Pendle’s High Yield USDC vault on Morpho tops $15M in a day

The new vault, co-curated with Wintermute's Armitage, offers an 8.31% net APY by lending USDC against Pendle principal token collateral Pendle ’s newest stablecoin product needed about a day to cross the $15 million mark. The Pendle Ecosystem High Yield USDC vault on Morpho launched on October 14, 2026, and held approximately $15.76 million in deposits by October 15. The vault advertises a net APY of 8.31% on USDC, a dollar-pegged stablecoin. Depositors hand over USDC. The vault then lends it to borrowers on Morpho who post Pendle Principal Tokens, known as PTs, as collateral. The vault runs on Ethereum . Its purpose is to supply liquidity across Pendle’s ecosystem while giving depositors a return.

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