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 71/100 (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.
Current yield of 4.60% sits at 30% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 4.60%. Actual returns may vary. Not financial advice.
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: TVL of $590.00M indicates healthy on-chain liquidity. Lock-up: Fixed maturity (varies by pool).
Is PT-stETH safe?
PT-stETH (Pendle PT-stETH) scores 71/100 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.
Compare PT-stETH
Head to head on the Trust Score with similar assets.