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).