PT-USD3 Pendle PT Looping: Up to 53% APY

USD3 is the senior tranche of 3Jane's onchain credit pool, backed by uncollateralized USDC credit lines to qualified cryptonatives and short-duration receivables purchased from U.S. fintech lenders. PT-USD3 is a Pendle Principal Token representing a fixed-yield position on USD3, maturing 17 Dec 2026.

How the strategy works

This is a max-APY yield loop: PT-USD3 is supplied as collateral and USDC is borrowed against it on Morpho, then recycled back into PT-USD3 to multiply the underlying Uncollateralized Credit yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

PT USD3 17DEC2026 (PT-USD3)

Borrowed asset

USDC

Issuer

3Jane

Yield source

Uncollateralized Credit

Underlying

USDC

Category

stable-PT

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

13.69%

Net borrow APY

6.66%

Max leverage

7.0x

Default leverage

6.7x → 53.76% APY

Leverage ladder

1x 13.69% · 2x 20.72% · 3x 27.75% · 4x 34.78% · 5x 41.81% · 6x 48.84% · 7x(max) 55.87%

Oracle type

nav

Exit slippage

$100k 0.03% · $500k 0.10% · $1M 0.15% · $5M 62.17% · $10M 81.08%

as-of 2026-08-20T09:34:34.372Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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