srUSDe is a yield-bearing derivative of Ethena’s USDe stablecoin, deployed on Base at address 0x3d7d6fdf07ee548b939a80edbc9b2256d0cdc003. It functions as a savings-rate token that represents a claim on USDe plus the accumulated yield generated by Ethena’s staking mechanism, effectively compounding interest over time while targeting a $1 peg.
The token is actively utilized as the underlying asset for yield tokenization on Pendle. Market data shows three active Pendle markets on Ethereum mainnet with maturities spanning January to June 2026, collectively securing over $47 million in TVL. These markets are heavily integrated with yield programs like Strata, indicating that srUSDe serves as a standard collateral and yield source for structured DeFi products.
While exact decimals and current USD pricing are not provided in the input, the token’s design aligns with standard yield-bearing stablecoin derivatives. Its presence on Base suggests cross-chain deployment to capture liquidity and yield opportunities across the L2 ecosystem, though its primary structured finance activity currently concentrates on Ethereum mainnet.