# \[Objective Labs\] Integrate Strata PT-jrUSDe-15Jan2026 and PT-srUSDe-15Jan2026 on Euler Yield **URL:** \ **Category:** Euler DAO\ **Created:** [October 15, 2025, 12:45pm UTC](https://forum.euler.finance/t/objective-labs-integrate-strata-pt-jrusde-15jan2026-and-pt-srusde-15jan2026-on-euler-yield/1681 "2025-10-15T12:45:17Z")\ **Posts on this page:** 4\ **Page:** 1
**Author:** ![Objective](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/objective/32/830_2.png) [@Objective](https://forum.euler.finance/u/Objective)\ **Post date:** [October 15, 2025, 12:45pm UTC](https://forum.euler.finance/t/objective-labs-integrate-strata-pt-jrusde-15jan2026-and-pt-srusde-15jan2026-on-euler-yield/1681/1 "2025-10-15T12:45:17Z")
## **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. - jrUSDe – the junior tranche, designed for higher yield but higher risk exposure to performance variations. - srUSDe – the senior tranche, offering more stable returns with priority on redemption and lower risk. ### **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. ---
**Author:** ![Gauntlet](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/gauntlet/32/611_2.png) [@Gauntlet](https://forum.euler.finance/u/Gauntlet)\ **Post date:** [October 16, 2025, 5:14am UTC](https://forum.euler.finance/t/objective-labs-integrate-strata-pt-jrusde-15jan2026-and-pt-srusde-15jan2026-on-euler-yield/1681/2 "2025-10-16T05:14:14Z")
Gauntlet reviewed pt-jrUSDe-15Jan2026 and pt-srUSDe-15Jan2026, and our risk recommendations align with the parameters outlined by Objective Labs. Pendle markets for srUSDe and jrUSDe are live, and positions can migrate to the new pools via the Pendle UI. We expect users to migrate positions soon and believe Strata’s PTs fit well within Euler Yield. Gauntlet will monitor post-listing behavior and recommend parameter adjustments as needed. ---
**Author:** ![PveF](https://avatars.discourse-cdn.com/v4/letter/p/a88e4f/32.png) [@PveF](https://forum.euler.finance/u/PveF)\ **Post date:** [October 24, 2025, 5:05am UTC](https://forum.euler.finance/t/objective-labs-integrate-strata-pt-jrusde-15jan2026-and-pt-srusde-15jan2026-on-euler-yield/1681/3 "2025-10-24T05:05:42Z")
Sers. I think both these collaterals were onboarded wrongly with the LLTVs mixed up. PT-srUSDe has 65% LLTV and the riskier PT-jrUSDe has 85-90%+ LLTV. How do we fix this without liquidating those that have borrowed in the jrUSDe market? ---
**Author:** ![kasp](https://avatars.discourse-cdn.com/v4/letter/k/ac91a4/32.png) [@kasp](https://forum.euler.finance/u/kasp)\ **Post date:** [October 24, 2025, 8:53am UTC](https://forum.euler.finance/t/objective-labs-integrate-strata-pt-jrusde-15jan2026-and-pt-srusde-15jan2026-on-euler-yield/1681/4 "2025-10-24T08:53:02Z")
Yes, you noticed this correctly, and we also noticed that right away after executing the transaction. The mistake was corrected before any borrows were created (LTVs for jrUSDe were lowered) hence no liquidation threat. Another tx is pending in the timelock to resolve this fully. It should be executed later today.