PT-USD3 Pendle PT Looping: Loop up to 7x

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

14.49%

Net borrow APY

25.68%

Max leverage

7.0x

Default leverage

6.7x → -49.29% APY

Leverage ladder

1x 14.49% · 2x 3.30% · 3x -7.89% · 4x -19.08% · 5x -30.27% · 6x -41.46% · 7x(max) -52.65%

Oracle type

nav

Exit slippage

$100k 0.05% · $500k 0.12% · $1M 0.20% · $5M 69.79% · $10M 84.89%

as-of 2026-09-29T07:25:49.782Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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