Fixed income in DeFi has always been the quiet kid at the party. Everyone knows it should be there, but nobody quite figures out how to make it cool. Strata Markets is making a credible attempt: its Principal Token, PT-srUSDe, is now live as collateral on Aave’s V3 Core platform, letting users borrow stablecoins against locked-in fixed yields of up to 15% APY.
How the structure actually works
Strata Markets split Ethena’s sUSDe yield into two distinct tranches. The first tranche, srUSDe, is the senior layer. It captures a fixed yield, shielded from the worst of the volatility. The second, jrUSDe, is the junior tranche. It absorbs more risk but targets higher returns.
Investors can mint PT-srUSDe tokens through Pendle’s infrastructure, which facilitates the Principal Token and Yield Token markets for srUSDe. These PT tokens represent your claim on the fixed yield until a set maturity date. You lock in a rate, and when the token matures, you collect.
The srUSDe market cap sits around $61 million. Now, here’s where the Aave listing changes the game. Previously, holding PT-srUSDe meant your capital was essentially parked until maturity. With collateral status on Aave V3 Core, users can now deposit those tokens and borrow stablecoins against them. Your fixed yield keeps accruing in the background while your borrowed capital goes to work elsewhere.
