Simple Summary
Gauntlet has conducted a review of current Loan-to-Value (LTV) parameters across Euler Yield. Based on market comparisons and internal modeling, we recommend modest upward adjustments to maintain competitiveness while ensuring risk controls remain robust.
Recommendations
Note: We increase Max LTV and LLTV by the same amount in all recommendations. Thus, we only show LLTV. Max LTV will simply be 2% less than this value both before and after.
LLTV
| Collateral / Debt | USDC | USDT | eUSDe | USDe | RLUSD | frxUSD |
|---|---|---|---|---|---|---|
| PT-jrUSDe-2APR2026 | 65%→70% | 65%→70% | 65%→70% | 65%→70% | 65%→70% | 65%→70% |
| PT-stcUSD-23JUL2026 | 85%→87% | 85%→87% | 85%→87% | 85%→87% | 85%→87% | 82%→84% |
| PT-cUSD-23JUL2026 | 85%→87% | 85%→87% | 85%→87% | 85%→87% | 85%→87% | 82%→84% |
| PT-srUSDe-2APR2026 | 87%-89% | 87%-89% | - | 92.5%→93.5% | 87%→89% | 82%→84% |
| eUSDe | 88%→90% | 88%→90% | - | - | 88%→90% | 87%→89% |
| USDe | 90%→92% | 90%→92% | - | - | 90%→92% | 87%→89% |
| frxUSD | 92%→93% | 92%→93% | - | 92%→93% | 92%→93% | - |
| TBILL | 95%→96% | 95%→96% | - | 95%→96% | 95%→96% | - |
| sBUIDL | 95%→96% | 95%→96% | - | 95%→96% | 95%→96% | 94%→95% |
| RLUSD | 95%→96% | 95%→96% | - | 95%→96% | - | 92%→93% |
| USDT | 95%→96% | - | - | 95%→96% | 95%→96% | 92%→93% |
| USDC | - | 95%→96% | - | 95%→96% | 95%→96% | 92%→93% |
Rationale
- Competitiveness: LTVs closer to market norms will encourage usage of Euler while keeping a conservative risk buffer.
- Parameter Calibration: Increases align with on-chain liquidity and volatility metrics while maintaining effective liquidation support.
Next Steps
- We welcome community feedback