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Dashboards / Pendle / USDx
USDx
EthereumMatures 3 Dec 2026, 35 daysUnderlying USDx at $0.9997
Implied APY
12.55%
fixed rate to maturity
Underlying APY
0.00%
+12.55 pts implied minus underlying
Max APY (LP)
4.50%
Liquidity
$3.25M
TVL
$5.72M
24h volume
$63.8K
Implied 12.55% against 0.00% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$5.72M locked in this market
Market TVL, USD, daily
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
The collateral
The underlying asset is the risk in a Pendle position. What backs USDx, in Pendle's words and ours.
Class RWA-backed (off-chain collateral)stablespointsrwa
What it is
Axis's USDx is a dollar-denominated, over-collateralized synthetic dollar that finances positions and settles trades within the Axis Protocol. Backing consists of digital and tokenized assets, plus traditional assets and their corresponding futures/hedge positions that keep the book market-neutral.
USDx does not accrue yield natively — yield is earned by staking USDx into sUSDx. Backing and transparency reports are available here.
Quirks
This market has no special quirks
Risk involved
Peg risk: USDx is not a hard-pegged stablecoin and can trade above or below $1 based on live trading conditions. Exits may be delayed, expensive, or unavailable during market stress.
Counterparty & custody risk: Backing assets are held across multiple trading venues and off-chain custodians; a venue halt, default, or freeze can impact recovery.
Market & execution risk: Hedges may be imperfect and expected spreads can compress or reverse.
(From Underlying Protocol)
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.