTRSY, all through the order book. More coming to Spectra on Stellar!

Tokenized T-bill funds are a natural fit for fixed-term markets. They keep rolling short-dated bills, so what they pay drifts with short-term rates (JTRSY moved somewhere between 3% and 4% over the past year) and a rate that moves is one people want to lock in or trade. So we brought one to Spectra on Stellar. deJTRSY, the Janus Henderson fund tokenized by @centrifuge, now has markets across several maturities, seeded by @GamiLabs and running on the orderbook from day one. If you already hold it, locking in a rate on your position takes a couple of clicks. Full walkthrough below, from getting set up on Stellar to placing your first order ↓