Pendle’s High Yield USDC vault on Morpho tops $15M in a day

Pendle’s newest stablecoin product needed about a day to cross the $15 million mark. The Pendle Ecosystem High Yield USDC vault on Morpho launched on October 14, 2026, and held approximately $15.76 million in deposits by October 15. The vault advertises a net APY of 8.31% on USDC, a dollar-pegged stablecoin. What the vault actually does Depositors hand over USDC. The vault then lends it to borrowers on Morpho who post Pendle Principal Tokens, known as PTs, as collateral. The vault runs on Ethereum. Its purpose is to supply liquidity across Pendle’s ecosystem while giving depositors a return. That return comes from two sources: interest paid by borrowers and incentives paid in PENDLE tokens. The 8.31% net APY includes 1.76% in PENDLE rewards. It is calculated after a 10% performance fee on earnings. How it differs from the original This is not Pendle’s first USDC vault on Morpho. The existing Pendle Ecosystem USDC vault grew to more than $60 million in deposits by mid-September 2026. Instead of mirroring the original, the new vault allocates to a wider set of higher-yield PT collateral markets on Morpho. Named examples include PT-reUSD, PT-USD3, and PT-USDat. Roughly 98.6% of the va...