After the hype around re-staking concepts died down, there aren't many projects that are truly usable. Pendle's PT-USDe product is quite interesting—a certificate that guarantees principal safety, locks in yields in advance, and is very flexible for trading. One project even uses it as the main collateral for lending, with an interest rate as low as 1.87%, allowing you to generate multi-layered returns.

How does it work specifically? Let's start with the most basic layer: buying the PT-USDe-9APR2026 asset, currently priced at 0.945 USDe. At maturity, it can be exchanged for a full USDe, implying a fixed discount yield of 5.54%. This carries no risk, just a straightforward maturity yield.

The second layer involves leverage: putting this PT product into a lending protocol as collateral, borrowing out USD1 stablecoins at a lending rate of only 1.87%, which is almost free money. The real profit comes from the next step.

The third layer gets even more interesting. The borrowed stablecoins are invested into financial products offered by top-tier exchanges, with a 14-day cycle yielding up to 20% annualized return. Over a year, this can cycle approximately 26 times, with a theoretical annualized return close to 22%.

Stacking these three layers results in: 5.54% + (22% - 1.87%) ≈ 25.7%. After deducting trading fees, you can still retain close to 24% pure profit. The key is that this PT product has almost zero correlation with Ethereum's price. When the market drops, you won't be swayed by the volatile market. The liquidation threshold is set at 93%, but if you only leverage at 80%, the safety margin is quite sufficient.

From a certain perspective, this kind of interest-bearing asset can indeed provide a leverage experience that doesn't cause insomnia. An actual return of around 28% is also quite good in the current market.