Integrate Strata pUSDe and PT-pUSDe-16OCT2025 on Euler Yield
Summary
This proposal seeks Euler DAO approval to list pUSDe as collateral and borrowable asset and PT-pUSDe-16OCT2025 as a collateral only on the Euler Yield market on Ethereum mainnet.
Motivation & Context
About Strata
Strata is a perpetual yield tranching protocol designed to provide structured exposure to USDe rewards and unlock the next phase of Ethena’s growth. By transforming sUSDe into risk-tiered tranches, allowing different types of investors to access yield based on their risk appetite, Strata is redefining how the internet-native yield is accessed, managed, and scaled.
Strata is one of the first native protocols to be deployed on Converge, the upcoming blockchain by Ethena Labs and Securitize.
About pUSDe
pUSDe is a deposit receipt token representing USDe and eUSDe deposits into Strata’s pre-deposit vault on Ethereum mainnet, issued as part of Strata Season 0 - Strata’s points campaign to bootstrap initial liquidity and user participation ahead of its mainnet launch.
pUSDe is fully backed 1:1 by USDe and can be instantly minted using either USDe or eUSDe. It can also be redeemed at any time for USDe or eUSDe with no lockup period.
pUSDe is a fully composable ERC-20 token designed for integration with Pendle (soon) and other DeFi protocols.
pUSDe and Strata Season 0 are expected to be launched during the week of July 22nd. pUSDe Pendle markets will be opened days after the launch of our pre-deposit campaign. We intend to onboard PT-pUSDe with October 16th, 2025 maturity to the Euler Yield market.
Strata Season 0
Strata Season 0 is Strata’s points campaign aimed at bootstrapping initial TVL and user adoption by rewarding users with Strata Points and other incentives for minting pUSDe and participating with it across the DeFi ecosystem.
pUSDe earns 30x Ethena rewards, 30x Strata points and Ethereal points, with its Euler Yield market integration included in the points program from day one. Adding pUSDe on the Euler Yield market will offer Euler users early access to Converge and the broader Ethena ecosystem assets, enabling them to maximize exposure to both pUSDe and USDe while maximising their rewards.
PT-pUSDe-16OCT2025 represents a fixed yield position on a Pendle deposit into pUSDe that matures on October 16, 2025. Adding PT-pUSDe-16OCT2025 on the Euler Yield market will enable users to borrow against fixed yield exposure to pUSDe, running recursive lending-borrowing and will be the first money market integration for PT-pUSDe.
Relevant links
Website: https://strata.money
Docs: https://docs.strata.money
Github: Strata Money · GitHub
Twitter: https://x.com/strata_money/
Risks
Strata pre-deposit vault is an ERC-4626 compliant vault that has been audited by Cyfrin and Quantstamp The audit reports are available in our public documentation: Audits | Strata. Our smart contract repo is available here: contracts/contracts/predeposit at master · Strata-Money/contracts · GitHub
Risk Parameters
We defer to Euler’s risk service providers to recommend appropriate LTV, supply and borrow caps, and other risk parameters for pUSDe and PT-pUSDe-16OCT2025—ideally aligned with those of eUSDe and PT-eUSDe markets. We welcome feedback from the Euler DAO and look forward to becoming part of the Euler ecosystem.
Oracles
pUSDe/USDe ERC4626 exchange rate, crossed by Pyth USDe/USD. The oracle configuration matches the one used for eUSDe.
Pendle TWAP oracle can be used for PT-pUSDe / USDe, crossed by the same oracle used for USDe in Euler Yield.
Implementation
If this proposal is approved, pUSDe will be added to the Euler Yield market as both a collateral asset and a borrowable asset and PT-USDe-16OCT2025 as a collateral asset.
