trUSD and strUSD are live on Pendle. PT, for a fixed rate: PT-strUSD is at 12.25% for the 119 days to maturity, whatever strUSD's yield does in the meantime. It costs $0.9629 and redeems for 1 trUSD. YT, for the variable yield and the Cores: YT-strUSD costs $0.0368. A YT is a claim on that yield until 26 November, and nothing after it. It only pays off if the yield and Cores it collects beat what you paid. LP, for a mix of both plus swap fees: You supply either side and hold a share of the pool, part PT and part SY. The SY side keeps earning strUSD's yield, with swap fees and PENDLE incentives on top. Pendle reads the strUSD pool at 16.25%, 1.41% of that in PENDLE. The rate moves with volume and the SY ratio. Cores: YT-strUSD earns 6x and YT-trUSD earns 30x. Lock the YT on Tori and both rise 50%, to 9x and 45x. An LP earns 9x on strUSD and 45x on trUSD, against 5x for holding strUSD on its own. An LP holds PT alongside SY, so it carries less of the variable yield than holding strUSD, and its Cores land on the SY portion rather than the whole position. trUSD runs the same structure. It does not accrue yield, so its entire PT rate is the discount to par, 13.95%. YT-trUSD costs $0.0415. PT markets go live on Morpho on Sunday 2 August. PT looping follows. Links below.

trUSD and strUSD both trade on @CurveFinance. There are two ways to use it. The first is swapping. You buy trUSD with USDC in one pool and move between strUSD and trUSD in the other, which lets you enter and exit a yield position at market price rather than waiting out the 7-day cooldown. The second is providing liquidity. You supply either side of a pool, or both, and receive LP shares representing your portion of it. From there you earn a share of the fees on every swap routed through, plus the yield accruing to the pool. Currently 4.74% on strUSD/trUSD. Then there are Cores. Supplying strUSD/trUSD earns 15x, against 5x for holding strUSD on its own. A balanced position puts half your capital into trUSD, which does not accrue the strategy yield that strUSD does. So a pool pays a lower rate than holding strUSD, and the trade is some yield for more Cores. Curve incentives are on the way, with gauge weight voted in for the next epoch. And as of today both pools are live on @ConvexFinance, where you can stake your LP shares for rewards on top. Links below.

We are excited to launch strUSD, a yield-bearing token backed by institutional delta-neutral strategies. 12%* APY, uncorrelated with crypto. Strategies that required eight-figure minimums, now on-chain. Learn more about our day-one DeFi integrations below.

1/ We partnered with @tori_finance to launch a vault that channels USDC & USDT into Tori's institutional delta-neutral strategies. Our team co-designed the vault structure, provided anchor capital, designed the incentive model, coordinated the launch, and established the integrations needed to make the vault useful across the broader DeFi ecosystem. As a result, the vault reached $44 million in deposits in 24 hours and reached its full $50 million cap within days.