Pendle PT-sUSDe is a principal token from Pendle that strips the yield off Ethena's sUSDe, letting holders buy the principal at a discount and redeem it for full value at a fixed maturity. The effective return is locked in at purchase, making it a fixed-rate instrument on a variable-yield underlying. PT-sUSDe scores 67/100 (Tier 4) on the RWTS Trust Score: it offers an attractive fixed yield, but it inherits sUSDe's synthetic-dollar backing risk and adds Pendle's smart-contract and maturity mechanics on top. Exiting before maturity means selling at the prevailing market price.
- Issuer / protocol
- Pendle
- Backing
- sUSDe principal token (Ethena sUSDe underlying)
- Redemption / lock-up
- Fixed maturity (varies by pool)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum
- Tier
- Tier 4 — Synthetic & Structured
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-sUSDe'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.
sUSDe scores low on backing in our methodology (6 of 25) because it is a synthetic position, not a hard claim. Everything layered on it (the Pendle principal tokens, cross-chain vaults) inherits that backing risk one rung removed, while looking like a tidy fixed-yield product.
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-sUSDe safe?
PT-sUSDe (Pendle PT-sUSDe) scores 67/100 on the independent RWTS Trust Score, which places it in Synthetic & Structured (Tier 4). Tier 4 is the highest-risk tier: synthetic or structured backing where the yield comes with genuine structural risk, not a hard claim. Backing: sUSDe principal token (Ethena sUSDe 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-sUSDe. 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 67/100 (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-sUSDe
Head to head on the Trust Score with similar assets.