mStable’s Pendle Vault Is Open Again

mStable’s Pendle Vault Is Open Again Offering ~15% APY

Since relaunching mStable in late 2025, our mission has been clear: build a stablecoin yield product that actually stands out among the competition. In a space crowded with options, we knew the only way to differentiate was to deliver a risk-adjusted yield that blows typical onchain returns out of the water.

Enter the mPT-USDe vault, a high-yield strategy powered by Ethena, Pendle, and Aave, built on the same mechanics our team perfected under Toros Finance. Since launch, early depositors have seen returns ranging from 15-50% APY.

When we first went live, deposits were capped. Why? We wanted to make sure everything ran smoothly; PT rollovers, leverage, health factors, and that every depositor earned a safe, attractive yield. Now, with the first few months behind us and the system proven in the wild, market conditions have enabled vault caps to be raised without sacrificing yield, opening the door for more users to put their stablecoins to work.

If you’re new to mStable, here’s the best part: the vault handles all the heavy lifting for you. Automated rollovers, Pendle PTs, Aave looping are all baked in. You just deposit and watch your balance grow. The current APY is sitting at ~15%, giving you a market beating, fully automated way to earn without lifting a finger.

Caps are likely to fill up again quickly so deposit today through the mStable app.

You don’t want to be on the sidelines again do you? We didn’t think so.