SFULC is a yield-bearing onchain token issued by Splyce.
It gives holders permissionless access to Fulcrum’s private credit strategy, delivered in a form that is liquid, tradable, and usable across DeFi.
SFULC is designed to make institutional private credit yield accessible onchain, without requiring users to interact with offchain structures, funds, or traditional financial intermediaries.
What SFULC represents
SFULC represents exposure to a portfolio of real-world private credit assets managed by Fulcrum.
At a high level, the strategy focuses on credit investments backed by income-producing U.S. multifamily real estate.
These assets generate yield through contractual interest payments from borrowers in the real economy.
The underlying loans and credit positions exist outside of crypto.
SFULC provides onchain access to the economic performance of that strategy.
Users do not hold individual loans. They hold SFULC, which reflects the value of the underlying credit portfolio as it earns yield over time.
How SFULC behaves onchain
SFULC is designed to behave like a DeFi-native asset.
It can be:
- Held to earn yield
- Traded on supported decentralized exchanges
- Used across DeFi protocols, subject to those protocols’ own parameters
Yield accrues over time as the underlying credit strategy generates cash flow. There is no staking, claiming, or manual action required by the user.
SFULC does not advertise or promise a fixed APR.
What SFULC is not
SFULC is not a stablecoin.
SFULC is not an emissions-based yield product.
SFULC is not a synthetic or algorithmic strategy.
It is an onchain representation of real-world private credit exposure, designed for sustainable yield rather than short-term incentives.
Why SFULC exists
Private credit has historically been difficult to access and impossible to use in crypto.
Most strategies are gated, illiquid and designed for institutions only.
SFULC exists to change that.
By packaging Fulcrum’s institutional private credit strategy into a liquid, onchain token, SFULC turns traditionally inaccessible yield into something that can move, trade, and integrate across DeFi.
This is how private credit becomes usable onchain.