Summary
LlamaRisk supports listing PT-sUSDe-28JAN2027 on Aave V3 Plasma. At the time of this analysis, the asset has 76 days remaining until maturity. The Pendle pool holds approximately $1.04M in available liquidity. It was deployed on October 7, 2026, funded from October 15, 2026, and held under $45,000 until November 4, 2026, when liquidity rose to approximately $1.02M.
The prior maturity, PT-sUSDe-22OCT2026, matured on October 22, 2026. Its supply on Aave V3 Plasma peaked at approximately 153.6M PT on August 4, 2026. It remains listed with 69,406 PT still supplied as collateral, and its supply cap is set to 1, so it accepts no new deposits. PT-sUSDe-28JAN2027 is the rollover destination for that position.
Assessment of PT base asset: Link
Assessment of Pendle PTs: Link
Considered PT asset maturities: PT-sUSDe-28JAN2027
Asset State
Asset Growth
sUSDe supply on Plasma stands at approximately 132.1M as of November 13, 2026, down from a peak of 1.19B on October 11, 2025. Supply held near 1B through February 2026, then declined steadily, falling below 370M by mid-June 2026 and below 211M by October 2026. The Aave V3 Plasma sUSDe reserve holds 129.0M sUSDe ($162.1M), 97.7% of the sUSDe on Plasma.
Across all chains, USDe circulating supply stands at approximately $4.90B. sUSDe has 956.1M tokens outstanding ($1.20B at $1.2565 per sUSDe), approximately 24.5% of USDe circulating supply.
Source: LlamaRisk, November 13, 2026
Underlying Stability
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.
The discount has averaged -0.06% since September 11, 2025. It reached -0.35% on November 6, 2025, and held between -0.19% and +0.03% from March 1 to October 28, 2026. The widest prints came during the USDe dip, at +0.63% on October 29, 2026 at 21:15 UTC and -0.39% on October 30, 2026 at 02:48 UTC, returning to +0.12% five minutes later. Since October 31, 2026 it has held between -0.08% and 0.00%.
Source: LlamaRisk, November 13, 2026
Underlying Yield Source
sUSDe earns the yield generated by USDe’s backing, which Ethena allocates across several strategies subject to governance and Risk Committee review. Delta-neutral perpetual basis on BTC and ETH, the strategy USDe was originally built on, is now a small part of the backing. The remainder earns from overcollateralized DeFi lending on Aave, Morpho, Jupiter Lend, and Kamino, liquid stablecoin balances, institutional loans, and tokenized AAA CLO funds. A detailed backing review can be found here.
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. The current underlying sUSDe yield reported by Pendle is 5.05%.
Market Analysis
Total Supply
The PT-sUSDe-28JAN2027 maturity pool was deployed on October 7, 2026 and held under $5K until October 15, 2026. On November 4, 2026 liquidity rose to approximately $1.02M, and it has held at approximately $1.04M since November 7, 2026. The pool holds 485,644 SY-sUSDe. 447,707 PT-sUSDe-28JAN2027 are outstanding, 97.9% of which is held inside the AMM.
PT-sUSDe-28JAN2027 Liquidity Growth:
Source: LlamaRisk, November 13, 2026
Pool Composition
As of November 13, 2026, the composition of the pool is as follows:
- Total Liquidity: $1,044,473
- SY sUSDe: $610,360 (58.44%)
- PT sUSDe: $434,113 (41.56%)
SY is valued at the SY exchange rate of 1.2579 USDe and PT at par less the market’s 0.91% discount, both converted at the USDe price. The SY reserve of 485,644 SY-sUSDe sets the quantity a PT seller can draw from the AMM in a single direction.
Source: LlamaRisk, November 13, 2026
Price and Yield
The PT implied yield is currently 4.52%, while the max LP APY is approximately 5.41%. The implied yield held at its opening level of 5.00% until October 14, 2026, and has ranged between 3.93% and 5.01% on a daily basis since trading began. The chart below starts on October 15, 2026, when the pool was funded.
Source: LlamaRisk, November 13, 2026
As of this review (76 days to maturity), the PT-sUSDe implied yield of 4.52% sits below the 5.05% underlying sUSDe yield and below every Aave V3 Plasma borrow rate: 4.58% for USDT0, 4.59% for GHO, and 7.27% for USDe. These borrow rates are variable, and the implied yield may move as the pool accumulates liquidity, so the spread is not fixed for the life of the position.
Pool Parameters
- Maturity: January 28, 2027
- Liquidity Yield Range: 2% - 8%
- Input Tokens: sUSDe
- Maker Fee: 0%
- Taker Fee: 0.09% (via AMM) / 0.09% (via Orderbook)
Maturities
PT-sUSDe-22OCT2026 matured on October 22, 2026 and remains listed on Aave V3 Plasma, where its supply peaked at approximately 153.6M PT on August 4, 2026 and has since fallen to 69,406 PT. PT-sUSDe-28JAN2027 is the only active sUSDe maturity on Pendle’s Plasma market, and serves as the rollover destination for holders exiting the October maturity.
Integrated Venues
PT-sUSDe-28JAN2027 has not yet been integrated into other lending venues. Aave would be the first venue to offer lending against this collateral asset.
Recommendations
Specification
| Parameter |
Value |
| Asset |
PT-sUSDe-28JAN2027 |
| Borrowable |
No |
| Collateral Enabled |
No |
| Supply Cap |
25,000,000 |
| Borrow Cap |
- |
| LTV |
- |
| LT |
- |
| Liquidation Bonus |
- |
| Liquidation Protocol Fee |
10.00% |
| E-Mode Category |
sUSDe_PT_sUSDe_28JAN2027__Stablecoins #27 |
Linear Discount Rate Oracle
| Parameter |
Value |
| initialDiscountRatePerYear |
4.399% |
| maxDiscountRatePerYear |
9.047% |
sUSDe PT-sUSDe Stablecoins E-Mode (#27)
| Parameter |
Value |
| Isolated |
False* |
| LTV |
90.00% |
| LT |
92.00% |
| Liquidation Bonus |
4.95% |
| Asset |
PT-sUSDe-28JAN2027 |
PT-sUSDe-22OCT2026 |
sUSDe |
USDT0 |
USDe |
GHO |
| Collateral |
Yes |
Yes (LTV 0) |
Yes |
No |
No |
No |
| Borrowable |
No |
No |
No |
Yes |
Yes |
Yes |
* as per rationale in [ARFC] Unified Handling of the Isolated Flag in Aave V3.7 E-Modes
Price Feed Recommendation
LlamaRisk recommends pricing PT-sUSDe-28JAN2027 with the dynamic linear discount rate oracle already used for Pendle Principal Tokens on Aave V3 and V4.
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 community-led decentralized organization funded in part by the Aave DAO. LlamaRisk serves as 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 provided should not be construed as legal, financial, tax, or professional advice.
