# SPICE Protocol

> SPICE is a modern digital-credit protocol: a digital credit fund plus the infrastructure beneath it. It delivers transparent, verified and secured credit origination built on a data layer, attestation, matching, and an on-chain risk-transfer (credit default swap) stack.

SPICE Protocol ("SPICE") brings private credit on-chain. Institutional borrowers access programmable credit lines, lenders gain transparent and verifiable exposure to real-world-asset credit, and risk is transferred through an on-chain decentralised credit default swap (dCDS). The protocol's products are exposed as tokenized credit vaults.

## Products

- [Credit Vaults](https://www.spiceprotocol.xyz/): tokenized private-credit vaults (e.g. spcUSD, SPUSD) giving lenders verified, secured exposure to curated real-world-asset credit facilities, with on-chain receipts and custody.
- [Citadel](https://www.spiceprotocol.xyz/citadel): the institutional borrower portal — vetted borrowers onboarded with full diligence, programmable credit lines, an abstracted wallet and vault layer, and native fiat on / off-ramp.
- [Open Coverage](https://www.spiceprotocol.xyz/open-coverage): a decentralised credit default swap (dCDS). Each position protects a defined principal notional 1:1; premiums, cover and payouts execute as deterministic on-chain contract events, with a fixed tenor matched to the facility.

## Key facts

- Category: on-chain private credit / tokenized real-world-asset (RWA) credit infrastructure.
- Stack: data layer, attestation, matching engine, and risk-transfer (CDS) layer.
- App: https://app.spiceprotocol.xyz/

## Content

- [Blog](https://www.spiceprotocol.xyz/blog): research, product notes and perspectives on digital credit, RWA, underwriting and risk transfer.

## Legal

- [Privacy Policy](https://www.spiceprotocol.xyz/privacy-policy)
- [Terms of Use](https://www.spiceprotocol.xyz/terms-of-use)