Summary
Objective recommends integrating the newly launched Pendle PTs for Ethena: PT-sUSDE-25SEP2025 and PT-USDe-25SEP2025 on Euler Yield. At the time of writing the sUSDe PT has amassed $48.6M liquidity in the Pendle AMM while the USDe PT has $2.2M liquidity.
Caps
| Asset | Supply Cap | Borrow Cap |
|---|---|---|
| PT-sUSDE-25SEP2025 | 40M | - |
| PT-USDe-25SEP2025 | 5M | - |
We recommend configuring supply caps proportional to expected demand and liquidity. Demand and liquidity will be monitored and these initial caps may be adjusted through CRS as needed.
LTVs
For consistency we recommend:
- configuring the same LTVs for PT-sUSDE-25SEP2025 as the previous maturity (PT-sUSDE-31JUL2025),
- configuring the same LTVs for PT-USDe-25SEP2025 as the previous maturity (PT-USDe-31JUL2025).
IRMs
No IRMs are needed as these assets will be non-borrowable.
Oracles
Objective recommends the same oracle strategy as the previous maturities: Pendle PT TWAP oracle against USDe, crossed by the same push oracle used for USDe on Euler Yield.