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TVL $11MAPY 6.85%Medium riskUpdated Feb 1, 2025

Morpho USDC / PT-srUSDe

Isolated lending market on Morpho Blue where USDC suppliers earn yield from borrowers using Pendle PT-srUSDe as collateral.

ProtocolMorpho
Networkethereum
SymbolUSDC/PT-SRUSDE
CategoryMoney Markets
Underlying assets
USDCPT-srUSDe
Contract address0x79b4e55cef9e7c214b5cc965e1984229ada26a66051e35366a75c4d92b776735

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:

  1. USDC suppliers deposit to earn variable interest
  2. Borrowers pledge PT-srUSDe tokens as collateral
  3. PT tokens approach par value at maturity
  4. 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.

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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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