Morpho USDC/PT-srUSDe - Ethena Fixed Yield Lending

What is Morpho USDC / PT-srUSDe?

Morpho USDC / PT-srUSDe is an isolated lending market connecting USDC liquidity with Pendle's fixed-yield Ethena tokens. Borrowers use PT-srUSDe (Principal Token of staked restaked USDe) as collateral to access USDC loans while locked in their yield position.

How This Market Works

The market enables loans against fixed-yield positions:

USDC suppliers deposit to earn variable interest
Borrowers pledge PT-srUSDe tokens as collateral
PT tokens approach par value at maturity
Interest rates adjust based on utilization

Principal Token Mechanics: PT-srUSDe represents the principal portion of srUSDe yield, converging to 1 srUSDe at maturity.

What Assets Are Involved

Supply Asset: USDC (USD Coin) Collateral Asset: PT-srUSDe-15JAN2026 (Pendle Principal Token) Market Type: Fixed-yield token collateral lending Network: Ethereum mainnet

PT-srUSDe characteristics:

Fixed-yield token from Pendle
Based on Ethena's staked restaked USDe
Trades at discount before maturity
Redeemable 1:1 for srUSDe at expiration

Ethena Yield Stack

srUSDe represents multiple yield layers:

USDe synthetic dollar base
sUSDe staking yield
Restaking additional returns
Complex yield composition

Use Cases

Borrowers utilize this market for:

Liquidity from locked yield positions
Leveraging fixed-yield strategies
Unwinding before maturity
Capital efficiency on DeFi positions

Risk Disclosures

Smart Contract Risk: Exposure to Morpho, Pendle, and Ethena protocol contracts. Maturity Risk: PT value depends on reaching maturity for full redemption. Ethena Risk: Underlying srUSDe depends on Ethena protocol health. Oracle Risk: PT pricing before maturity requires accurate feeds. Utilization Risk: High demand may limit USDC withdrawals. Complexity Risk: Multiple protocol layers increase failure points. Timing Risk: PT value varies significantly based on maturity. Stablecoin Risk: USDe peg maintenance affects underlying value.

Morpho USDC / PT-srUSDe