Using a helpful cheat sheet from my buddy @phtevenstrong, let's try to answer if we should be swapping for cStableUSDT (which is USDT in the @ConcreteXYZ vault for Stable) on Ethereum Mainnet in order to buy and earn a fixed APY of ~250-296% with PT-cStableUSDT. The Pendle cStableUSDT pool has so much buying pressure on the YT rn, that it's displaying an insanely high 296% APY, albeit a lot less liquidity so just 1,000 USDT would earn an effective APY of 245%, a 6.74% gain at full maturity in 19 days. The only way to buy the PT-cStableUSDT right now is if you deposited into the Concrete Stable vault, and we all know that story--no one got in. So... that means we will need to buy cStableUSDT first onchain, a token that "represents the pre-deposit token for Stable Network which will be deployed onto the chain once it goes live." 1 ctStableUSDT = 1.00003 USDT staked in Concrete To buy cStableUSDT, we can use a DEX agg like @DefinitiveFi or @CoWSwap, and paste in the contract address for cStableUSDT on Ethereum Mainnet: 0x6503de9FE77d256d9d823f2D335Ce83EcE9E153f We would swap 1,000 USDT for 907 cStableUSDT. For a moment, let's assume we'd redeem cStableUSDT after Dec 13th on @stable Mainnet, and not account for the more valuable points for Concrete + Stable. Let's also assume the underlying Morpho strategies in the vault are earning a competitive 10% APY with the underlying USDT so that the conversion for 1 cStableUSDT = 1.012 USDT around Dec 13th in 44 days. We're accounting for the deposited USDT earning about 1.2% yield in 44 days. We're gonna assume that the market price for cStableUSDT will then be about $1.012 if pegged to the value of the USDT + yield earned, even though it's currently trading at a major premium of $1.10 on @Uniswap with $4.5M of liquidity. The question Stephen asked previously with the USDai Pendle pools and the same thinking that applies here if we assume the cStableUSDT premium will shrink and return to a value representative of deposited USDT + yield is... "At what price of cStableUSDT does it become fully unprofitable to enter into the PT?" Assuming we "repeg" by maturity to a more rational value, here's the math... ROI over 19 days at 245% = 19/365 * 245% = 12.75% 1 - 12.75% = 0.8725 1 / 0.8725 = $1.146 At $1.146, you would be in the red regardless of the insanely high PT yield. So TLDR, is yes the PT-cStableUSDT looks amazing, yes it would be profitable to swap onchain still and then buy the PT with cStableUSDT, but no it's not quite as amazing to go about this with cStableUSDT trading at $1.10 right now. However, all of this ignores the value of the Stable points which could be extremely valuable once you redeem PT-cStableUSDT on Nov 19th if you were to hold onto the cStableUSDT and accrue Stable points from Nov 19th until the targeted Stable Network launch date of Dec 13th. Hope that all makes sense and is helpful! Feel free to correct me below or chime in if you disagree with my angle to this writeup. Link to Pendle pool: Link to Uniswap for cStableUSDT: Note: I am not an investor in Stable and didn't get into any pre-deposit vaults. Just a curious farmer :)