Summary
LlamaRisk supports listing PT-sUSDE-26NOV2026 on the Aave V4 Plus Hub via the Ethena Correlated and Ethena Ecosystem spokes. At the time of this analysis, the asset has 93 days remaining until maturity.
The November maturity Pendle pool was deployed on August 10, 2026 and holds $3.40M in liquidity at the time of writing. 4.85M PT-sUSDE-26NOV2026 are outstanding, and the asset is not currently listed on any Aave instance.
Assessment of PT base asset: Link
Assessment of Pendle PTs: Link
Considered PT asset maturities: PT-sUSDE-26NOV2026
Asset State
Asset Growth
sUSDe has 1.07B tokens outstanding as of August 25, 2026, backed by 1.33B USDe of vault assets. The share of USDe staked in sUSDe is 32.79%, down 15.10% over the past month.
Supply has contracted over the period. sUSDe fell from 3.60B in late November 2025, with the steepest leg in late April and early May 2026. SY-sUSDe, the wrapper through which sUSDe enters the Pendle system, stands at 9.39M against an April 2026 peak of 382M, only taking into account Etherum Mainnet.
Source: LlamaRisk, August 25, 2026
USDe circulating supply stands at $4.07B, consolidated from its October 2025 peak of $14.9B. Protocol solvency stands at 100.27% against a reserve fund of $62.09M.
Source: LlamaRisk Risk Portal, August 25, 2026
Underlying Stability
USDe trades at $0.9998 and has held within plus 0.03% to minus 0.22% of par across the past nine months, following the October 2025 depeg episode when it briefly traded near $0.97.
sUSDe trades at $1.2446 against an internal exchange rate of 1.2449 USDe per token, which accrues with distributed yield. Measured against that rate, its secondary market deviation ranges from plus 0.09% to minus 0.21%, with a median of minus 0.02%. Redemption pays out in USDe subject to Ethena’s unstaking cooldown, currently set to 1 day. No structural anomalies appear in the price series.
Source: LlamaRisk, August 25, 2026
Underlying Yield Source
sUSDe yield comes from Ethena’s delta-neutral strategy, combining perpetual funding spreads on BTC and ETH with staking yield on the liquid staking derivative component of the collateral and lending on money markets. For PT-sUSDE-26NOV2026, that yield is captured as a discount to par on the principal token, which redeems at maturity for the quantity of sUSDe worth 1 USDe, while the floating component is stripped out to YT-sUSDE-26NOV2026.
Pendle reports the underlying sUSDe APY at 4.25%.
Market Analysis
Total Supply
The PT-sUSDE-26NOV2026 pool was deployed on August 10, 2026 and holds $3.40M in total liquidity, composed of 2,123,439 SY-sUSDe and 770,470 PT-sUSDE-26NOV2026. SY-sUSDe outstanding stands at 9.39M.
4.85M PT-sUSDE-26NOV2026 have been minted in aggregate, of which 16% sits inside the Pendle AMM and 84% is held off-pool, which is consistent with holders carrying the position to maturity rather than trading it. Pool liquidity has risen from $1.25M on August 14 alongside PT outstanding, with both series flattening over the most recent days.
Source: LlamaRisk, August 25, 2026
Pool Composition
PT-sUSDE-26NOV2026 Pool:
- Total Liquidity: $3.40M
- SY-sUSDe: 2,123,439
- PT-sUSDE-26NOV2026: 770,470
The pool is SY-heavy at 73.4% SY and 26.6% PT, which is typical for a Pendle pool in its first weeks.
Source: LlamaRisk, August 25, 2026
Price and Yield
The PT implied yield stands at 4.72%, the underlying sUSDe APY at 4.25%, and the PT discount-to-par at 1.16%. The 47 bps spread is the market premium for locking in a fixed rate over the remaining 93 days.
Source: LlamaRisk, August 25, 2026
PT Yield in Context
Against the PT fixed yield of 4.72%, Aave V3 Ethereum mainnet variable borrow rates stand at 2.80% for USDe and 4.62% for USDT, giving positive carry of 192 bps and 10 bps, while USDC at 4.78% and USDS at 5.68% give negative carry of 6 bps and 96 bps. Leveraged PT positions are currently profitable against USDe and USDT borrow, and are not profitable against USDC or USDS.
Price and Implied APY Projection
The chart projects the PT price trajectory and implied APY from the snapshot through maturity, with the AMM’s structural bounds shown as dashed lines. The current implied yield of 4.72% sits against a structural maximum of 12.234% at the AMM’s upper proportion bound.
Source: LlamaRisk, August 25, 2026
Maturities
PT-sUSDE-26NOV2026 is the only active sUSDe maturity on Pendle. Subsequent maturities listed by Pendle would provide rollover destinations as the November pool approaches its own expiry.
Recommendations
Parameter Recommendation
The listing adds PT-sUSDE-26NOV2026 as a collateral reserve on Ethena Ecosystem Spoke of the Plus Hub.
Collateral reserves: Ethena Ecosystem spoke
| Parameter | PT-sUSDE-26NOV2026 |
|---|---|
| Suppliable | yes |
| Collateral | yes |
| Borrowable | no |
| Collateral Factor | 92% |
| Max Liquidation Bonus | 4.5% |
| Liquidation Fee | 10% |
| Collateral Risk score | 0% |
| Add Cap | 8,000,000 |
The borrowable set is unchanged: USDC, USDT, USDe, GHO and frxUSD.
Pool liquidity has scaled with PT supply since the pool was deployed and is expected to continue to do so, so the Add Cap is set to accommodate growth rather than the current float of 4.85M PT. Available borrowable capacity stands at $2.94M on Ethena Ecosystem and $5.9k on Ethena Correlated, excluding inter-Hub credit lines.
Price Feed Recommendation
For pricing PT-sUSDE-26NOV2026 on the Aave V4 Plus Hub, the dynamic linear discount rate oracle is recommended, consistent with the approach used for prior sUSDe maturities on Aave.
The oracle prices the PT as a zero-coupon bond against a capped Chainlink reference for the underlying, applying a linear discount that decays to par at maturity and is bounded above by a maximum discount rate parameter.
Discount Rate Parameters
| Parameter | PT-sUSDE-26NOV2026 |
|---|---|
| initialDiscountRatePerYear | 4.72% |
| maxDiscountRatePerYear | 12.23% |
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.