Integrate PT-tUSDe-25SEP2025 on Euler Yield

Euler DAO Markets
1

Summary

Objective Labs recommends listing Pendle PT-tUSDe-25SEP2025 on Euler Yield as a collateral-only asset. tUSDe is the receipt token for Terminal Finance’s USDe pre-deposit vault, officially supported by Ethena. The listing enables users to borrow against fixed yield exposure to tUSDe and will be the first money market integration for PT-tUSDe.

Fundamentals

tUSDe is an ERC-4626 receipt token issued by Terminal Finance for USDe deposits into its pre-deposit vault. It is redeemable 1:1 for sUSDe at any time, with no lockups or cooldowns, allowing users to retain liquidity while earning rewards.

PT-tUSDe-25SEP2025 represents a fixed yield position on a Pendle deposit into tUSDe that matures on September 25, 2025. The PT currently offers a fixed APY of approximately 10%, appealing to users seeking high yield on stable assets.

Liquidity

PT-tUSDe-25SEP2025 reached over $54M in TVL in a week after launch, highlighting exceptionally strong early demand. The Pendle pool has $44M in liquidity. A simulated trade of $10M PT incurs approximately 0.8% slippage, reflecting sufficient depth to support collateral liquidations and looping.

Risk Parameters

Caps

Asset Supply Cap Borrow Cap
PT-tUSDe-25SEP2025 30M 0

An initial 30M supply cap enable meaningful usage with size while maintaining prudent controls. Borrowing is disabled, consistent with other Pendle PT assets. Caps may be adjusted later with CRS.

LTVs

Collateral Debt Asset LLTV
PT-tUSDe-25SEP2025 USDe 92.5%
PT-tUSDe-25SEP2025 eUSDe 92%
PT-tUSDe-25SEP2025 USDC 87%
PT-tUSDe-25SEP2025 USDT 87%
PT-tUSDe-25SEP2025 PYUSD 87%
PT-tUSDe-25SEP2025 RLUSD 87%
PT-tUSDe-25SEP2025 wM 87%
PT-tUSDe-25SEP2025 USDS 87%
PT-tUSDe-25SEP2025 sUSDS 87%
PT-tUSDe-25SEP2025 DAI 87%
PT-tUSDe-25SEP2025 sDAI 87%
PT-tUSDe-25SEP2025 USD0 87%
PT-tUSDe-25SEP2025 USDtb 87%
PT-tUSDe-25SEP2025 rUSD 87%

Borrow LTVs are to be set 2% below LLTVs.

IRM

No IRM needed as PT-tUSDe will be non-borrowable.

Oracle

We recommend Pendle TWAP oracle be used for PT-tUSDe / USDe, crossed by the same oracle used for USDe in Euler Yield.

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Gauntlet agrees with the recommendations provided by Objective Labs, rationale below:

Liquidity

  • The TVL for PT-tUSDe-25SEP2025 has climbed to $60.2M, reflecting market demand.
  • In a $20M simulated PT swap, slippage remained low at 1.7%, suggesting that an initial $30M supply cap is appropriate.

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LTVs

  • Since this PT represents a deposit token of USDe, we benchmarked its LTV ratio against that of other USDe-based PTs.
  • Recommended LTVs for PT-tUSDe-25SEP2025 are 1% below those of comparable PT-USDe tokens, which matches the risk for newly issued PT tokens.

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Oracles

The recommended Oracle is in line with all the other Pendle Tokens.

Next Steps

We welcome community feedback.

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