# asUSDF on Pendle

asUSDF is the yield-bearing token of USDF. Staking USDF on Aster mints asUSDF, which earns yield from the delta-neutral positions backing USDF — reflected in asUSDF's net asset value.

Read more about asUSDF and USDF:

{% content-ref url="/pages/4S28adBZRxbknU74U09b" %}
[Mint asUSDF](/earn/overview/mint-asusdf.md)
{% endcontent-ref %}

On Pendle, asUSDF can be split into its principal and yield components, giving you three ways to engage depending on your goal. 

### **LP-asUSDF — Provide Liquidity**

Deposit asUSDF as liquidity on Pendle to receive LP-asUSDF. LP positions earn yield from four sources: underlying yield from USDF, PT fixed yield, $PENDLE incentives, and Pendle swap fees.

<figure><img src="/files/xvZuZrciT1kMLC9lWtIo" alt="" width="375"><figcaption><p>Adding asUSDF liquidity</p></figcaption></figure>

**Note:** Pendle labels underlying yield as coming from USDF because USDF is the underlying stablecoin of asUSDF.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcfFSR4v5q9eIWdxF4s4TCnNhmOqhxeJDunkBas_AXl0x93LfCXzulGxNY0m1QzRqr2ANDRV4L_-q4oO4sefatSKn5bXRychNYp0jRcR9d-k2oCxDSQREhrwXuE2PMXcCP5mGoztQ?key=J3kbZi7pcl1auuw3TlOIrsy5" alt=""><figcaption><p>LP-asUSDF Yield</p></figcaption></figure>

***

### **PT-asUSDF — Fixed Yield**

PT-asUSDF represents the principal portion of asUSDF, traded at a discount. At maturity, 1 PT-asUSDF redeems for 1 asUSDF at a 1:1 ratio.

Buying PT-asUSDF locks in a fixed APY for the period — the discount you buy in at becomes your guaranteed return if held to maturity.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfWP7ArNfWRthwNgA7uljBgrdUJUHrM1JsvzXFXbTXNzJFNKwno9tykQ-0e7sV3CB7cwnNziVOu7eA5ccc17gI2g51OsnH0J5gv56uQoWwlBMUWk1KcQqgRrLOdD3DG4cQKAUIr?key=J3kbZi7pcl1auuw3TlOIrsy5" alt="" width="375"><figcaption><p>Buying PT-asUSDF</p></figcaption></figure>

**Example:** PT-asUSDF offering 18.39% fixed APY maturing 29 May 2025 returns 18.39% APY if held to maturity, regardless of asUSDF's underlying yield performance.

* You do **not** earn asUSDF underlying yield as a PT holder.
* You can hold to maturity or trade PT-asUSDF on Pendle at any time.

***

### **YT-asUSDF — Yield Exposure**

YT-asUSDF represents the yield portion of asUSDF. Holding 1 YT-asUSDF gives you the yield that would accrue on 1 asUSDF until maturity.

This is a leveraged yield position — you pay a fraction of asUSDF's value to capture all its yield output. YT-asUSDF trends toward $0 as maturity approaches, since remaining yield decreases over time. You profit if the total yield collected exceeds what you paid for the YT.

You can hold to maturity or trade YT-asUSDF on Pendle at any time.

<figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcVCFbHD_Qz8S3hoGI7upzsykLNn26OkmsSemXdyaQYNFJfplWiJHItZq7cxOyRTgsdU6caKgxbtns7mGwS5c-iyEZDwNSnmkQqeEyb_5UtNnpFTGb5-TpS_n0xSEBAWDw2kpj4?key=J3kbZi7pcl1auuw3TlOIrsy5" alt="" width="375"><figcaption><p>Buying YT-asUSDF</p></figcaption></figure>


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