Summary
LlamaRisk supports onboarding PT-sUSDe-22OCT2026 to the Aave V3 instance on Plasma. At the time of this analysis, the asset has approximately 132 days remaining until maturity. The new maturity provides a rollover destination for users currently holding PT-sUSDe-18JUN2026 collateral on Aave V3 Plasma as that maturity approaches expiry.
The Pendle pool was deployed on June 6, 2026. It launched as a deployment seed and has since raised about $4.18M in liquidity, but it has not traded yet, so its implied rate is still the level set at deployment rather than a price the market has discovered. The June maturity, PT-sUSDe-18JUN2026, currently backs about $180M of collateral on Aave V3 Plasma, and that supply is the most likely source of demand once it expires.
Assessment of PT base asset: Link
Assessment of Pendle PTs: Link
Considered PT asset maturities: PT-sUSDe-22OCT2026
Asset State
Asset Growth
USDe’s circulating supply is about $4.48B, down from a peak of about $14B in early October 2025. Its staked counterpart, sUSDe, has about 1.42B ($1.75B) tokens outstanding, representing approximately 39% of USDe’s circulating supply. On Plasma, approximately 212M sUSDe ($262M) is supplied to the Aave V3 instance, indicating substantial existing adoption.
Source: LlamaRisk, June 12, 2026
Underlying Stability
The chart below shows the Chainlink USDe price feed on the Plasma network. Over the period shown, it has stayed close to one dollar, with the most notable move a brief dip to about $0.988 on February 1, 2026, before recovering within days. It read about $0.9989 at the snapshot.
sUSDe, the yield-bearing counterpart of USDe, is priced on Plasma using a Chainlink feed that combines its exchange rate against USDe with the USDe price feed, rather than relying on a free-floating market price. As yield accrues, its value gradually increases over time. At the snapshot, the asset was valued at approximately $1.2336, and its price history shows no unusual deviations or irregular behavior.
Source: LlamaRisk, June 12, 2026
Underlying Yield Source
sUSDe earns yield from Ethena’s delta-neutral strategy: funding spreads on BTC and ETH perpetuals, the staking yield on the collateral, and lending on money markets. The detailed yield mechanism is set out in the base asset assessment linked above. Pendle splits this position into PT-sUSDe, a fixed rate claim that redeems at maturity for the quantity of sUSDe worth one USDe, rather than for one sUSDe, and a yield token that keeps the floating yield. At the snapshot, the underlying yields about 3.84% APY.
Market Analysis
Total Supply
The Pendle pool was deployed on June 6, 2026. It launched as a seed and has since been funded, and at the snapshot, it holds about $4.18M, made up of 2,702,181 SY-sUSDe and 858,145 PT-sUSDe-22OCT2026.
No PT has been traded out of the pool yet, since no swaps have occurred since it was funded. That is normal for a market this new, before holders start taking the PT out to hold it directly. The June maturity, PT-sUSDe-18JUN2026, currently backs about $180M of supply on Aave V3 Plasma.
Source: LlamaRisk, June 12, 2026
Pool Composition
PT-sUSDe-22OCT2026 Pool:
- Total Liquidity: $4.18M
- SY-sUSDe: 2,702,181
- PT-sUSDe-22OCT2026: 858,145
At about 76% SY and 24% PT by token count, the pool leans toward SY, which is normal for a Pendle market this early in its life. Measured in accounting-asset terms, where each SY is worth about 1.2351 USDe, the pool proportion is about 20% PT.
Source: LlamaRisk, June 12, 2026
Price and Yield
With about 132 days to maturity, PT-sUSDe-22OCT2026 is quoted at a 1.57% discount to par, yielding an implied APY of 4.50%. The underlying yields about 3.84%, so the PT pays about 66 basis points more. Because the pool has not traded since it was funded, this rate is the level set at deployment and will move once the market starts trading. The base LP APY is 3.97%, with no reward boost: this pool was deployed after Pendle replaced vePENDLE with sPENDLE, and pools launched under sPENDLE do not earn an LP reward boost.
Source: LlamaRisk, June 12, 2026
PT Yield in Context
The PT offers a fixed yield of 4.50%. By comparison, the variable borrow rates on Aave V3 Plasma are 3.24% for USDT0, 3.03% for USDe, and 2.73% for GHO. At the snapshot, the PT fixed rate sits above all three, so a leveraged PT-sUSDe position funded with any of them carries a positive spread at the snapshot rates. These borrow rates are variable, so the spread is not fixed for the life of the position.
Price and Implied APY Projection
The chart shows the PT price rising to par as maturity approaches, with the dashed lines indicating the price and implied yield range the AMM can quote. The oracle starts from a discount rate of 4.37%, which is the simple discount rate that matches the implied rate of about 4.50% APY. The discount rate is capped at 12.27%, which corresponds to the lowest price the AMM can quote at the upper edge of its proportion range.
Source: LlamaRisk, June 12, 2026
Maturities
PT-sUSDe-22OCT2026 is the next maturity in the run of sUSDe Pendle markets on Plasma. PT-sUSDe-18JUN2026 is the maturity that holders are rolling out of now, and the October maturity gives them a market to move into. Later maturities will serve the same purpose once the October market expires.
Recommendations
Specification
| Parameter |
Value |
| Asset |
PT-sUSDe-22OCT2026 |
| Borrowable |
No |
| Collateral Enabled |
No |
| Supply Cap |
150,000,000 |
| Borrow Cap |
- |
| Debt Ceiling |
- |
| LTV |
- |
| LT |
- |
| Liquidation Bonus |
- |
| Liquidation Protocol Fee |
10.00% |
| E-Mode Category |
PT-sUSDe Stablecoins, PT-sUSDe USDe |
The supply cap is set at 150M PT, a conservative initial ceiling for a newly funded pool that can be raised as liquidity builds and as the rollover from the expiring PT-sUSDe-18JUN2026 reserve, which has about $180M supplied on Aave V3 Plasma today, comes in.
Linear Discount Rate Oracle
| Parameter |
Value |
| initialDiscountRatePerYear |
4.37% |
| maxDiscountRatePerYear |
12.27% |
PT-sUSDe Stablecoins E-Mode
| Parameter |
Value |
| Isolated |
True |
| LTV |
87.71% |
| LT |
89.71% |
| Liquidation Bonus |
4.87% |
| Asset |
PT-sUSDe-22OCT2026 |
sUSDe |
USDT0 |
USDe |
GHO |
| Collateral |
Yes |
Yes |
No |
No |
No |
| Borrowable |
No |
No |
Yes |
Yes |
Yes |
PT-sUSDe USDe E-Mode
| Parameter |
Value |
| Isolated |
True |
| LTV |
90.35% |
| LT |
92.35% |
| Liquidation Bonus |
1.87% |
| Asset |
PT-sUSDe-22OCT2026 |
sUSDe |
USDe |
| Collateral |
Yes |
Yes |
No |
| Borrowable |
No |
No |
Yes |
Price Feed Recommendation
LlamaRisk recommends pricing PT-sUSDe-22OCT2026 with the same dynamic linear discount rate oracle already used for the other sUSDe maturities on Plasma. This keeps it consistent with the deployed PT-sUSDe-18JUN2026 reserve.
The oracle treats the PT as a zero-coupon claim that rises to par in a straight line as maturity approaches, priced from a capped USDT/USD Chainlink feed. The maxDiscountRatePerYear parameter caps the discount, so the quoted price can never fall below the AMM’s lowest quoted price. The initialDiscountRatePerYear and maxDiscountRatePerYear values are listed in the Linear Discount Rate Oracle table above.
The discount numbers come from LlamaRisk’s dynamic PT risk-parameter methodology.
Disclaimer
This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk serves as a member of Ethena’s Risk Committee and an independent attestor of Ethena’s PoR solution. LlamaRisk did not receive compensation from the protocol(s) or their affiliated entities for this work. The information should not be construed as legal, financial, tax, or professional advice.
