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 68/100 (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.
Current yield of 9.50% sits at 21% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 9.50%. Actual returns may vary. Not financial advice.
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: TVL of $920.00M indicates healthy on-chain liquidity. Lock-up: Fixed maturity (varies by pool).
Is PT-sUSDe safe?
PT-sUSDe (Pendle PT-sUSDe) scores 68/100 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.
Compare PT-sUSDe
Head to head on the Trust Score with similar assets.