msUSD is a USD-pegged stablecoin deployed on Base at address 0x526728dbc96689597f85ae4cd716d4f7fccbae9d. Currently trading near $0.997, it functions as a dollar-denominated asset within the Base DeFi ecosystem. The token shows substantial liquidity on Aerodrome, with multiple pools pairing it against USDC, FRXUSD, and MSETH, collectively holding over $30 million in TVL.
Beyond Base, msUSD has yield-tokenization markets on Pendle (Ethereum), indicating that the token either generates yield or represents a yield-bearing stable asset. These Pendle markets, maturing in 2026, allow the separation of principal and yield, with implied APYs ranging from ~8% to ~36% depending on the maturity date. The presence of Gamma Points incentives in the YT markets suggests active yield farming strategies are being deployed around its yield stream.
As a stablecoin, msUSD is primarily used for liquidity provision, trading pairs, and yield strategies across Base and Ethereum. Its integration with Aerodrome and Pendle positions it as a functional stable asset for DeFi operators seeking stablecoin liquidity and yield tokenization opportunities.