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TVL $50MAPY 6.84%medium riskUpdated Feb 1, 2025

Morpho USDC / PT-reUSD

Isolated lending market on Morpho Blue for USDC with Pendle PT-reUSD collateral. Enables fixed-rate yield trading participants to access USDC leverage.

ProtocolMorpho
Networkethereum
SymbolUSDC/PT-REUSD
CategoryMoney Markets
Underlying Assets
USDCPT-reUSD
Contract Address0x9bc98c2f20ac58287ef2c860eea53a2fdc27c17a7817ff1206c0b7840cc7cd79

What is Morpho USDC / PT-reUSD?

Morpho USDC / PT-reUSD is an isolated lending market on Morpho Blue where suppliers lend USDC and borrowers use Pendle Principal Tokens for reUSD as collateral. This market serves Pendle yield traders who want to leverage their fixed-rate positions.

How This Market Works

This market operates at the intersection of lending and yield trading:

  1. Supply USDC to the lending pool
  2. Receive vault tokens representing your position
  3. Earn interest from PT-reUSD-collateralized borrowers
  4. Withdraw USDC plus yield (subject to utilization)
Pendle Integration: Borrowers deposit PT-reUSD (Pendle Principal Tokens) which represent the right to redeem the underlying asset at maturity.

What Assets Are Involved

Supply Asset: USDC Collateral Asset: PT-reUSD-25JUN2026 (Pendle Principal Token) Market Type: Isolated lending with fixed LLTV

PT-reUSD represents:

  • Fixed-rate exposure to reUSD yield
  • Redeemable for underlying at maturity
  • Discounted value before maturity
  • Yield trading instrument

Pendle Principal Tokens Explained

PT tokens have unique characteristics:

  • Fixed Rate: Lock in current yield until maturity
  • Discount to Par: Trade below face value, appreciating to par
  • Time Decay: Value increases as maturity approaches
  • DeFi Composability: Usable as collateral on Morpho

Market Dynamics

This market features:

  • Higher yields reflecting PT-specific risks
  • Utilization tied to Pendle trading activity
  • Maturity-driven collateral dynamics
  • Integration with yield trading ecosystem

Risk Disclosures

Smart Contract Risk: Exposure to Morpho Blue, Pendle, and underlying reUSD protocols. PT-Specific Risk: Principal tokens have unique maturity and pricing dynamics. Maturity Risk: PT value behavior changes as maturity approaches. Oracle Risk: PT pricing requires specialized oracles for fair value. Liquidity Risk: PT markets may have lower liquidity than underlying assets. Underlying Asset Risk: reUSD is a yield-bearing stablecoin with its own risk profile. Utilization Risk: High utilization may prevent immediate withdrawals. Protocol Risk: Multiple protocol layers increase complexity.

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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.

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