# Offboard expired Pendle PTs from Euler Yield

**URL:** <https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523>\
**Category:** Markets\
**Created:** [June 30, 2025, 8:44am UTC](https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523 "2025-06-30T08:44:40Z")\
**Posts on this page:** 6\
**Page:** 1

<div class="post-metadata">

**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:** [June 30, 2025, 8:44am UTC](https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523/1 "2025-06-30T08:44:40Z")

</div>

# 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

---

<div class="post-metadata">

**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:** [July 2, 2025, 7:58pm UTC](https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523/2 "2025-07-02T19:58:34Z")

</div>

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.

---

<div class="post-metadata">

**Author:** ![EulerLabs](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/eulerlabs/32/580_2.png) [@EulerLabs](https://forum.euler.finance/u/EulerLabs)\
**Post date:** [July 4, 2025, 8:31pm UTC](https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523/3 "2025-07-04T20:31:03Z")

</div>

This proposal has been executed: [Ethereum Transaction Hash: 0xd83efca2d0... | Etherscan](https://etherscan.io/tx/0xd83efca2d057f74b73b5b3ef0994ff39abc8719b3906b5c1eaf6d224e4808271)

---

<div class="post-metadata">

**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:** [August 18, 2025, 10:23am UTC](https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523/4 "2025-08-18T10:23:23Z")

</div>

# 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

---

<div class="post-metadata">

**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:** [August 18, 2025, 8:45pm UTC](https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523/5 "2025-08-18T20:45:40Z")

</div>

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.

---

<div class="post-metadata">

**Author:** ![EulerLabs](https://yyz1.discourse-cdn.com/flex007/user_avatar/forum.euler.finance/eulerlabs/32/580_2.png) [@EulerLabs](https://forum.euler.finance/u/EulerLabs)\
**Post date:** [August 25, 2025, 1:59pm UTC](https://forum.euler.finance/t/offboard-expired-pendle-pts-from-euler-yield/1523/6 "2025-08-25T13:59:00Z")

</div>

This proposal has been implemented: [Ethereum Transaction Hash: 0xfde0e6387f... | Etherscan](https://etherscan.io/tx/0xfde0e6387f0f601dd150eb0d43f01c21c406c0d49a48ea38e548b8ae60c79d58)