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
1 Like
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.
1 Like
Offboard Expired Pendle PTs from Euler Yield
Objective Labs recommends offboarding the following expired Pendle PTs from Euler Yield:
- PT-eUSDe-14AUG2025
- PT-sUSDE-31JUL2025
- PT-USDe-31JUL2025
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
| Asset |
Supply |
| PT-eUSDe-14AUG2025 |
2.57M |
| PT-sUSDE-31JUL2025 |
95k |
| PT-USDe-31JUL2025 |
<$1k |
Offboarding Process
We recommend following the established offboarding process:
- Set supply caps to or near 0 for these PTs
- Gradually ramp down Loan-to-Value (LTV) to 0 over a 30-day period
- Notify users via public channels about the offboarding schedule
- After the ramp-down phase, remove the associated vaults from the UI
Gauntlet supports offboarding the expired July Pendle PTs per this recommendation and agrees with offboarding PT-eUSDe-14AUG2025 after a brief grace period (pausing until the end of the month) to reduce user friction.
Expired PTs no longer accrue yield and behave as 1:1 wrappers of the underlying, so offboarding reduces surface area to the underlying assets without sacrificing yield for users who remain.