senPYUSDmain (Paypal USD Main) Stablecoin Risk Profile

Answer First

What is Paypal USD Main (senPYUSDmain)?

senPYUSDmain is Sentora's PYUSD Morpho Vault V2 share; yield and losses change NAV, and cash redemption depends on idle PYUSD. The static profile records its PYUSD-denominated NAV accounting mechanism as: ERC-4626 deposit/mint and withdraw/redeem exchange shares for PYUSD at the current asset conversion rate.

Is senPYUSDmain safe?

Pharos does not mark senPYUSDmain as absolutely safe. Static metadata says Paypal USD Main uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.

Static Profile

Static stablecoin profile

Paypal USD Main (senPYUSDmain) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg PYUSD-denominated NAV.

CeFi-Dependent Crypto-Collateralized PYUSD-denominated NAV

Variant Relationship

Paypal USD Main (senPYUSDmain) is modeled as a strategy vault variant of PayPal USD (PYUSD). Pharos treats parent stress, redemption, mint authority, and dependency context as relevant to this variant before interpreting its own live metrics.

Strategy vault variantsenPYUSDPRIMEv2 senPYUSDPST senPYUSDmWIN

AI summary / Updated Oct 2, 2026

Collateral: PYUSD lending positions against cbBTC, WBTC, LBTC, syrupUSDC, wstETH, weETH, sUSDe, kBTC. Allocations change under curator controls; borrower collateral is distinct from the underlying deposited token.
Peg Mechanism: ERC-4626 deposit/mint and withdraw/redeem exchange shares for PYUSD at the current asset conversion rate. Lending interest, fees and realized losses change NAV. liquidityAdapter() is zero at the pinned review; ordinary cash redemptions use idle assets unless assets are first deallocated. Shared market liquidity and an in-kind position exit do not promise full-size cash redemption.
Jurisdiction: Not disclosed in the static profile.
Proof Of Reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Ethereum.

Next Actions

Compare senPYUSDmain Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety senpyusdmain-sentora

Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.

senPYUSDmain quick answers

What is Paypal USD Main (senPYUSDmain)?

Is senPYUSDmain safe?

What backs senPYUSDmain?

Pharos classifies senPYUSDmain backing as Crypto-Collateralized. Collateral, per the static profile: PYUSD lending positions against cbBTC, WBTC, LBTC, syrupUSDC, wstETH, weETH, sUSDe, kBTC. Allocations change under curator controls; borrower collateral is distinct from the underlying deposited token. Reserve evidence: live reserve feed configured.

Can senPYUSDmain be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for senPYUSDmain, when applicable, appear in the dossier below.

Waiting for initial data

Peg Data, Liquidity, and 3 more datasets has not populated yet.

senPYUSDmain

Paypal USD Main

senPYUSDmain is Sentora's PYUSD Morpho Vault V2 share; yield and losses change NAV, and cash redemption depends on idle PYUSD.

Compare

Paypal USD Main

senPYUSDmain

Wraps PYUSD

—

USD-Pegged Crypto-Backed Centralized-Dependent

senPYUSDmain is Sentora's PYUSD Morpho Vault V2 share; yield and losses change NAV, and cash redemption depends on idle PYUSD.

Yield-Bearing Hybrid

Price

$2.0229

NAV token — no fixed peg

Market Cap

$389.06M

— 24h

Supply

192.33M senPYUSDmain

— 7d

DEWS

PegNAVToken

Liq

30d Excess

Yield-Bearing HybridPYUSD NAV Crypto-Backed Centralized-Dependent

16 Dec 2025

Price

$2.0229

NAV TOKEN — NO FIXED PEG

Market Cap

$389.06M

— 24H

Supply

192.33M senPYUSDmain

— 7D

30d Excess

—

MechanismProtocol Position MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed Issued2025

MintingWrapped / inherited FreezeUpstream Chains1 JurisdictionNot disclosed Issued2025

Sentora PYUSD lending with single-key controls

Paypal USD Main is an ERC-4626 share in a Sentora-curated Morpho Vault V2 denominated in PYUSD. Deposited stablecoins are supplied to collateralized lending markets, so borrower defaults, liquidation conditions and curator allocation choices can affect the share value. Interest accrues through NAV, while fee shares and realized losses can reduce the value retained by holders. Owner and curator each use a 1-of-1 Safe with a sole EOA signer, and the reviewed fee and cash-redemption-gate changes have no time delay. Ordinary redemption was simulated successfully, but a zero liquidity adapter means immediate cash withdrawal relies on idle PYUSD unless lending positions are first deallocated. Parent issuer freeze risk remains inherited, and neither a one-share exit nor protocol security audits establish full-size stressed cash recovery.

Updated October 2, 2026

Policy

CeFi-Dependent|Compare

Key Links

Website Issuer Docs

Contracts

1 deployment tracked across Ethereum.

Primary contract

Ethereum

0xb576...9fb2

View on Ethereum explorer

Ethereum0xb576...9fb2

Custody

Undisclosed

Reserve custody spans 3 counterparties; the account structure is undisclosed. Rehypothecation is permitted.

Paypal USD Main immutable VaultV2 and 0xc2a11ba52ad80124ccc60774c881f93738f334d4 Morpho adapter—
Other
Morpho borrower markets—
Other
Sentora Digital Holdings (BVI) Ltd, risk curator; issuer states it is not a custodian—
Other · British Virgin Islands

SegregationUnknown

Bankr. remoteUnknown

RehypothecationPermitted

Providers3

ConfidenceProbable

Reviewed 2026-10-03

Context

senPYUSDmain

Dependency Context

Open in Dependency Map

Open the map for the neighborhood list, fullscreen Graph tab, Fit and Zoom controls.

Underlying Asset

PayPal USDPYUSD

Modeled as a strategy vault variant of PYUSD.

Strategy

Related tracked variants: senPYUSDPRIMEv2, senPYUSDPST, senPYUSDmWIN.

senPYUSDmain

Mint Authority

IssuerWrapped / inherited

ControlsContractSafe1/1Safe1/1No timelock

SupplysenPYUSDmainConcentrated admin

NRConfidence: VerifiedInherited from pyusd-paypal

senPYUSDmain issues asset-backed PYUSD vault shares and fee shares through immutable accounting. Owner and curator are separate 1-of-1 Safes, each controlled by one EOA; underlying issuance remains inherited from pyusd-paypal.

Scoring breakdown

Derived posture Unknown

Component score NR

The mint control posture is not rated because the review is missing, unknown, or unresolved.

Primary controls

Verification gaps

Current role census is complete, but registry owner 0xcba28b38103307ec8da98377fff9816c164f9afa and subregistry authority/bypass closure across [0xa31788949d0fe443d3d1033222fc9479499bc3f5, 0xcef9ee779ef9428f50bb7a21b3e3b4efdbc33844, 0xca38e878439e02f2feb364a2b36b52789f983727, 0xfb4d38d93736a040993c50aaac776a2be2cff8be] is not established.
Allocator 0x13de0cee0b83562cbfd46682e10ffa4e3c5090e1 is an EIP-7702 delegated account pointing to 0x63c0c19a282a1b52b07dd5a65b58948a07dae32b; delegated runtime authorization and signing/bypass census remains unreviewed.

senPYUSDmain immutable asset-backed share accounting
Wrapper / Contract
ethereum / 0xb57676...559fb2
MintNone
Sentora owner 1-of-1 Safe
Governor / Safe
ethereum / 0xe8c9c9...938008
MintParameter-onlySetupSafe, 1/1 thresholdSafe modules/guardNo modules or guards detected
Sentora curator 1-of-1 Safe
Cap admin / Safe
ethereum / 0x9e396d...42aac0
MintParameter-onlySetupSafe, 1/1 thresholdDelayNo timelockSafe modules/guardNo modules or guards detected
addAdapter and increaseAbsoluteCap have 259200-second delay, but deposit-gate and management/performance fee setters have zero delay. A single blanket three-day delay does not cover curator economic authority.
Sentora allocator 0x13de0cee0b83562cbfd46682e10ffa4e3c5090e1
Other / Contract
ethereum / 0x13de0c...5090e1
MintParameter-onlyDelayNo timelock
Sentora allocator 0xc4ba4e822c420452fe2bab93211208d3ccbd79d3
Other / Externally owned account
ethereum / 0xc4ba4e...bd79d3
MintParameter-onlyCustodySingle-key address - custody unverifiableDelayNo timelock
Sentora sentinel 0x74d1672d0b90f6e7c322dec9d5396ff6ace61618
Other / Externally owned account
ethereum / 0x74d167...e61618
MintNoneCustodySingle-key address - custody unverifiableDelayNo timelock

Methodology v10.01View methodology Version history →Reviewed 2026-10-03

senPYUSDmain

Reserve quality

Opaque exit

2 reviewed reserve slices — at least 6.3% convertible within one day; 93.7% has no published exit timeline.

Asset mix

Time to liquidate

Immediate6.3%
Unknown93.7%

Unresolved reserve exposure0%

Top position93.7%

As of2026-10-02

Slices2

ConfidenceVerified

Obligor names or classes recorded in the reserve slices; a class does not identify its individual counterparties.

Paypal USD Main idle underlying: Paxos (6.3%)
Paypal USD Main deployed strategy positions: Sentora-curated Morpho markets and their borrowers (93.7%)

Slice detail & risk factors

Pinned exact vault underlying balance and sole adapter realAssets; percentages of totalAssets, rounded to four decimals

Current vault/adapter accounting is identified. Collateral custody, enforceable insolvency priority, borrower losses and stressed liquidation capacity are not established across every underlying layer.

Paypal USD Main idle underlying · 6.3% · Stablecoins · Immediate · Medium risk
Obligor: Paxos
Risk factors: counterparty · custody · smart contract
Paypal USD Main deployed strategy positions · 93.7% · Protocol positions · Unknown · High risk
Obligor: Sentora-curated Morpho markets and their borrowers
Risk factors: credit · liquidity · counterparty · smart contract · concentration · legal

Reviewed 2026-10-02

senPYUSDmain

Collateral pricing & liquidation

Opaque / unknown

Prices the collateral behind senPYUSDmain and drives liquidations. A wrong or stale price leaves debt undercollateralized, so this is core solvency machinery.

Pinned block 26107702: 8 funded Morpho markets have exact oracle/LLTV identities and all six BASE/QUOTE feed/vault getter values. Vault accounting is verified price-feed-independent; borrower liquidation pricing remains applicable. Upstream feed administrator, heartbeat and mutable NAV-controller closure remain incomplete, so no standard-external or redundant tier is asserted.

Branches8

Feeds30

Max LTV91.5%

ConfidenceProbable

Morpho market 0xd8a8e6667f58aa9229e8979bd619742b1660ee856c200a93e407dbccb7222323
Exact market oracle 0x7681692a9f228fd7dac0679238d467729af4e9ca: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0x2665701293fcbeb223d11a08d826563edcce423a","BASE_FEED_2":"0x0000000000000000000000000000000000000000","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x0000000000000000000000000000000000000000","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.
Morpho market 0xf5c5df23559b0fb56560a7578ea17d81e245153ba64b8132df026c9358864d27
Exact market oracle 0x9f02d619a875b0ca383d21772e136fc18b637916: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0x4f67e4d9bd67efa28236013288737d39aef48e79","BASE_FEED_2":"0x5f4ec3df9cbd43714fe2740f5e3616155c5b8419","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x0000000000000000000000000000000000000000","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.
Morpho market 0x90ef0c5a0dc7c4de4ad4585002d44e9d411d212d2f6258e94948beecf8b4c0d5
Exact market oracle 0xe6212d05cb5af3c821fef1c1a233a678724f9e7e: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0xa569d910839ae8865da8f8e70fffb0cba869f961","BASE_FEED_2":"0x0000000000000000000000000000000000000000","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x9d39a5de30e57443bff2a8307a4256c8797a3497","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.
Morpho market 0xc9629945524f3fde56c7e8854a6c3d48e76b9d97236abbe73c750fcc7aeb8501
Exact market oracle 0xc8043d248551ed19b33cbc89dccd69148c827039: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0x8fffffd4afb6115b954bd326cbe7b4ba576818f6","BASE_FEED_2":"0x0000000000000000000000000000000000000000","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x80ac24aa929eaf5013f6436cda2a7ba190f5cc0b","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.
Morpho market 0x6a7e36eb088bd501d73f7ab4c5b8671358559341a78ce521c9e499dc0bc642b9
Exact market oracle 0x0aeaa9320d78a5edb9387a08682d1738bcc64b1f: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0xb415eaa355d8440ac7ecb602d3fb67ccc1f0bc81","BASE_FEED_2":"0xf4030086522a5beea4988f8ca5b36dbc97bee88c","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x0000000000000000000000000000000000000000","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.
Morpho market 0x85d59152eeeab7ca024804895b358868d8dd1e134171be400d7792d5604a212c
Exact market oracle 0x221898da0890fc5fb6c890fcdc051fa97946ee11: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0x5c9c449bbc9a6075a2c061df312a35fd1e05ff22","BASE_FEED_2":"0x5f4ec3df9cbd43714fe2740f5e3616155c5b8419","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x0000000000000000000000000000000000000000","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.

+ 2 more branches in the breakdown below

Feeds, parameters & failure behavior

Morpho market 0xbe50eed784490d6c32f398902b55eb5e1bd5af89e1f554993ad5fea899be090b
Exact market oracle 0x4124b5cb815a21e26ff86c8a6a0a074c7fa2dd1d: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0xfdfd9c85ad200c506cf9e21f1fd8dd01932fbb23","BASE_FEED_2":"0xf4030086522a5beea4988f8ca5b36dbc97bee88c","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x0000000000000000000000000000000000000000","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.
Morpho market 0xe51f9aaad25d0e755429cf77076b3c2d37cb1228ed81f8a5482f2102c220eef5
Exact market oracle 0x007db14ca0d171fa583955fef3917b2b9a95cf18: MorphoChainlinkOracleV2; immutable input configuration {"BASE_FEED_1":"0xf4030086522a5beea4988f8ca5b36dbc97bee88c","BASE_FEED_2":"0x0000000000000000000000000000000000000000","QUOTE_FEED_1":"0x8f1df6d7f2db73eece86a18b4381f4707b918fb1","QUOTE_FEED_2":"0x0000000000000000000000000000000000000000","BASE_VAULT":"0x0000000000000000000000000000000000000000","QUOTE_VAULT":"0x0000000000000000000000000000000000000000"}. Upstream feed/embedded-vault authority is not fully closed.

Morpho market 0xd8a8e6667f58aa9229e8979bd619742b1660ee856c200a93e407dbccb7222323

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf · max LTV 86% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Verified MorphoChainlinkOracleV2 multiplies/divides fixed feed and ERC-4626 conversion inputs; no alternate fallback. Included ChainlinkDataFeedLib checks nonnegative answers but explicitly does not check staleness or min/max bounds. Upstream feed heartbeat and administrator guarantees remain unverified.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Morpho market 0xf5c5df23559b0fb56560a7578ea17d81e245153ba64b8132df026c9358864d27

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

BASE_FEED_2 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0 · max LTV 86% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Morpho market 0x90ef0c5a0dc7c4de4ad4585002d44e9d411d212d2f6258e94948beecf8b4c0d5

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

BASE_VAULT · Embedded ERC-4626 conversion authority, administrator unreviewed · ethereum

0x9d39a5de30e57443bff2a8307a4256c8797a3497 · max LTV 91.5% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Morpho market 0xc9629945524f3fde56c7e8854a6c3d48e76b9d97236abbe73c750fcc7aeb8501

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

BASE_VAULT · Embedded ERC-4626 conversion authority, administrator unreviewed · ethereum

0x80ac24aa929eaf5013f6436cda2a7ba190f5cc0b · max LTV 91.5% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Morpho market 0x6a7e36eb088bd501d73f7ab4c5b8671358559341a78ce521c9e499dc0bc642b9

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

BASE_FEED_2 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

0x8236a87084f8b84306f72007f36f2618a5634494 · max LTV 86% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Morpho market 0x85d59152eeeab7ca024804895b358868d8dd1e134171be400d7792d5604a212c

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

BASE_FEED_2 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

0xcd5fe23c85820f7b72d0926fc9b05b43e359b7ee · max LTV 86% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Morpho market 0xbe50eed784490d6c32f398902b55eb5e1bd5af89e1f554993ad5fea899be090b

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

BASE_FEED_2 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

0x2260fac5e5542a773aa44fbcfedf7c193bc2c599 · max LTV 86% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Morpho market 0xe51f9aaad25d0e755429cf77076b3c2d37cb1228ed81f8a5482f2102c220eef5

price(): collateral/loan token conversion; scale 1e36 · MorphoChainlinkOracleV2 · ethereum

BASE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

QUOTE_FEED_1 · Chainlink-interface feed, upstream provider/admin unreviewed · ethereum

0x73e0c0d45e048d25fc26fa3159b0aa04bfa4db98 · max LTV 86% · Liquidation LLTV from pinned idToMarketParams, not a legal collateral-recovery guarantee.

Morpho protocol liquidation permits third parties to repay unhealthy debt for collateral when oracle-valued LTV exceeds LLTV; exact collateral realization capacity is unverified.

No exact-vault funded loss backstop was identified in the reviewed vault source and protocol documentation.

Underlying bad debt reduces reported adapter realAssets; VaultV2 recognizes losses through pro-rata share-value depreciation. No legal recovery waterfall is established.

Reviewed 2026-10-03

Mechanism review

Protocol Position LiabilityReviewed 2026-10-02

Exact native Ethereum VaultV2 0xb576765fb15505433af24fee2c0325895c559fb2, block 26107702. Holder claim is the ordinary operational ERC-4626 redemption, independently simulated for one share. Limited conservation: totalAssets=388049489417230 reconciles to idle=24375516077801 plus adapter realAssets=363673973339429;…

How protocol position liability stablecoins work

Backing mechanics

Reviewed gaps (2)

Encumbrance and allocation
Not disclosed
Default recovery
Not disclosed

Reviewed 2026-10-02

Bridging

Single-chain / native

Only this native Ethereum vault-share deployment is authored. Reviewed exact deployment and issuer materials do not establish a vault-share bridge representation.

Routes1

Chains1

ConfidenceVerified

Reviewed 2026-10-03

Control posture

Wrapper / inherited

Code

DAO

Multisig

Regulated

Operator

Wrapper

PostureWrapper / inherited

TaxonomyCEFI-DEP

ScopeINHERITED

Scoring roleDESCRIPTIVE

senPYUSDmain control posture: Wrapper / inherited. This classification is descriptive; V10 Economic Control is scored through mint, oracle, and bridge evidence.

Classification details

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

The CEFI-DEP taxonomy is the broader protocol classification from flags.governance. Control posture is the finer description of where operational authority sits.

Control posture is not a Safety Score input. Mint Authority and the applicable oracle and bridge evidence provide the reviewed facts used by V10 Economic Control.

senPYUSDmain is a tracked variant of PayPal USD (PYUSD); this posture describes wrapper-level control inherited from that parent relationship.

View methodology

Freeze & seizure

Inherited

Freeze power sits upstream with PayPal USD rather than in this token's own contract.

Block 26107702: sendSharesGate(), receiveSharesGate() and receiveAssetsGate() are zero with permanently abdicated setters. Shares are locally…

Freeze powerInherited

BasisSourced review

UpstreamPayPal USD

Reviewed 2026-10-02

Market

senPYUSDmain

Price Transparency

$2.0229highSources 0/3

0 used· Updated 11m ago

Protocol RedemptionUsed

Methodology v6.31View methodology Version history →

Activity

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Peers

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all protocol-position stablecoins

Actions

Open senPYUSDmain in live compare Set senPYUSDmain Telegram alerts Browse stablecoin comparisons Read the daily digest Use the Pharos API

senPYUSDmain quick answers

What is Paypal USD Main (senPYUSDmain)?

Is senPYUSDmain safe?

What backs senPYUSDmain?

Can senPYUSDmain be frozen or blacklisted?

Safety

—

PegNAV Liquidity—DEWS—

Backing mechanics

Reviewed gaps (2)

Encumbrance and allocation
Not disclosed
Default recovery
Not disclosed

Reviewed 2026-10-02

Custody

Undisclosed

Reserve custody spans 3 counterparties; the account structure is undisclosed. Rehypothecation is permitted.

Paypal USD Main immutable VaultV2 and 0xc2a11ba52ad80124ccc60774c881f93738f334d4 Morpho adapter—
Other
Morpho borrower markets—
Other
Sentora Digital Holdings (BVI) Ltd, risk curator; issuer states it is not a custodian—
Other · British Virgin Islands

SegregationUnknown

Bankr. remoteUnknown

RehypothecationPermitted

Providers3

ConfidenceProbable

Reviewed 2026-10-03

Control posture

Wrapper / inherited

Code

DAO

Multisig

Regulated

Operator

Wrapper

PostureWrapper / inherited

TaxonomyCEFI-DEP

ScopeINHERITED

Scoring roleDESCRIPTIVE

senPYUSDmain control posture: Wrapper / inherited. This classification is descriptive; V10 Economic Control is scored through mint, oracle, and bridge evidence.

Classification details

The token is classified primarily as a wrapper whose control posture depends on an underlying asset or parent system.

The CEFI-DEP taxonomy is the broader protocol classification from flags.governance. Control posture is the finer description of where operational authority sits.

Control posture is not a Safety Score input. Mint Authority and the applicable oracle and bridge evidence provide the reviewed facts used by V10 Economic Control.

senPYUSDmain is a tracked variant of PayPal USD (PYUSD); this posture describes wrapper-level control inherited from that parent relationship.

View methodology

Freeze & seizure

Inherited

Freeze power sits upstream with PayPal USD rather than in this token's own contract.

Block 26107702: sendSharesGate(), receiveSharesGate() and receiveAssetsGate() are zero with permanently abdicated setters. Shares are locally…

Freeze powerInherited

BasisSourced review

UpstreamPayPal USD

Reviewed 2026-10-02

Mechanism review

Protocol Position Liability

Exact native Ethereum VaultV2 0xb576765fb15505433af24fee2c0325895c559fb2, block 26107702. Holder claim is the ordinary operational ERC-4626…

How protocol position liability stablecoins workReviewed 2026-10-02

Bridging

Single-chain / native

Only this native Ethereum vault-share deployment is authored. Reviewed exact deployment and issuer materials do not establish a vault-share bridge representation.

Routes1

Chains1

ConfidenceVerified

Reviewed 2026-10-03

Price Transparency

11m

$2.0229

HIGHSources 0/3

Sources

Protocol Redemption

Contracts

Ethereum0xb576...9fb2

News

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Key Links

Website Issuer Docs

Answer First

What is Paypal USD Main (senPYUSDmain)?

Is senPYUSDmain safe?

Static Profile

Static stablecoin profile

Paypal USD Main (senPYUSDmain) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg PYUSD-denominated NAV.

CeFi-Dependent Crypto-Collateralized PYUSD-denominated NAV

Variant Relationship

Strategy vault variantsenPYUSDPRIMEv2 senPYUSDPST senPYUSDmWIN

AI summary / Updated Oct 2, 2026

Collateral: PYUSD lending positions against cbBTC, WBTC, LBTC, syrupUSDC, wstETH, weETH, sUSDe, kBTC. Allocations change under curator controls; borrower collateral is distinct from the underlying deposited token.
Peg Mechanism: ERC-4626 deposit/mint and withdraw/redeem exchange shares for PYUSD at the current asset conversion rate. Lending interest, fees and realized losses change NAV. liquidityAdapter() is zero at the pinned review; ordinary cash redemptions use idle assets unless assets are first deallocated. Shared market liquidity and an in-kind position exit do not promise full-size cash redemption.
Jurisdiction: Not disclosed in the static profile.
Proof Of Reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across Ethereum.

Next Actions

Compare senPYUSDmain Telegram alerts Digest RSS API access

Exact bot target: /subscribe dews,depeg,safety senpyusdmain-sentora

Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Oct 2, 2026.

senPYUSDmain quick answers

What is Paypal USD Main (senPYUSDmain)?

Is senPYUSDmain safe?

What backs senPYUSDmain?

Can senPYUSDmain be frozen or blacklisted?

Paypal USD Main (senPYUSDmain) stablecoin analytics

What is Paypal USD Main (senPYUSDmain)?

Is senPYUSDmain safe?

Static stablecoin profile

senPYUSDmain quick answers

Paypal USD Main (senPYUSDmain) stablecoin analytics

Paypal USD Main

Paypal USD Main

Sentora PYUSD lending with single-key controls

Key Links

Contracts

Custody

Dependency Context

Underlying Asset

Mint Authority

Reserve quality

Collateral pricing & liquidation

Mechanism review

Backing mechanics

Reviewed gaps (2)

Bridging

Control posture

Freeze & seizure

Price Transparency

News

Explore Next

senPYUSDmain quick answers

What is Paypal USD Main (senPYUSDmain)?

Is senPYUSDmain safe?

Static stablecoin profile

senPYUSDmain quick answers

Paypal USD Main

Paypal USD Main

Sentora PYUSD lending with single-key controls

Peg Stability

Key Links

Contracts

Reserve Composition

Custody

Dependency Context

Underlying Asset

Mint Authority

Reserve quality

Collateral pricing & liquidation

Mechanism review

Backing mechanics

Reviewed gaps (2)

Bridging

Control posture

Freeze & seizure

Supply by Chain

Liquidity by Protocol

Price Transparency

Yield Intelligence

News

Explore Next

senPYUSDmain quick answers

Peg Stability

Reserve Composition

Supply by Chain

Liquidity by Protocol

Yield Intelligence