Objective Labs: Parameter Updates on Ethereum (2025-05-16)
| Market | Vault | Supply Cap | Borrow Cap |
|---|---|---|---|
| Euler Yield | PT-eUSDE-29MAY2025 | 45M → 60M | 0 |
| Euler Yield | PT-cUSDO-19JUN2025 | 54M → 70M | 0 |
| Market | Vault | Base rate | Kink | Rate at kink | Rate at 100% (max) |
|---|---|---|---|---|---|
| Euler Yield | USDC, USDT, PYUSD, RLUSD, wM, USDS, DAI, USD0, USDe, USDtb | 0% | 90% | 7% → 7.5% | 40% |
| Euler Yield | rUSD | 0% | 90% | 6% → 7% | 80% → 40% |
Rationale
- Euler Yield PT-eUSDE-29MAY2025 has hit 87% supply cap with 13% supply growth in the last 7d.
- Euler Yield PT-cUSDO-19JUN2025 has hit 83% supply cap with 24% supply growth in the last 7d.
- Comparative borrow rates on Morpho have increased to 7-9%, prompting a 50 bps increase for Euler Yield’s borrowable stablecoins to keep competitive. Morpho’s srUSD/rUSD pair has hit 7.5% borrow APY, prompting a proactive 100 bps increase.