Pendle PTs let you secure 10-15% APY on stablecoin-like exposure.
But where EXACTLY does the yield come from?
Are these things ACTUALLY collateralized?
Today your boy will walk you through 3⃣ high yield PTs and EXACTLY how he assesses counterparty risk.
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📚 Pre-Reading
Before I start, recall that PTs are discounted versions of an underlying asset, meaning any underlying risk assumptions are inherited.
PT yield is derived from Pendle based on your entry price and is NOT affected by the asset's underlying yield.
DYOR
1⃣ PT-alUSD
PT-alUSD is a fixed yield version of @almanak's alUSD.
Note the spread between fixed APY and underlying APY - a tidy sum of 12.66% APY!
Your yield? Market's pricing of the underlying yield AND Almanak Points.
1⃣ alUSD
The underlying is a tokenized yield strategy that allocates USDC to various protocols inluding Morpho, Fluid, and Aave.
All assets are verifiable on chain via their DeBank profile.
Note the exposure profile CAN change over time as assets are reallocated.
2⃣ PT-cUSD
PT-cUSD is a fixed yield version of @capmoney_'s cUSD.
With cUSD earning zero yield, it's notable that PT-cUSD DOES earn yield.
Why's this the case? You're forward-selling your Cap Points to the tune of 11.04% APY.
2⃣ cUSD
cUSD is backed by USDC that is deployed to @aave OR lent to operators.
Operator loans are collateralized by by Restakers, KINDA similar to how DeFi lending usually work (albeit collat. by different entities).
Good transparency dashboard to view allocations.
3⃣ PT-srUSDe
PT-srUSDe is a fixed yield version of @strata_fi's srUSDe.
This one likewise has a healthy PT <> UY spread.
Why? Pricing in of stable underlying yield AND exposure to both Ethena and strata point systems.
3⃣ srUSDe
srUSDe is 100% collateralized by @ethena_labs's sUSDe.
As Strata's senior yield tranche, it targets Aave's USDC/USDT lending rates while keeping access to Strata and Ethena Points.
Great dashboard as well so easy to verify funds.
All in all, its always good practice to verify the UNDERLYING ASSET for every Pendle Pool.
As we continue our path towards tokenizing ALL yield-bearing assets, its inevitable some unscrupulous cretins will meander their way through.
VERIFY READ RESEARCH NFA
PENDLE
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