Integrate Resolv Assets into Euler Yield and Prime markets

Euler DAO Markets
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This proposal seeks approval to list wstUSR, USR, PT-USR Sep 4th, and PT-wstUSR Sep 25th as collateral assets on the Euler Yield and Euler Prime markets on Ethereum mainnet. These additions will provide users with a more diverse choice of collateral when using Euler.

Motivation & Context

What are wstUSR and USR?

wstUSR and USR are the yield-bearing and non yield-bearing senior tranche of Resolv’s collateral pool, backed by delta-neutral positions on ETH & BTC managed by Resolv Labs. As the senior tranche they are by design overcollaterized by the junior tranche RLP, with a minimum collateral ratio of 110%, and fully backed by delta neutral positions on ETH & BTC, operated on CEXs and Hyperliquid, as well as USCC, USDC, and USDT. All assets are held in trusted custodians such as Ceffu and Fireblocks. There is full on-chain visibility into the backing assets for Resolv’s collateral pool with this dashboard.

Since its launch in Q2 2024, Resolv has grown to over $500 million of TVL, $260 million of which in wstUSR and USR as of this proposal’s writing. wstUSR has over $25 million of market liquidity on Fluid, which can be found in this pool while USR combined has over $50 million of liquidity on curve and fluid with most volume flowing through usr/usdc, gho/usr, and usr/dola on curve, as well as usr/usdc on fluid. Liquidity for the PTs can be found here for wstUSR and here for USR. As wstUSR is the staked version of USR staking/unstaking between the two is atomic and without time delay. As eligible accepted counterparties, subject to KYC/KYB procedures, whitelisted users can easily mint and redeem USR on demand, 24/7. Redemption requests will be filled within a 24h window with a daily cap of $5 million for instant redemption. Non whitelisted users can fulfill >$100 thousand mint requests at no slippage for a 10bps fee through “The counter”. USR has maintained parity with a dollar since its launch.

Benefits of wstUSR, USR, and their Pendle PTs

Onboarding wstUSR, USR, and their Pendle PTs to Euler Prime and Yield markets will provide users with more choice when providing collateral to build DeFi strategies, such as looping the Pendle PTs or wstUSR. These strategies are already available through an Apostro-curated Euler Resolv market but subject to liquidity constraints of the respective market.

Important Links and Details:

Resolv website

Resolv documentation

Resolv X account

Ticker: wstUSR

Contract address: 0x1202F5C7b4B9E47a1A484E8B270be34dbbC75055

Ticker: USR

Contract address: 0x66a1E37c9b0eAddca17d3662D6c05F4DECf3e110

Ticker: PT-USR-4SEP2025

Contract address: 0x5a5b93F762739fa94F3EcC0b34Af2e56702E7f70

Ticker: PT-wstUSR-25SEP2025

Contract address: 0x23E60d1488525bf4685f53b3aa8E676c30321066

Risk Parameters

We defer to Euler risk service providers to recommend reasonable risk parameters for wstUSR, PT-USR, and PT-wstUSR.

Oracles

USR has one primary oracle provider at the moment: Pyth. Pyth has two USR oracles live: 1) an onchain oracle that references liquidity pool pricing (also available from Chainlink, Redstone, and Chronicle) , and 2) a fundamental oracle that references the USR redemption rate.

wstUSR has a fundamental oracle by Pyth referencing its current redemption rate.

Security considerations

wstUSR staking has been audited by Pashov and Mixbytes. As both USR and wstUSR are built on Resolv’s contract infrastructure they benefit from all audits Resolv has undergone which can be found here: https://docs.resolv.xyz/litepaper/resources/security

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[Gauntlet] Integrate Resolve Assets - Recommendation

Gauntlet has reviewed the Resolv listing request for USR, wsUSR, and their PT equivalents onto Euler Prime and Euler Yield. At this time, we do not recommend the integration on Prime or Yield but rather suggest listing Resolv assets on Euler Frontier (rationale below):

DEX Liquidity Profile

  • Total liquidity across all USR pools: ~$54 million.
  • The majority resides in the DOLA/USR Curve pool (~$41.9M), which reduces confidence in readily available major blue-chip stablecoin liquidity (ex: USDC/USDT).

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Prime and Yield Listing Approach

  • The strategic approach for Euler Yield and Prime has shifted to limiting listings to assets that meet liquidity and adoption thresholds. This can be observed in recent posts, for example here and here.
  • Given the limited blue-chip stablecoin liquidity, we recommend limiting exposure in the Prime and Yield markets.
  • A Frontier‐market listing balances user access and capped systemic risk, allowing for potential migration to Prime or Yield markets once liquidity deepens and we see demonstrated onchain user demand.

Recommendation: Monitor demand for USR, wstUSR, and associated Pendle PTs on Euler’s Frontier Market.

As on-chain stablecoin liquidity matures, we can revisit USR, wstUSR, and PTs to consider listing these assets on Euler Prime and Euler Yield.

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Objective has reviewed Resolv’s asset listing proposals on Euler Prime and Euler Yield.

As mentioned by Gauntlet, the listing approach has shifted to consolidation. We echo the concerns about the quality and concentration of USR liquidity. As it stands, USR’s liquidity profile heavily depends on DOLA and GHO, both assets with history of prolonged peg deviation.

At this time we believe USR and wstUSR do not fit Euler Prime’s blue chip mandate, and therefore we would not recommend these assets to be listed. Resolv assets do fit Euler Yield’s general risk profile, however we believe there is little strategic opportunity for listing them at the moment. PT-USR yields 1-3 percentage points less than Ethena PTs while having considerably less high-quality liquidity.

We encourage exploring a listing on Frontier, not only for USR and wstUSR, but also for RLP.