We are following up to note that the Terminal team has announced that their project will not launch. Consequently, the onboarding of PT-tUSDe (December expiry) tokens is to be abandoned. While this announcement lowers the expected returns for the Pendle YT market participants, it has no impact on the principal funds of users who participated in this PT market.
Despite the cancellation, it is valuable to analyze how Aave would have handled this scenario had the asset already been onboarded.
Following the announcement, the PT-tUSDe price began to trend upward, with the implied APY currently settling in the 5.5%–6.5% range. This range is not an arbitrary one, it is supported by Terminal’s confirmation that current Pendle positions retain their entitlement to Ethena Sats, associated sUSDe yield, and EtherFi points. As such, the implied yield remains driven by expected sUSDe yields plus a margin for speculative points revenue. Minor deviations from that range are also possible if current PT-tUSDe holders exert selling pressure, moving the implied APY upwards due to market stress. The PT token will continue to converge toward 1 tUSDe upon maturity.
Source: Pendle, November 28, 2025
Had this asset been live on Aave, it would have been priced using the linear discount rate oracle. Because this oracle determines price based on time-to-maturity rather than market spot price, Aave users would have been shielded from the asset’s external volatility on Pendle. The market would have continued to operate safely until maturity, the price convergence to 1 tUSDe. Ultimately, this event serves as an important case study for the DAO and, notably, the DAO’s risk providers.