[Gauntlet] - OpenEden T-Bills (TBILL) Integration - Euler Prime and Euler Yield

Euler DAO
1

Summary

Gauntlet recommends the following risk parameters should the community choose to onboard OpenEden T-Bills (TBILL) to the Euler Prime/Yield markets.

Note: These recommendations are contingent upon successful oracle integration and implementing an instant redemption solution for TBILL.

Specification

Euler Prime

Supply Cap Borrow Cap
10M N/A
Collateral Debt LLTV Borrow LTV
TBILL USDC, USDT, RLUSD, USDS, USDtb 0.93 0.91

Euler Yield

Supply Cap Borrow Cap
45M N/A
Collateral Debt LLTV Borrow LTV
TBILL USDC, USDT, RLUSD, USDS, USDtb, USDe, DAI, PYUSD, USD0 0.95 0.93

Rationale

Token Overview

  • $TBILL is backed 1:1 by a pool of U.S. T-Bills and USD.
  • $TBILL is only accessible to professional investors who have successfully completed the TBILL Fund’s KYC and KYT process.
  • Transfers of an Investor’s positions are permitted only to other whitelisted Investors.

Redemption

  • Only KYC’d and whitelisted accredited users can mint or redeem TBILL in exchange for USDC through OpenEden’s smart contract vault.
  • While the smart contract is live 24/7, redemption settlements (especially large or full withdrawals) are typically executed on the following US business day.
  • There is no upper limit for withdrawal.
  • There is a five-bps transaction fee charged on redemptions.

Onchain Circulation

LLTV Recommendations

We propose applying the same LLTV parameters for TBILL as those recommended for sBUIDL by Objective Labs.

Market Collateral Debt LLTV
Euler Prime TBILL USDC, USDT, RLUSD, USDS, USDtb 0.93
Euler Yield TBILL USDC, USDT, RLUSD, USDS, USDtb, USDe, DAI, PYUSD, USD0 0.95

Next Steps

  • We welcome community feedback.
  • We will assess the borrowing demand for other assets, such as WETH, using TBILL as collateral.
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Summary

Objective is aligned with Gauntlet’s analysis and initial recommendations for TBILL on Euler Prime and Euler Yield. Since Gauntlet’s recommendations were posted, there have been several changes to the markets, therefore we recommend an updated set of debt vaults.

Market Collateral Debt LLTV
Euler Prime TBILL USDC, USDT, RLUSD, USDS, USDtb 0.93
Euler Yield TBILL USDC, USDT, RLUSD, USDtb, USDe, PYUSD, USD1, AUSD 0.95

Oracle

We recommend the use of OpenEden’s TBILL/USD oracle, compatible with the AggregatorV3 interface.