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Dashboards / Pendle / sUSDfr
sUSDfr
EthereumMatures 28 Jan 2027, 91 daysUnderlying sUSDfr at $1.0324
Implied APY
27.06%
fixed rate to maturity
Underlying APY
19.04%
+8.02 pts implied minus underlying
Max APY (LP)
24.94%
Liquidity
$1.85M
TVL
$2.03M
24h volume
$986
Implied 27.06% against 19.04% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$2.03M 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 sUSDfr, in Pendle's words and ours.
Class RWA-backed (off-chain collateral)rwastables
What it is
sUSDfr is the yield-bearing vault token of Forest Road Vault. Users stake USDfr to receive sUSDfr and earn variable yield generated by Forest Road's specialty finance loan book across media & entertainment, renewable energy, and digital assets.
Quirks
sUSDfr redemptions are processed through a FIFO redemption queue with a minimum 21-day holding period and cannot be cancelled. Settlement depends on available liquidity and occurs at the exchange rate when the request is filled.
Risk involved
sUSDfr is exposed to credit risk from Forest Road's underlying loan book. Losses are first absorbed by curator first-loss capital and the sGROVE backstop. Losses exceeding these protection layers may impair sUSDfr principal and reduce its exchange rate. Redemptions are also subject to liquidity and queueing risk.
(From Underlying Protocol)
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.