MNKN
Dashboards / Pendle / USD3
USD3
EthereumMatures 17 Dec 2026, 49 daysUnderlying USD3 at $1.1897
Implied APY
15.26%
fixed rate to maturity
Underlying APY
6.53%
+8.73 pts implied minus underlying
Max APY (LP)
13.40%
Liquidity
$6.41M
TVL
$61.65M
24h volume
$116.0K
Implied 15.26% against 6.53% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$61.65M 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 USD3, in Pendle's words and ours.
Class RWA-backed (off-chain collateral)stablesrwa
What it is
USD3 is a senior tranche and sits ahead of sUSD3 in the waterfall: it is paid first and is the last to be impaired. USD3 is credit-enhanced — it sits behind originator first-loss equity, overcollateralization, reserves, performance triggers, and the sUSD3 junior tranche beneath it.
USD3 yield is a variable share of pool interest that floats with what the backing generates here.
There is an ongoing $JANE emissions program for this pool. Refer to the here for the latest APY and reward details.
Quirks
- Redemptions are available up to the amount of liquidity available in the lending pool.
- There is a minimum amount of $1000 required to mint USD3
Risk involved
This pool has minimal risk of generating negative yield
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.