Credit · Fixed Income
Fira issues Bond Tokens and Coupon Tokens against lending positions, splitting a loan into a principal claim and a yield claim with a defined term, which is yield tokenisation with maturity. Contracts and audits are registered at docs.fira.money. DefiLlama classifies it as Lending (DefiLlama API, 26 Jul 2026).
Bond and coupon tokens splitting loans into principal and yield legs.
DefiLlama reports $429.7m borrowed against $16.5m supplied TVL for Fira, a ratio that implies extreme rehypothecation or an accounting artefact. Verify independently before relying on the borrowed figure.
