Pendle

Pendle's PT Looping incentives program went live, offering an extra 2% APY on top of PT fixed APY when looping, up to +20% on a 10x loop, for a limited time. The program expanded rapidly with new eligible pools (PT-USD3 at 64.6% APY from @3janexyz and PT-USDG at 36.2% APY from @global_dollar), a new asset (PT-USDat on @Monad at 41.55% APY), and pool caps raised to $15M for PT-reUSD and PT-sUSDS.

Two product upgrades shipped alongside: PTs can now be used directly as input, and a Utilization Rate chart is live to help users size loops before entering.

Pendle's Ecosystem USDC vault on Morpho, co-curated with Armitage (Wintermute's vault curation arm), has been running at 90%+ utilization and now raised deposit caps across all PT collateral markets. The vault pays yield from PT borrow demand plus a share of 7,500 $PENDLE weekly, currently offering 8.02% APY on USDC.

Pendle's weekly digest Print #123 recapped a busy week: PT looping incentives went live (+2% APY for PTs pre-leverage, with input raised from $500k to $1.5M), the Pendle Ecosystem USDC vault launched with PENDLE incentives on Morpho, Pendle launched on X Layer (USDG OCT2026), and Lido onboarded.

Pendle's one-click PT Looping feature expanded across multiple lending platforms and market types. On Morpho, Pendle launched loops for PT-USD3, PT-sUSDS, PT-USDat, PT-strUSD, PT-AUSD, PT-USDai, PT-sUSDD and PT-USDG; on Euler it added broader PT support plus PT-reUSD; and it added support for Aave V4, enabling one-click PT-USDG looping at up to 18.54% APY. Advertised yields on the new loops reach as high as ~48% APY.

The additions bring several stablecoin and RWA yield strategies, previously manual and time-consuming, into single-click buy-lend-borrow-repeat flows for Pendle users.

Pendle launched a Pendle Ecosystem USDC vault on Morpho, co-curated with Wintermute's Armitage vault curation arm. Depositors earn yield from PT borrow demand plus a share of 7,500 $PENDLE weekly; the launch was promoted at up to 27.84% APY on the deposited USDC.

Pendle is running a 2-week PT Looping incentives campaign until 27 Aug 2026 on select pools, offering an extra 2% APY on top of the PT fixed rate for new loops/positions (e.g. +20% APY at a 10x loop). Pools are capped on a first-come-first-served basis.

Existing loopers who have used the feature since its 16 July launch receive a separate thank-you bonus of an extra 3% APY (pre-leverage, so a 2x loop adds 6% APY) on their PTs from 16 July to 13 August.

Pendle has expanded to X Layer (X LayerOfficial), debuting with a USDG (Oct 2026) market for the global_dollar stablecoin. Users can lock fixed yields via PT-USDG, trade yield expectations via YT-USDG, or provide LP.

The launch carries exclusive incentives: $20k for Pendle LP in the first month, a planned extra APY boost for PT-USDG as collateral on Aave, and an upcoming OKX Earn integration.

RWA structured credit product srUSDat (Jan 2027) from Strata is now tradeable on Pendle, including on Monad. Pendle users can buy PT-srUSDat for fixed yield on the senior claim (with incentives priced in on top of the base STRC rate) or YT-srUSDat for directional exposure to STRC yield.

Pendle increased the maximum leverage available across all PT Looping markets, roughly 1 to 2x higher per market. The change raises potential APY on looped positions without any change to the user flow. It follows a rapid string of new market listings on the feature.

Lido onboarded PT-srUSDe Aave loops into its EarnUSD product last week. Pendle noted that LlamaRisk caps the discount rate for its Aave oracle at 10.22% for PT-srUSDe versus 12.27% for PT-sUSDe at the same October maturity, because the senior srUSDe yield is floored.