> For the complete documentation index, see [llms.txt](https://docs.jpegd.io/jpegd-dao/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.jpegd.io/jpegd-dao/about-the-jpegd-protocol/tokens/usdpeth.md).

# $pETH

![pETH is the ETH debt token of JPEG'd DAO and at all times overcollateralised  by the NFTs backing it](/files/A2hLglSityZUPJ1qlFMx)

#### Overview

pETH is the Ether synthetic of JPEG'd. It is minted when a user borrows against their NFT and burned when they decide to repay their loan. Unlike the standard 2% interest rate for borrowing PUSd, the standard interest rate is **5%** for borrowing pETH.

Like PUSd, pETH is overcollateralized by the value of the NFTs in JPEG'd vaults.

#### Utility

* pETH can be swapped for ETH using the [JPEG'd Swap](https://jpegd.io/swap), or by directly accessing the [Curve](https://curve.fi/#/ethereum/pools/factory-v2-335/swap) factory pool.
* It can be used to earn yield by providing liquidity in the Curve Factory pool. To learn how to get yield with pETH read our [guide](/jpegd-dao/cdp-lending-guides/get-yield-on-jpegd/farming-with-usdpeth.md).

**A user cannot borrow both pETH and PUSd from the same vault.**

Learn how to borrow pETH in our [borrowing](/jpegd-dao/cdp-lending-guides/borrowing.md) guide.