> For the complete documentation index, see [llms.txt](https://docs-v4.venus.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs-v4.venus.io/guides/fixed-rate-vaults.md).

# Fixed Term Vaults

Fixed Term Vaults let institutions borrow stablecoins for a fixed term at a fixed interest rate, backing the loan with on-chain collateral. Suppliers fund the loan during a fundraising window and earn the target APR at maturity. Each vault funds a single loan and closes once settlement is complete.

The product has two sides:

* **Institution** (borrower) — deposits collateral, claims the raised funds, repays at maturity, and recovers any remaining collateral.
* **Supplier** (lender) — supplies the loan asset during fundraising, holds through the lock period, and redeems principal plus the target yield once the institution has repaid.

Available on BNB Chain.

## Pick Your Guide

| Role                                                                                                                                           | Guide                                                               |
| ---------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------- |
| **Institution** — you want to borrow against collateral at a fixed rate and need to get a vault from Venus and walk through the full lifecycle | [Institution Guide](/guides/fixed-rate-vaults/institution-guide.md) |
| **Supplier** — you want to supply during fundraising and earn the target yield at maturity                                                     | [Supplier Guide](/guides/fixed-rate-vaults/supplier-guide.md)       |

For the contract-level details, see the [Fixed Term Vaults Technical Reference](/technical-reference/reference-technical-articles/fixed-rate-vaults.md).


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