Pendle Ecosystem USDC on Ethereum
V2A Morpho V2 vault on Ethereum that lends out USDC deposits, curated by Armitage by Wintermute. Depositors earn 6.31% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
6.31%
incl. 0.80% in rewards
30-day APY
5.42%
7-day 5.35%, from the share price
Deposits
$19.12M
19.12M USDC
Withdrawable now
$5.67M
30% of deposits
Performance fee
5%
of the interest earned
Depositors
337
largest holds 8.7%
Pendle Ecosystem USDC APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| PT-sUSDS-26NOV2026 / USDCLLTV 91.5% | $8.24M | 39.6% |
| PT-reUSD-10DEC2026 / USDCLLTV 91.5% | $7.17M | 34.4% |
| PT-sUSDE-26NOV2026 / USDCLLTV 91.5% | $5.41M | 26.0% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| PT-sUSDS-26NOV2026 | 43.6% |
|---|---|
| PT-reUSD-10DEC2026 | 29.7% |
| PT-sUSDE-26NOV2026 | 26.7% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 5.34% |
|---|---|
| Last 7 days | 5.35% |
| Last 30 days | 5.42% |
Who controls this vault
| Curator | Armitage by Wintermute |
|---|---|
| Owner | 0xB83A…9E5e4-of-7 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 3addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | August 4, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | USDCprice $0.9997 |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 5.82% |
| Rewards | PENDLE 0.80% |
| Vault contract | 0x55C1…6f05 |
| USDC token | 0xA0b8…eB48 |
| Network | Ethereum |
The curator's description: "The Pendle Ecosystem USDC vault is a vault that allocates liquidity exclusively to selected PT markets within the Pendle ecosystem, enabling deeper USDC borrow liquidity for PT-looping strategies."
Largest depositors
337 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x314A…407c | $1.66M | 8.7% |
| 0x4A61…75AB | $1.51M | 7.9% |
| 0xD8B2…4154 | $1.16M | 6.1% |
| 0x0daf…47E0 | $1.09M | 5.7% |
| 0xA9D9…b48e | $1.00M | 5.2% |
| 0x5504…1581 | $604K | 3.2% |
| 0x448f…fa61 | $551K | 2.9% |
| 0x2109…a075 | $503K | 2.6% |
| 0xE5aF…cD21 | $502K | 2.6% |
| 0x8ebC…839D | $490K | 2.6% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Pendle Ecosystem USDC
Pendle Ecosystem USDC is a Morpho V2 vault on Ethereum, created on August 4, 2026. It takes USDC deposits and lends them to borrowers in 3 Morpho markets. The curator, Armitage by Wintermute, decides which markets it may use and how much can go into each.
It holds $19.12M (19.12M USDC) from 337 depositors and pays a net APY of 6.31% after its 5% performance fee. Over the last 30 days depositors actually earned 5.42% a year. About 0.80% of today's rate comes from PENDLE rewards, which can stop at any time.
Its largest position is PT-sUSDS-26NOV2026 / USDC at 40% of its deposits, followed by PT-reUSD-10DEC2026 / USDC (34%) and PT-sUSDE-26NOV2026 / USDC (26%). Counting every market, its loans are backed mainly by PT-sUSDS-26NOV2026 (44%), PT-reUSD-10DEC2026 (30%) and PT-sUSDE-26NOV2026 (27%). 30% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, which gives depositors time to leave first. The owner is a 4-of-7 multisig wallet. Morpho's app shows no warnings for this vault.
Pendle Ecosystem USDC: quick answers
What is the APY of Pendle Ecosystem USDC on Ethereum?
Pendle Ecosystem USDC pays 6.31% net APY right now, after its fees and including 0.80% of rewards. Measured from the growth of its share price, it paid 5.42% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Pendle Ecosystem USDC lend against?
It lends USDC through 3 Morpho markets. The biggest is PT-sUSDS-26NOV2026 / USDC with 40% of its deposits. Overall its loans are backed mainly by PT-sUSDS-26NOV2026 (44%), PT-reUSD-10DEC2026 (30%) and PT-sUSDE-26NOV2026 (27%).
Can I withdraw from Pendle Ecosystem USDC right now?
About $5.67M of its $19.12M in deposits (30%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Pendle Ecosystem USDC and what does it charge?
Armitage by Wintermute curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Pendle Ecosystem USDC?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 3 days. This is not advice.
Other USDC vaults
The same deposit asset, other curators and networks
