Pendle’s high-yield USDC vault on Morpho, launched on October 14, 2026, reached approximately $15.76 million in deposits the following day. The product offers a net APY of 8.31%, including 1.76% from PENDLE token rewards, after a 10% performance fee. The mechanism involves lending USDC to borrowers who provide Pendle Principal Tokens as collateral, with approximately 98.6% of total value locked in the PT-reUSD market. The vault is co-curated by Pendle and Armitage, Wintermute’s vault curation arm, and includes a 7-day timelock for new user adapters. This is Pendle’s second USDC vault on Morpho, with the existing vault having grown to over $60 million in deposits by September 2026.
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