With recent stablecoin discussion, its important to understand what a Pendle position means.
Take PT-sUSDe which at maturity represents:
> 1 USDe
> Staked in Ethena
It is NOT USDC or some other stable.
It is NOT USDe sitting idle.
For users, this means Pendle positions inherit the security assumptions of the underlying...
...which makes it VERY easy to sanity check whether or not something is worth aping.
Don't trust the underlying? Ape something else.
Trust the underlying? Trust Pendle.
Important to note that Pendle has an isolated design, meaning each pool is independent of all others.
When you ape PT-sUSDe for example, you are ONLY aping PT-sUSDe - there's never exposure to any other pool.
That's security by design, BABY!
Pendle
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