Risk-Free Yield: Building the Fixed Income Layer of DeFi

Is “risk-free yield” a myth in crypto or can DeFi build its own bond market? This panel brings together builders from IPOR, Covenant, Spectra, Molecula, and Index to discuss stablecoin-backed protocols, yield benchmarks, and the need for transparency. They break down the complexity of onchain rates, operational risk, and the evolving role of tokenized assets like treasuries and commodities. Expect sharp takes on Tether, decentralized governance, and why “stable” doesn’t always mean safe. Alan Hampton, CEO and Founder, Covenant Darren Camas, CEO, IPOR Gaspard Peduzii, Founder, Spectra Yaroslav Shakula, Founder, Molecula Stefan Rust, Founder, Index Moderator: Matthias Egli, Co-Founder & CTO, ChainSecurity --- 00:00 Introductions and Overview 01:56 Project Intros: IPOR, Covenant, Spectra 04:23 What Risk-Free Yield Means 07:18 Setting Hurdle Rates and Benchmarks 09:26 Market Pricing in DeFi 13:36 Incentives, Points, and VC Yield 16:17 Stablecoins and Collateral Complexity 21:52 Tether, Liquidity, and Tokenized Assets 25:39 Hidden and Operational Risk 31:21 TradFi vs DeFi Risk Profiles 34:50 Fragmented Onchain Yield Rates 42:07 Institutional Access and Infrastructure --- Explore Upcoming Events 👇 ➣ Stable Summit III: Devconnect • Website: https://www.stablesummit.xyz/ • Email: info@stablesummit.xyz • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/devconnect2025?typeform-source=www.stablesummit.xyz ➣ Stablecoin Summit: Singapore by XREX & Unitas • Website: https://stablecoinsummit.com/ • Email: team@stablecoinssummit.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/stblcoin3?typeform-source=stablecoinsummit.com ➣ Blockchain Oracle Summit: Devconnect • Website: https://blockchainoraclesummit.io/ • Email: info@partyactionpeople.com • Apply to Speak/Sponsor: https://partyactionpeople.typeform.com/BOS25apply ➣ Listen to the Stable School Podcast Link: https://stableschool.org/podcast ➣ Follow Stable Summit on X Link: https://x.com/stable_summit — About: By Stake Capital Group and Party Action People, and presented by Curve Finance, Stable Summit has been gathering leaders in stablecoins almost quarterly since 2023. Our content is curated through hours of one-on-one research with the leading minds in the stablecoin space. Each program is a highlight reel of what leaders in stables are curious about in real time. Our audience consistently features the full spectrum of the stablecoin ecosystem, from DeFi protocols to institutions, from stablecoin issuers to central banks, and every llama in between.