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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-USDe-27NOV2025 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.
You deposit PT-USDe-27NOV2025, a Pendle principal token maturing 27 November 2025, into this borrow-only reserve on Ethereum. Your deposit is lent out to borrowers and earns the variable rate (currently 0.00%), which comes from borrow demand times utilization times the share after Aave's 45% fee. This reserve cannot be used as collateral — only borrowers can tap it. You're redeemable at whatever liquidity remains available.
Active reserve with no flags (not paused, frozen, or isolated). Governance accepts the asset; risk score is 22/100.
Supply APY is 0.00% because borrow demand is 0.00% and utilization is 0.0%. No borrowing activity means no accrual.
Supply cap is full ($3.6k supplied, $3.6k cap, 100% consumed). Deposits may revert when cap is reached. The token matures in November 2025 — after maturity, liquidity mechanics change and redeemability depends on Pendle's claim settlement.
Avoid if you need yield or liquidity flexibility; the cap is saturated and the token has a defined maturity date.
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.