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).