Pendle PT-stETH is a principal token from Pendle built on Lido's stETH, sold at a discount and redeemable for full value at a fixed maturity, which fixes the holder's yield in advance. It is a way to lock a defined rate on ETH staking exposure. PT-stETH scores 69/100 (Tier 3) on the RWTS Trust Score: the stETH underlying is high quality and deeply liquid, and the fixed-rate structure is clean, with the main risks being Pendle's smart contracts, the maturity lock, and stETH's own staking and withdrawal dynamics. Selling early happens at market price rather than par.
- Issuer / protocol
- Pendle
- Backing
- stETH principal token (Lido stETH underlying)
- Redemption / lock-up
- Fixed maturity (varies by pool)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 3 — Secured DeFi
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
We are not publishing a current rate for this asset, so we will not project earnings from one.
Beyond PT-stETH's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
A stETH depeg or a backed-up Lido withdrawal queue propagates straight to wstETH, to the Pendle PTs priced off it, and to every lending market that accepts wstETH as collateral. The most composable asset is also the most systemic.
See the full chain →What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: we could not source a size for this asset, so we are not publishing one. Lock-up: Fixed maturity (varies by pool).
Is PT-stETH safe?
PT-stETH (Pendle PT-stETH) scores 69/100 on the independent RWTS Trust Score, which places it in Secured DeFi (Tier 3). Tier 3 carries real DeFi exposure: the backing is sound but smart-contract and collateral risk are live, so size positions accordingly. Backing: stETH principal token (Lido stETH underlying). It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
9/15 · right 6/8 · routes 3/7If the issuer stopped cooperating tomorrow, could you get out?
One route, and it does not depend on the issuer
- independent
Pendle redemption at maturity
1:1 for the underlying, unconditional, permissionless, enforced by the contract. Pendle cannot withhold it.
- independent
Pendle AMM
Exit before maturity runs through Pendle's own AMM. It is permissionless, but no pool could be verified above the $10,000 capacity floor by an independent index, so it is not counted as a second route.
Route 3 and right 6 for PT-stETH. The redemption is as clean as any on the board, and it only arrives at maturity; before then the only market is one the protocol itself operates.
This is the redeemability component of the Trust Score above, which stands at 69/100 (B-). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare PT-stETH
Head to head on the Trust Score with similar assets.