MNKN
Dashboards / Pendle / sUSDS
sUSDS
EthereumMatures 26 Nov 2026, 28 daysUnderlying sUSDS at $1.1142
Implied APY
5.44%
fixed rate to maturity
Underlying APY
3.80%
+1.64 pts implied minus underlying
Max APY (LP)
4.72%
Liquidity
$4.69M
TVL
$72.29M
24h volume
$213.6K
Implied 5.44% against 3.80% underlying
Implied and underlying APY, daily
ImpliedUnderlying
Data as of 28 Oct 2026 00:00 UTC/Source Pendle
$72.29M 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 sUSDS, in Pendle's words and ours.
Class RWA-backed (off-chain collateral)stablesrwaskymoneyfixed-ratesyt-leverage
What it is
Sky sUSDS is the yield-bearing version of USDS, Sky’s dollar stablecoin. Users deposit USDS into the Sky Savings Rate module and receive sUSDS, which accrues yield from the protocol-set Sky Savings Rate.
$30k weekly incentives will also be given to Pendle users until maturity, distributed every Saturday and claimable on Pendle dashboard.
Quirks
This market has no special quirks
Risk involved
This pool has minimal risk of generating negative yield
Background: sDAI / sUSDS (Sky (MakerDAO))
The savings-rate versions of Maker/Sky stablecoins — among the more conservative on-chain dollar yields, backed by a diversified collateral pool.
Backing. Maker/Sky collateral: RWAs (Treasuries), USDC, and crypto-collateralized loans.
Peg history. DAI has held its peg through multiple cycles; brief deviation during the March 2023 USDC depeg.
Audits. Among the most-audited DeFi systems; operating since 2019.
Key risks
- Savings rate is governance-set and can drop quickly.
- Exposure to Maker/Sky RWA and stablecoin concentration.
- Smart-contract and governance risk.
Sources: Pendle V2 API (market data and notes). Nothing here is investment advice.