Pendle Ecosystem USDC (pendleUSDC) stablecoin analytics
Answer First
What is Pendle Ecosystem USDC (pendleUSDC)?
pendleUSDC is Pendle Ecosystem's USDC lending vault on Ethereum; shares redeem at NAV when liquidity is available and bear strategy losses. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 shares accrue lending interest and realize losses against USDC; direct redemption uses idle USDC and a configured liquidity adapter, subject to market liquidity. In-kind deallocation retains underlying lending-position exposure.
Is pendleUSDC safe?
Pharos does not mark pendleUSDC as absolutely safe. Static metadata says Pendle Ecosystem USDC uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Pendle Ecosystem USDC (pendleUSDC) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg USDC-denominated NAV.
Variant Relationship
Pendle Ecosystem USDC (pendleUSDC) is modeled as a strategy vault variant of USD Coin (USDC). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.
AI summary / Updated Oct 2, 2026
Pendle Ecosystem USDC lends against principal tokens tied to reUSD, sUSDS and sUSDE maturities. Its USDC-denominated share price reflects borrower interest and losses, while the configured performance fee takes a portion of gains. A four-of-six Safe owns the vault, with three-day cap-increase delays and zero-delay fee-setting paths observed in the review. Share transfers and direct withdrawals have permanently disabled gates, but mutable deposit permissions can still affect a deposit-funded exit.
- Collateral
- USDC lender positions in three Morpho markets secured by PT-reUSD-10DEC2026, PT-sUSDS-26NOV2026 and PT-sUSDE-26NOV2026
- Peg Mechanism
- ERC-4626 shares accrue lending interest and realize losses against USDC; direct redemption uses idle USDC and a configured liquidity adapter, subject to market liquidity. In-kind deallocation retains underlying lending-position exposure.
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
- Contracts
- 1 deployment tracked across Ethereum.
Next Actions
Exact bot target: /subscribe dews,depeg,safety pendleusdc-pendle
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.
pendleUSDC quick answers
What is Pendle Ecosystem USDC (pendleUSDC)?
pendleUSDC is Pendle Ecosystem's USDC lending vault on Ethereum; shares redeem at NAV when liquidity is available and bear strategy losses. The static profile records its USDC-denominated NAV accounting mechanism as: ERC-4626 shares accrue lending interest and realize losses against USDC; direct redemption uses idle USDC and a configured liquidity adapter, subject to market liquidity. In-kind deallocation retains underlying lending-position exposure.
Is pendleUSDC safe?
Pharos does not mark pendleUSDC as absolutely safe. Static metadata says Pendle Ecosystem USDC uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs pendleUSDC?
Pharos classifies pendleUSDC backing as Crypto-Collateralized. Collateral, per the static profile: USDC lender positions in three Morpho markets secured by PT-reUSD-10DEC2026, PT-sUSDS-26NOV2026 and PT-sUSDE-26NOV2026 Reserve evidence: live reserve feed configured.
Can pendleUSDC be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for pendleUSDC, when applicable, appear in the dossier below.
