Yield,with adate on it.

Swan turns the live Steakhouse USDG vault into rates you can plan around. Deposit, pick a maturity, arrive at par.

01Pick your side

One vault.
Two instruments.

Choose PT for a return set at entry and realized at maturity, or choose YT for exposure to the vault's future yield.

Principal Token · PT

Fix the rate

Buy PT at a discount to its maturity value. Hold it to the date, redeem the principal claim, and keep the difference as your return.

Fixed return

set at entry when held to maturity

Yield Token · YT

Long the yield

YT gives you the vault's future yield without the principal. If realized yield beats what the market priced, YT benefits; if it falls short, YT can lose value.

Variable yield

a view on future vault yield

02The mechanics

Three moves.
No suspense.

For PT, no emissions, no points, and no waiting to discover the rate. The live market prices future Steakhouse USDG yield upfront, so the discount on PT sets the return you earn if you hold to maturity.

Deposit

USDG in. Swan handles the live Steakhouse USDG vault deposit and the PT and YT market route under the hood.

Pick a maturity

Choose from the live maturities available in the app. Each has its own market-implied rate. For PT, the discount you buy determines the return you earn if held to maturity.

Arrive at par

At maturity, PT redeems through the verified settlement route for its principal claim in USDG. Your return came from the discount you locked in at entry.

The arrival line

Market route

USDG

live USDG quotes

100 USDG initial deployment seed

Maturity

October 22, 2026

UTC, from the deployed market

live economics are shown only from onchain quotes

03Own the protocol

Stake SWAN.
Grow with sSWAN.

Stake SWAN into sSWAN, or wrap it into wsSWAN when you want a fixed token balance.

Stake

Turn SWAN into sSWAN

Grow

Take part in funded reward periods

Wrap

Hold wsSWAN when you prefer a fixed balance

Return

Turn sSWAN back into SWAN when you choose

Stake in the app

stake · sSWANfunded rewardswrap · wsSWAN

sSWAN

03 /Markets

Choose your maturity.

MarketMaturityRateLiquidity

USDG22 Oct 20263.5%0 USDG22 Oct 2026Select

Onchain block 50,252,249

Trade USDG

04More ways into Swan

Buy it.
Stake it. Bond it.

Choose liquid SWAN today, sSWAN for rewards, or a bond that vests over time.

Market

Buy SWAN

Trade SWAN against USDG. Buys carry no Swan fee.

Bonds

Choose a discount

Commit USDG and let discounted SWAN vest over time.

Treasury

Follow the value

See Swan-owned USDG, yield positions, liquidity, and buybacks.

05Questions

Asked,
answered.

The five things everyone asks before their first deposit. The docs go deeper.

What can I trade?

The USDG market supports PT and YT buys and sells plus LP entry and removal.

What asset does the route accept?

Buy and liquidity routes accept USDG directly.

What happens at maturity?

PT becomes redeemable for its principal claim in USDG, while YT stops earning yield from that maturity.

Can I exit early?

Yes. Before maturity, you can sell PT or YT using a fresh market quote, and LP holders can remove supported liquidity positions. Your result reflects current price impact, fees, and available liquidity.

Does sSWAN earn rewards?

Yes. During funded reward periods, sSWAN grows with the SWAN distributed across stakers.

The whole pitch, one line

Arrive
at par.

Pick a date, lock the rate, and know your number before you start. The rest of DeFi can keep guessing.

Open trading Read the docs

fixed yield · variable yield · SWAN · bonds · staking

October 22, 2026live USDG market