Strata x Pendle: A New Era for Structured Yield Products
Strata launches its highly awaited srUSDe and jrUSDe markets on Pendle, expanding access to risk-tranched USDe yields through scalable, composable structured products.
The markets, running through January 15th, 2026, provide opportunities for investors to earn fixed or variable returns on USDe, with differentiated exposure to risk and yield between the Senior (srUSDe) and Junior (jrUSDe) tranches.
By combining Strata’s risk-tranched products with Pendle’s yield stripping, a new class of structured yield products emerges leveraging DeFi’s composability offering capital-efficient access to tailored yield strategies for both conservative and risk-tolerant capital allocators.
How to Access Strata x Pendle Markets
Step 1: Navigate to Pendle
Access the srUSDe and jrUSDe markets on app.pendle.finance
srUSDe Pendle pool: https://app.pendle.finance/trade/pools/0xa83174f1dd8475378abca9d676dad3ce97409e0a/zap/in?chain=ethereum
jrUSDe Pendle pool: https://app.pendle.finance/trade/pools/0x41264f35ef7ef8c4905ca98052e8d7480f12859e/zap/in?chain=ethereum
Step 2: Choose Your Strategy
LP: Provide liquidity to earn the underlying yield plus trading fees and incentives.
PT: Lock in fixed yield by purchasing Principal Tokens through the January 15th maturity.
YT: Gain exposure to variable or amplified yield plus Strata x Ethena points by acquiring Yield Tokens.
Step 3: Deploy Capital
Deposit jrUSDe/srUSDe/USDe into your chosen position. Yields and points begin accruing immediately (and will be displayed in the Strata UI).
Step 4: Claim Rewards
Harvest trading fees, bribe incentives, and yield rewards based on your position type.
Roll Over from the pUSDe Market
For holders of LP/PT-pUSDe-OCT16 assets built on pUSDe (pre-deposit receipt token), you can now seamlessly roll over your positions into the new jrUSDe and srUSDe Pendle markets.
All wallets that participated in Season 0 are eligible for the Strata Loyalty Boost — a 15% bonus on all Season 1 points earned.
Before October 16th Maturity:
Navigate to app.pendle.finance
Select PT or LP based on your current position
Execute the rollover, your October position will automatically be sold, and the equivalent srUSDe or jrUSDe position purchased
Your yield continues uninterrupted with access to the latest Strata x Ethena points.
After October 16th Maturity:
Once your position matures, rollover options will appear directly on your Pendle dashboard
Click “Roll Over” to select your preferred market and migrate your position seamlessly
This process ensures uninterrupted yield accrual and immediate access to Strata’s new risk-tranched USDe products.
Market Details
Strata x Ethena: Structured Yield Products on USDe
Senior USDe (srUSDe)
Senior USDe (srUSDe) is an over-collateralized, yield-bearing synthetic dollar backed by USDe, representing the senior risk tranche in Strata’s structure. It offers superior risk-adjusted yield by providing principal-protection and guaranteed minimum yield tied to the benchmark rate (Sky Savings Rate) and uncapped upside exposure to sUSDe APY.
srUSDe always earns a share of the yield generated by the protocol on the pooled USDe collateral by staking USDe. Its yield has a floor equivalent to the Sky Savings Rate (SSR) ensuring uncapped upside exposure to sUSDe APY with minimum guaranteed yield. In extreme scenarios (jrUSDe TVL ~ 0, sUSDe APY < SSR), srUSDe APY will be equivalent to the sUSDe APY.
Junior USDe (srUSDe)
Junior USDe (jrUSDe) is a yield-bearing investment product, representing the junior risk tranche in Strata’s structure. It provides leveraged upside to sUSDe APY while simultaneously functioning as a liquid insurance pool for srUSDe. By absorbing excess risk and volatility associated with sUSDe APY, jrUSDe earns a risk premium from the senior tranche, delivering potentially higher yields for risk-tolerant investors.
jrUSDe receives the residual yield after the senior tranche is paid and absorbs any shortfall when sUSDe APY falls below the guaranteed minimum yield for srUSDe tied to Sky Savings Rate. As a result, jrUSDe outperforms sUSDe APY in high-yield environments but may underperform when sUSDe APY drops below the benchmark rate.
srUSDe: Strata Senior USDe (srUSDe) is a yield-bearing, over-collateralized synthetic dollar fully backed by USDe with additional coverage provided by the junior tranche - offering principal-protected yield with downside floored at the benchmark rate (SSR) and uncapped upside to sUSDe APY.
jrUSDe: Strata Junior USDe (jrUSDe) is a yield-bearing investment product designed for investors seeking leveraged exposure to sUSDe APY with higher risk-reward potential.
Maturity: January 15th, 2026
Underlying: USDe, synthetic dollar by Ethena Labs
Platform: Pendle Finance
Disclaimer
This article is for informational purposes only and should not be considered financial advice. Always conduct your own research and consider your risk tolerance before participating in DeFi protocols. Past performance does not guarantee future results.
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