[Gauntlet] Integrate Nov Ethena PTs on Euler Yield

Euler DAO
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Summary

Should the community choose to onboard recently launched Pendle PTs for Ethena: PT-USDe-27NOV2025 and PT-sUSDe-27NOV2025 on Euler Yield, Gauntlet recommends the following parameters:

Caps

Asset Supply Cap Borrow Cap
PT-USDe-27NOV2025 120M -
PT-sUSDe-27NOV2025 40M -

We recommend configuring supply caps proportional to expected demand and liquidity.

LTVs

Gauntlet recommends:

  • Configuring the same LTV for PT-sUSDe-27NOV2025 as the previous maturity (PT-sUSDE-25SEP2025)
  • Implementing the same LTV for PT-USDe-27NOV2025 as the previous maturity (PT-USDe-25SEP2025).

IRMs

No IRMs are needed as these assets will be non-borrowable.

Oracles

Gauntlet recommends the same oracle strategy as the previous maturities: Pendle PT TWAP oracle against USDe, crossed by the same push oracle used for USDe on Euler Yield.

Next Steps

  • We welcome community feedback
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Objective Labs is aligned with Gauntlet’s recommendations to integrate PT-USDe-27NOV2025 and PT-sUSDe-27NOV2025 to Euler Yield. These new maturities extend the Ethena PT curve and provide continuity for users rolling positions forward.

  • Market Context: PT-USDe-25SEP2025 (expiring in 16 days) currently holds a 120M supply cap, and PT-sUSDe-25SEP2025 a 40M cap. Utilization has been consistently high, indicating strong demand for both assets. We anticipate a significant portion of users will migrate into the new November 2025 maturity as expiry approaches.
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This proposal has been executed: Ethereum Transaction Hash: 0x9d0fbe9aee... | Etherscan

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[Gauntlet] Parameter Recommendations for PT-USDe-04FEB2026 and PT-sUSDe-14JAN2026 on Euler Yield

Summary

Gauntlet recommends adding the newly launched Pendle PTs for Ethena, PT-USDe-04FEB2026 and PT-sUSDe-14JAN2026, to Euler Yield, which extend the expired PT-USDe-27NOV2025 and PT-sUSDe-27NOV2025. Gauntlet recommends the following parameters:

Caps

Asset Supply Cap Borrow Cap
PT-USDe-04FEB2026 120M -
PT-sUSDe-14JAN2026 40M -

We recommend configuring supply caps proportional to expected demand and liquidity.

LTVs

Gauntlet recommends:

  • Configuring the same LTV for PT-USDe-04FEB2026 as the previous maturity (PT-USDe-27NOV2025)
  • Implementing the same LTV for PT-sUSDe-14JAN2026 as the previous maturity (PT-sUSDe-27NOV2025).

IRMs

No IRMs are needed as these assets will be non-borrowable.

Oracles

Gauntlet recommends the same oracle strategy as the previous maturities: Pendle PT TWAP oracle against USDe, crossed by the same push oracle used for USDe on Euler Yield.

Next Steps

  • We welcome community feedback
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Objective Labs supports the onboarding of new Ethena PT maturities on Euler Yield.

However we disagree that the proposed caps are proportional to expected demand. Given that the market has shrunk considerably since the onboarding of the previous Ethena PT maturity, we recommend to reduce these caps in tandem:

Asset Supply Cap Borrow Cap
PT-USDe-04FEB2026 40M -
PT-sUSDe-14JAN2026 15M -