Pendle’s USDC vault on the Morpho lending protocol reached 50 million dollars in deposits within just ten days, attracting 230 depositors. Co-curated with Armitage, Wintermute’s vault curation arm, this vault has become the largest ever managed by the entity. Depositors benefit from annual yields reaching 14.08%, comprising a 4.75% base yield and weekly PENDLE token rewards. Nearly 99.7% of capital flows into the PT-reUSD/USDC market, solving a liquidity problem for borrowers using Principal Tokens as collateral. This success validates Morpho’s modular lending architecture and brings institutional credibility to PT-backed lending markets.
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