📊Protocol at a Glance

Traction, security, and technology — the three-minute read for investors, researchers, and partners

What Secured Finance is

Secured Finance operates two complementary DeFi protocols with a third product line built on top:

Product

What it does

Networks

Fixed-Rate Lending

Fully on-chain order book for fixed-rate, fixed-term lending via Zero-Coupon bonds

Ethereum, Arbitrum, Filecoin

SF Yield Vault

Curated yield strategies, including a JPYC lending strategy

Ethereum

USDFC Stablecoin

The first decentralized stablecoin fully collateralized by FIL

Filecoin (FVM)

Traction

$50M+ cumulative volume on the Fixed-Rate Lending apps (as of July 2026) — verified on DefiLlama
Quarterly market launches (Itayose auctions + Auto-Roll) running continuously since mainnet, with public reports every quarter
RWA collateral live: the tokenized money-market fund uMINT is accepted as on-chain collateral on Ethereum (partnership with DigiFT, February 2026 — announcement)
JPYC markets: the first fixed-rate JPY-stablecoin lending markets, live on Ethereum (November 2025), plus a Yearn V3 JPYC strategy vault (2026 Q1)
x402-ready USDFC: community-contributed EIP-3009 support merged and audited (2025 Q3), enabling x402 / HTTP 402 payment flows — gateway launch TBD

See the Roadmap for the full delivery history.

Why fixed rates matter

Most DeFi lending is variable-rate: yields change block by block, which makes planning impossible for treasuries, funds, and storage providers. Secured Finance brings the market structure of traditional fixed income on-chain — order-book price discovery, standardized quarterly maturities, and tradable Zero-Coupon bonds — so both sides of a loan know their exact rate for the entire term, and a genuine crypto yield curve emerges.

Technical differentiation

Full on-chain order book — made economical with Red-Black Trees, lazy evaluation, and Genesis Value accounting. Deep dive
Composability — lending positions can be tokenized as ERC-20 ZC Tokens and used across DeFi
Exchange-grade market safety — Itayose opening auctions, circuit breakers, and mark-to-market valuation

Security

Audits: Quantstamp (Fixed-Rate Lending, 2023 & 2024), Hexens and Decurity (USDFC, 2025) — reports in Contracts & Security
Active Bug Bounty program
Emergency Global Settlement as a last-resort safeguard for user funds