What changed
This observation newly captures a tokenized-stock fixed-maturity PT/YT structure that had not previously been reported in this watch. Portals' dedicated pages show AAPLc at $5,746.33 TVL and 15.86% APY, NVDAc at $4,770.07 and 14.48%, and METAc at $5,703.12 and 12.48%, with $0 of one-day volume on each page. The Portals Base Stocks aggregate page simultaneously shows PT-fAAPLc at 15.79%, PT-fNVDAc at 16.62%, and PT-fMETAc at 17.26%, creating a visible APY discrepancy across data surfaces.
Why it matters
The structure turns tokenized-stock carry into separable principal value and floating yield, enabling fixed-maturity stock-denominated rate exposure, YT-based yield exposure and PT/YT liquidity provision. Public materials also describe PT-stock collateral and looping as possible downstream constructions, but this observation does not verify those compositions as live.
Evidence
- Spectra public social feed — Spectra states that Coinbase Tokenized Stocks are available on Base in fixed-term markets, including AAPLc and NVDAc, with yield trading on tokenized stocks.
- TAU Labs public social feed — TAU Labs states that the stock-yield splitting on Spectra is powered by TAU Tokenized Stock Carry Vaults.
- Portals AAPLc Spectra market — The PT-fAAPLc/AAPLc market maturing 2026-09-30 shows $5,746.33 TVL, 15.86% displayed APY and $0 one-day volume.
- Portals NVDAc Spectra market — The PT-fNVDAc/NVDAc market maturing 2026-09-30 shows $4,770.07 TVL, 14.48% displayed APY and $0 one-day volume.
- Portals METAc Spectra market — The PT-fMETAc/METAc market maturing 2026-09-30 shows $5,703.12 TVL, 12.48% displayed APY and $0 one-day volume.
- Portals Base Stocks aggregate — At the same observation time, the aggregate page shows PT-fAAPLc at 15.79%, PT-fNVDAc at 16.62%, and PT-fMETAc at 17.26%, differing from the dedicated-market APYs.
Limitations
Each market is small, with only about $4.8K-$5.7K of TVL; dedicated pages show $0 of one-day volume, and maturity is 2026-09-30. APYs differ between Portals' aggregate and dedicated market pages, potentially reflecting update timing or calculation differences. No Spectra-specific incremental incentive was independently verified in this observation. Risks include PT/YT pricing and maturity mechanics, TAU/Fusion/Morpho borrow-rate, oracle, liquidation and smart-contract risk, tokenized-stock issuer/custody/redemption/eligibility risk, and the timing mismatch between 24/5 equity markets and 24/7 Base markets. PT-stock collateral and looping are described publicly as possible constructions but were not verified as live in this observation.
Disclosure
This is a public-market observation and does not constitute investment advice.