Loading
Sharpe FinanceDID YOU KNOWnext in 7s
Stablecoin issuers are now among the top 20 holders of US Treasury bills.
Morpho Blue · Aave V3 · 11 chains · scoring refreshed every 5 min
Stablecoin issuers are now among the top 20 holders of US Treasury bills.
PT-sUSDE-31JUL2025 supply on Aave V3 (Ethereum). Read-only on Sharpe — deposits, withdrawals, and borrows execute on app.aave.com. We surface parameters, rates, and risk so you can compare this reserve against Morpho vaults on the same asset cohort.
Plain-English summary of this vault — what it does, who runs it, where the yield comes from, and what could break it. Generated from the same deterministic inputs shown elsewhere on this page; the numbers are the source, this is just the explanation.
Depositing PT-sUSDE-31JUL2025 means you lend your tokens to Aave for borrowers to take at the variable rate. This reserve is **borrow-only** — your deposit cannot be used as collateral to secure loans elsewhere on Aave. You earn interest only if borrowers demand the asset; currently no borrowers exist, so supply APY is 0%. Your deposit is redeemable at the $301.34 available liquidity, which equals the full supply.
Aave governance has set this as borrow-only with a 20% reserve factor. The supply cap is 100% consumed, signaling this reserve is at its governance-set deposit limit and new deposits will revert.
Supply APY is 0% because utilization is 0% — no borrowers are using this reserve. Yield is deterministic: (borrow APY × utilization × (1 − reserve factor)); with no borrowing activity, no interest accrues to suppliers.
The supply cap is nearly full and deposits will revert once consumed. PT-sUSDE is a yield-bearing derivative with a July 2025 maturity; its underlying value depends on Pendle's mechanics and sUSDe stability. Depeg is not currently flagged, but the reserve's risk score is 21/100, indicating moderate structural or liquidity concerns.
Avoid — zero yield, deposits may revert at cap, and the borrow-only design limits utility unless you specifically need to lend to borrowers seeking this derivative.
On Aave V3, a supplier can withdraw up to the reserve's available liquidity instantly. Above that, the withdrawal must wait for borrowers to repay or new suppliers to deposit. Markets at 95%+ utilization can keep large redemptions waiting for hours to days at current rates.
Reserve parameters are set by Aave governance (BGD Labs + Aave Chan Initiative + Risk Council). Listings, caps, IRM curves, and LLTVs change through on-chain votes.
This reserve isn't usable as collateral, so LTV / Liquidation LLTV / liquidation bonus don't apply. Borrowers can take it against other collateral; suppliers earn the variable rate driven by borrow demand.
On Aave V3, supply APY = borrow APY × utilization × (1 − reserve factor). There is no curator skim; the only intermediation cost is the reserve factor, which funds the Aave treasury. No emissions slice in v1 of this integration — the headline is fully sustainable.
Aave V3 reserves carry parameter risk (LTV/LLTV adequacy vs collateral volatility), liquidity risk (high utilization slows exit), and depeg risk on the underlying. Governance can pause / freeze / adjust caps in response to incidents. Sharpe's full risk decomposition for Aave reserves rolls in v1.1.
How the composite risk score breaks down. Every number traces to an explicit input — /methodology documents each factor's formula.
Per-collateral decomposition: Sharpe-style realized σ from 30 daily log returns, blended 50/50 with the asset-taxonomy tier fallback. Phase 2 will replace the tier slot with liquidity depth, mechanism classification, and holder concentration. Methodology in /methodology.
The honest version. Every structural failure mode this vault is exposed to, ranked by severity. If you want to know whether to invest, start here.
Supply cap is 100% filled. New deposits revert once the cap binds; cap raises require an on-chain governance vote.
Aave V3 prices and liquidations route through Chainlink's aggregator feed for this asset. A stale, manipulated, or wrong-side update is the protocol's largest single-point-of-failure for this reserve. Chainlink has a strong track record but the failure mode is binary.