---
title: "Pendle Ecosystem USDC (pendleUSDC) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/pendleusdc-pendle/"
description: "Build-time stablecoin profile for Pendle Ecosystem USDC (pendleUSDC). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-02"
---



# Pendle Ecosystem USDC (pendleUSDC)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

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. Ordinary redemption returns available USDC, while an in-kind unwind can leave holders exposed to lending positions and their collateral recovery rather than immediate dollars.

## 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.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x55c1b6e461a6334b567baf0feb5d728715446f05` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/pendleusdc-pendle.