SKIP TO CONTENT
TVL $220MAPY 7.93%medium riskUpdated Feb 1, 2025

Euler EVK PYUSD Vault

Supply PayPal USD (PYUSD) to Euler V2 EVK vault on Ethereum. Earn yield on PayPal stablecoin through modular isolated lending markets.

ProtocolEuler
Networkethereum
SymbolEPYUSD-6
CategoryMoney Markets
Underlying Assets
PYUSD
Contract Address0xba98fc35c9dfd69178ad5dce9fa29c64554783b5

What is Euler EVK PYUSD Vault?

Euler EVK PYUSD Vault is an Euler Vault Kit (EVK) deployment accepting PayPal USD (PYUSD) deposits. This vault leverages Euler V2's modular architecture to provide isolated lending markets for PYUSD, one of the largest institutional stablecoins backed by PayPal. The vault offers PYUSD holders yield opportunities while maintaining the risk isolation benefits of Euler V2.

How The EVK Vault Works

The Euler Vault Kit represents Euler V2's core innovation:

  1. Deposit PYUSD: Transfer PYUSD into the isolated vault
  2. Receive Vault Shares: Get EPYUSD-6 tokens representing your position
  3. Earn Interest: Accumulate yield from borrowers using the vault
  4. Withdraw Anytime: Redeem shares for PYUSD plus earned interest
EVK Design Principles:
  • Each vault operates independently with isolated risk
  • Customizable interest rate curves per vault
  • Modular collateral acceptance
  • Governor-controlled parameters

What Assets Are Involved

Supply Asset: PYUSD (PayPal USD) - PayPal's regulated stablecoin Receipt Token: EPYUSD-6 - vault share tokens Protocol: Euler V2 on Ethereum mainnet

PYUSD characteristics:

  • Issued by Paxos Trust Company
  • 1:1 USD-backed and regulated
  • PayPal ecosystem integration
  • Growing DeFi adoption

PYUSD in DeFi

PayPal USD brings institutional credibility:

  • Regulatory Compliance: NY Department of Financial Services regulated
  • Reserve Transparency: Monthly attestations by third-party accountants
  • PayPal Backing: Access to 400M+ PayPal users
  • Fiat Rails: Easy on/off ramps through PayPal

Euler V2 Modular Benefits

This vault benefits from EVK architecture:

  • Risk Containment: PYUSD vault isolated from other Euler markets
  • Custom Parameters: Optimized for PYUSD characteristics
  • Governance Control: Clear upgrade and parameter change processes
  • Composability: Integrates with broader Euler V2 ecosystem

Yield Sources

Vault yield derives from:

  • Base lending interest from PYUSD borrowers
  • Potential reward incentives (shown as rewardApy)
  • Utilization-driven rate adjustments

Risk Disclosures

Smart Contract Risk: EVK vaults are newer technology. While audited, operational history is limited compared to established protocols. PYUSD Issuer Risk: PYUSD depends on Paxos operations and regulatory standing. Changes in PayPal or Paxos could affect the stablecoin. Centralization Risk: PYUSD is a centralized stablecoin with blacklist capabilities. Vault-Specific Risk: Each EVK vault has unique parameters. Understand this vault's specific configuration. Oracle Risk: Accurate price feeds are essential for collateral valuation. Utilization Risk: High borrowing demand can temporarily limit withdrawals. Regulatory Risk: Stablecoin regulations continue evolving and could impact PYUSD. Protocol History: Consider Euler V1's 2023 exploit when evaluating V2's new architecture.

Related Money Markets

Aave Ethereum WETH1.25% APYAave Ethereum USDT2.45% APYAave Ethereum wstETH0.01% APYAave Ethereum USDC3.47% APYAave Ethereum WBTC0.01% APY
Disclaimer: APY and TVL figures are based on on-chain data and may fluctuate. Past performance does not guarantee future results. DeFi investments carry smart contract, market, and liquidity risks. This content is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing.

See similar products and compare yields.

Track live yields, compare protocols, and build your DeFi portfolio with Fensory.

GET EARLY ACCESSArrow right
← BACK TO MONEY MARKETSALL PRODUCTS