Offboard expired Pendle PTs from Euler Yield

Summary

This proposal recommends offboarding 4 expire Pendle PTs from Euler Yield: PT-USD0+±26JUN2025, PT-cUSDO-19JUN2025, PT-eUSDE-29MAY2025, PT-sUSDE-29MAY2025. Expired Pendle PTs stop accruing yield and become simple 1:1 wrappers of the underlying. Offboarding these allows controlling the total exposure to the underlying assets while encouraging users to migrate to the new maturities.

Liquidity

Vault Total Supply
PT-USD0++-26JUN2025 $990k
PT-cUSDO-19JUN2025, $18k
PT-eUSDE-29MAY2025 $11k
PT-sUSDE-29MAY2025 $130

Only PT-USD0++-26JUN2025 holds significant value due to the recent expiration. We expect this to be reduced to <$50k in the following days.

Offboarding Process

We recommend the following offboarding process:

  • Set supply caps to or near 0
  • Ramp down LTVs to 0 over 30 days
  • Inform users about the offboarding on public channels
  • Once the ramping period is over, remove the vaults from the UI

Gauntlet supports off-boarding the expired Pendle PTs on Euler Yield and is aligned with the proposed outlined timeline & offboarding process.

  • Once expired, PTs stop earning yield and become 1-for-1 wrappers of their underlying assets; delisting limits idle exposure and channels users toward active maturities.
  • Removing the vaults now prevents liquidity fragmentation and streamlines ongoing risk oversight.

This proposal has been executed: Ethereum Transaction Hash: 0xd83efca2d0... | Etherscan