Recently, I developed a strategy involving yield-bearing tokens. After testing for a period, I found that this approach can indeed carve out significant profit opportunities in the current crypto market. Essentially, it involves stacking Pendle's PT-USDe with the low-interest features of a lending protocol, creating a layered operation that generates triple yield streams, with annualized returns reaching up to 29.4%.

Let's clarify the core logic first. PT-USDe is fundamentally a yield rights split of Pendle protocol on USDe—separating the principal as a tradable asset. This token inherently has stable income properties; its market price is usually below face value, and as it approaches maturity, it gets closer to face value. Simply holding it yields an annualized return of about 10.4%.

My idea is to collateralize PT-USDe into a lending platform, borrow stablecoins at a very low interest rate (around 1%), and then invest the borrowed funds into yield-generating financial products (with approximately 20% annualized return). This stacking creates three layers of income.

Numbers speak most directly. Suppose you invest $10,000 principal. The yield from PT-USDe holdings is $1,040; with a 150% collateralization ratio, you can borrow $6,600 in stablecoins, with an annual borrowing cost of only $66; investing this $6,600 into a financial product can earn $1,320. Final calculation: 1,040 + 1,320 - 66 = $2,294 profit, which is an annualized return of 22.94%. Plus, with governance token incentives from the Pendle platform (which can boost the return up to 29.4%), the profit margin becomes quite attractive. Compared to just holding or a single strategy, the growth potential is significant.

Three key points to note in practical operation are worth emphasizing. First, choose PT-USDe with a 6-12 month maturity—this period tends to have moderate volatility and more stable returns. Second, don’t set the initial collateralization rate too tight; leave at least 180% safety buffer to prevent liquidation during market fluctuations. Third, regularly roll the yields back into the principal for reinvestment; over time, the compounding effect becomes especially pronounced.

Risks cannot be ignored either. Changes in interest rate environments will directly impact PT-USDe’s price movement—this inverse relationship could cause principal pressure during rate hikes. Additionally, lending platforms’ collateral rules are dynamically adjusting, so it’s essential to stay updated on official announcements and prepare for potential parameter changes in advance.

Overall, this combined strategy maximizes capital utilization to a very high level. It’s suitable for participants with some risk awareness who pursue higher yields. In the current market environment, such mechanisms are indeed worth tracking and deepening practice.