On @pendle_fi, $USDe pools are the new synthetic carry trade.
- $USDe ($ETH, exp. Sep 25): $3.84B TVL, 14.46% fixed APY
- $tUSDe ($ETH, exp. Sep 25): $205M TVL, 15.39% fixed APY
- $pUSDe ($ETH, exp. Oct 16): $131M TVL, 15.51% fixed APY
- $reUSDe ($ETH, exp. Dec 18): $829K TVL, 16.09% fixed APY
The mechanic is simple:
Sell PT at a discount → recycle into USDe → loop YT exposure.
Result = leveraged carry with liquid exits.
In TradFi, carry trades are slow, size-limited, and illiquid.
On Pendle, they’re programmable, reflexive, and scaling billions already rotating through.
The alpha isn’t the headline APY.
It’s watching how deep these loops go as stablecoin capital keeps compounding.