Summary
Objective Labs recommends listing PT-jrUSDe-15Jan2026 and PT-srUSDe-15Jan2026 on Euler Yield as collateral-only assets. These Strata-issued Principal Tokens represent fixed-yield positions on junior and senior tranches of USDe-based vaults, expanding Euler’s coverage of structured yield products.
The listing enables users to borrow stable assets against their fixed-income exposure, while maintaining clear tranche risk separation through collateral-only treatment.
Fundamentals
PT-jrUSDe-15Jan2026 and PT-srUSDe-15Jan2026 are Principal Tokens issued by Strata, backed by the underlying jrUSDe and srUSDe vaults. Each token represents the fixed-income portion of a deposit into its respective tranche, maturing into 1 unit of the underlying asset at expiry.
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jrUSDe – the junior tranche, designed for higher yield but higher risk exposure to performance variations.
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srUSDe – the senior tranche, offering more stable returns with priority on redemption and lower risk.
Both tokens enable fixed-yield DeFi strategies, allowing users to trade or leverage predictable income streams before maturity.
Liquidity
PT-jrUSDe-15Jan2026 currently maintains around $6.79M in liquidity while PT-srUSDe-15Jan2026 holds approximately $24M in liquidity, indicating stronger demand for stable, lower-risk yield exposure. Liquidity across both tranches is expected to continue growing as Strata expands its tranching vaults and deepens integrations within the Pendle ecosystem.
Risk Parameters
Caps
| Asset | Supply Cap | Borrow Cap |
|---|---|---|
| PT-jrUSDe-15Jan2026 | 3M | - |
| PT-srUSDe-15Jan2026 | 10M | - |
IRM
No IRM necessary for collateral only assets.
LTVs
We recommend splitting the LTVs into 2 parts as jrUSDe is expected to be much more volatile by design.
| Collateral | Debt Asset | LLTV |
|---|---|---|
| PT-srUSDe-15Jan2026 | USDC | 87% |
| PT-srUSDe-15Jan2026 | USDT | 87% |
| PT-srUSDe-15Jan2026 | PYUSD | 87% |
| PT-srUSDe-15Jan2026 | RLUSD | 87% |
| PT-srUSDe-15Jan2026 | wM | 87% |
| PT-srUSDe-15Jan2026 | USDe | 92.5% |
| PT-srUSDe-15Jan2026 | eUSDe | 92% |
| PT-srUSDe-15Jan2026 | USDtb | 87% |
| PT-srUSDe-15Jan2026 | rUSD | 87% |
| PT-srUSDe-15Jan2026 | AUSD | 84% |
| PT-srUSDe-15Jan2026 | frxUSD | 84% |
| PT-srUSDe-15Jan2026 | USD1 | 84% |
| PT-srUSDe-15Jan2026 | mUSD | 84% |
Borrow LTVs for PT-srUSDe-15Jan2026 to be set 2% below LLTVs
| Collateral | Debt Asset | LLTV |
|---|---|---|
| PT-jrUSDe-15Jan2026 | USDC | 65% |
| PT-jrUSDe-15Jan2026 | USDT | 65% |
| PT-jrUSDe-15Jan2026 | PYUSD | 65% |
| PT-jrUSDe-15Jan2026 | RLUSD | 65% |
| PT-jrUSDe-15Jan2026 | wM | 65% |
| PT-jrUSDe-15Jan2026 | USDe | 65% |
| PT-jrUSDe-15Jan2026 | eUSDe | 65% |
| PT-jrUSDe-15Jan2026 | USDtb | 65% |
| PT-jrUSDe-15Jan2026 | rUSD | 65% |
| PT-jrUSDe-15Jan2026 | AUSD | 65% |
| PT-jrUSDe-15Jan2026 | frxUSD | 65% |
| PT-jrUSDe-15Jan2026 | USD1 | 65% |
| PT-jrUSDe-15Jan2026 | mUSD | 65% |
Borrow LTVs for PT-jrUSDe-15Jan2026 to be set 5% below LLTVs
Oracle
We recommend using Pendle TWAP oracles for PT-jrUSDe-15Jan2026 and PT-srUSDe-15Jan2026, crossed with the same USDe oracle used in Euler Yield.