Fira's first maturity hits May 7: BT-USDC redeems 1:1 against USDC, not by market dynamics, but by protocol design. A dual-rail settlement mechanic that turns a discount into a fixed rate, on a defined date. DeFi's first enforceable term.

PT-apxUSD is now live on Fira: borrow USDC at a fixed rate against Pendle's principal token on Apyx's dividend-backed dollar. Fixed-rate collateral meets fixed-rate credit — no rate drift, no duration mismatch. Maturity: June 17, 2026.

USDG expands across DeFi's most capital-efficient protocols. With its integration into Fira, the first fixed-rate lending protocol onchain, USDG holders gain predictable borrowing costs and new composability across the stablecoin ecosystem.

DeFi built $64B in lending, all floating-rate. No maturities, no yield curve, no way to lock a rate. Global fixed income exceeds $145T, built on what DeFi skipped: fixed rates and maturity dates. Fira adds the missing dimension.

Full documentation, whitepaper, six audit reports, and every contract address, all public before the first market opens. Every number verifiable. Every risk disclosed.

Leverage in DeFi has always required assembly. Deposit, borrow, swap, redeposit, repeat. Multiply compresses the entire loop into one transaction.