MEV PYUSD Stable
Stable yield vault denominated in PYUSD, capturing PayPal's stablecoin incentive program in addition to organic borrow demand.
PYUSD as a loan asset is structurally underutilized; lending it captures both a programmatic incentive from PayPal/Paxos and a higher organic rate due to lower supply.
PYUSD borrow rates are elevated because PYUSD supply is thinner than USDC/USDT, and curator stacks PayPal's distribution incentive on top.
Curator publishes the PayPal incentive schedule monthly. Allocation list is conservative — only wstETH and cbBTC.
PYUSD is a newer regulated stablecoin issued by Paxos. Issuer / regulatory event tail risk is higher than USDC.
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.
Paxos can freeze PYUSD under regulatory order; depeg or pause would impair vault redemption.
Regulator-driven actions could affect PYUSD redemption mechanics.