Integrate Strata pUSDe and PT-pUSDe-16OCT2025 on Euler Yield

Euler DAO Markets
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Integrate PT-pUSDe-16OCT2025 on Euler Yield

Summary

Objective Labs recommends listing PT-pUSDe-16OCT2025 on Euler Yield as a collateral-only asset. This listing supports fixed yield exposure tied to Strata’s pre-launch pUSDe vault. The listing enables users to borrow against fixed yield exposure to pUSDe and will be among the first money market integration for PT-pUSDe.

Fundamentals

pUSDe is Strata’s receipt token for depositing USDe and eUSDe into Strata’s predeposit vault on Ethereum Mainnet. There is a currently active points program (Season 0) which stacks Ethena, Ethereal, and Strata points. pUSDe is 1:1 backed by USDe, Ethena’s synthetic dollar, and is instantly mintable and redeemable for either USDe or eUSDe with no lockups and no delays.

PT-pUSDe-16OCT2025 is a Pendle Principal Token representing the fixed-income portion of a deposit into their upcoming pUSDe vault. The PT matures into 1 pUSDe on October 16, 2025.

The predeposit vault implementation has been audited by Cyfrin and Quantstamp with no medium-or-higher unresolved issues outstanding. There are several notable features of the vault:

  • It is upgradable by a 3/4 Gnosis Safe that belongs to the Strata team.
  • In PointsPhase withdrawals serviced in USDe (current) and in YieldPhase assets converted to sUSDe for withdrawal.
  • It is a MetaVault that currently forwards all deposits into Ethereal’s predeposit vault. Thus the ability of pUSDe to service 1:1 withdrawals depends on its meta-vaults.

Liquidity

PT-pUSDe-16OCT2025 has already reached $12.92M in liquidity and $13.33M in TVL within its first 24 hours since launch demonstrating strong early demand and ecosystem interest. Liquidity simulation shows a $5M swap incurs only ~1.63% slippage, with expectations for deeper liquidity as more capital flows in.

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Caps

Asset Supply Cap Borrow Cap
PT-pUSDe-16OCT2025 3M NA

We recommend starting with a conservative supply cap, aligned with past PT listings. The cap can be increased later on with CRS. Borrowing is disabled.

LTVs

Collateral Debt Asset LLTV
PT-pUSDe-16OCT2025 USDe 92.5%
PT-pUSDe-16OCT2025 eUSDe 92%
PT-pUSDe-16OCT2025 USDC 87%
PT-pUSDe-16OCT2025 USDT 87%
PT-pUSDe-16OCT2025 PYUSD 87%
PT-pUSDe-16OCT2025 RLUSD 87%
PT-pUSDe-16OCT2025 wM 87%
PT-pUSDe-16OCT2025 USDtb 87%
PT-pUSDe-16OCT2025 rUSD 87%

Note: assets pending offboarding are excluded.

Borrow LTVs are to be set 2% below LLTVs.

IRMs

No IRM needed as PT-pUSDe-16OCT2025 is non-borrowable.

Oracle

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

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