# Integrate PT-tUSDe-25SEP2025 on Euler Yield

**URL:** <https://forum.euler.finance/t/integrate-pt-tusde-25sep2025-on-euler-yield/1548>\
**Category:** Markets\
**Created:** [July 16, 2025, 5:26am UTC](https://forum.euler.finance/t/integrate-pt-tusde-25sep2025-on-euler-yield/1548 "2025-07-16T05:26:23Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\
**Post date:** [July 16, 2025, 5:26am UTC](https://forum.euler.finance/t/integrate-pt-tusde-25sep2025-on-euler-yield/1548/1 "2025-07-16T05:26:23Z")

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# 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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<div class="post-metadata">

**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\
**Post date:** [July 21, 2025, 2:15pm UTC](https://forum.euler.finance/t/integrate-pt-tusde-25sep2025-on-euler-yield/1548/2 "2025-07-21T14:15:49Z")

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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.

 ![image](https://canada1.discourse-cdn.com/flex007/uploads/euler/original/1X/d3484b2e310ea0176bd58172a19e68ab317afa5d.jpeg)

## **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.

 ![image](https://canada1.discourse-cdn.com/flex007/uploads/euler/original/1X/587365891be4f5b282fa2d7826a9dae20d42b2d5.jpeg)

## Oracles

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

## Next Steps

We welcome community feedback.