What Is XCCY

At its core, the protocol is an on-chain interest rate engine.

It allows users to:

• Lock in a fixed yield on stablecoins or other assets

• Borrow at a fixed rate for a known period

• Hedge variable interest rates instead of guessing where yields will go

It does this using a familiar concept from traditional finance: interest rate swaps.

A simple analogy

Imagine you’re borrowing USDC on a lending protocol. One week the rate is 4%, the next week it’s 9%, and suddenly your strategy no longer makes sense. Instead of hoping rates calm down, you enter a swap: you agree to pay a fixed rate, and the protocol absorbs whatever the floating rate does. From that point on, your borrow cost is locked—even though the underlying market keeps moving.

That’s an interest rate swap.

This protocol brings that exact mechanism on-chain. Instead of guessing future yields or chasing incentives, users can choose certainty.

Over time, the protocol exposes this power through simple products:

• Fixed-term deposits (like a 3-month fixed savings account)

• Fixed-rate loans (locking your borrowing cost today)

• Yield products that behave more like bonds than farms

Under the hood, everything is hedged using swaps. To the user, it just feels like fixed income.