Summary
LlamaRisk supports listing PT-USDe-18JUN2026 and PT-sUSDe-18JUN2026 on the Aave Plasma instance. At the time of this analysis, both assets have approximately 90 days remaining until maturity.
The TVL in these June maturity pools has grown rapidly since deployment, reaching ~$4.29M for sUSDe and ~$640K for USDe. These pools were deployed in mid-March 2026 and have seen significant inflows within days of launch. The Ethena ecosystem remains a significant force in the market, and the onboarding of these assets provides a natural rollover destination for liquidity exiting the maturing April 2026 pools (20 days remaining). As of this writing, there is ~$557.56M in PT-sUSDe April 2026 collateral supplied on the Aave Plasma instance, which may migrate to the June maturity as the April pools approach expiry. Collateral demand may grow materially as the April maturity rollover approaches.
Assessment of PT base asset: Link
Assessment of Pendle PTs: Link
Considered PT asset maturities: PT-USDe-18JUN2026, PT-sUSDe-18JUN2026
Asset State
Asset Growth
Ethena’s USDe supply has been in a consolidation phase, declining modestly over the past few months. The total supply of USDe now stands at 5.921B, down from 6.42B in mid-January. A substantial portion remains staked as sUSDe, with the yield-bearing token’s total supply at 3.608B, reflecting a staking ratio of approximately 60.93% (up from 58.73% in January), indicating continued demand for sUSDe yield even as overall supply contracts.
Source: LlamaRisk Ethena Risk Portal, March 16, 2026
Underlying Stability
The market price of USDe remains pegged at $1.000, with no material deviations observed since the depeg event in October 2025. From a protocol health perspective, Ethena maintains a solvency ratio of 101.15% and is supported by a Reserve Fund capitalized at $62.03 million. The collateral notional value stands at $5.93B, providing adequate backing for the outstanding USDe supply.
The sUSDe/USDe secondary market discount has remained contained, with sUSDe trading at $1.224 and USDe stable near $1.000. The chart below shows both secondary market prices and the discount between them.
Source: LlamaRisk (Chainlink Price Feeds), March 19, 2026
Underlying Yield Source
The primary incentives for holding USDe and sUSDe remain the Ethena “sats” program and the native yield from sUSDe. The sats system provides users with multipliers for different activities.
- USDe deposited on Pendle generates a sats multiplier.
- sUSDe deposited on Pendle generates a sats multiplier on top of its underlying yield.
Market Analysis
Total Supply
Both the PT-sUSDe-18JUN2026 and PT-USDe-18JUN2026 maturity pools were deployed in mid-March 2026 and have seen rapid growth. Total liquidity has reached ~$4.29M for sUSDe and ~$640K for USDe, up from ~$40K each at launch. This growth is notable given the pools are less than a week old, though liquidity remains modest compared to the established April maturity pools ($19.09M sUSDe, $4.45M USDe). Users have begun rotating into this maturity ahead of the April 2026 expiry (20 days remaining).
As noted, there is ~$557.56M in PT-sUSDe April 2026 collateral currently supplied on the Aave Plasma instance. A portion of this collateral may roll over to the June maturity as the April expiry approaches.
Source: Aave, March 17, 2026
PT-sUSDe-18JUN2026 & PT-USDe-18JUN2026 Liquidity Growth:
Source: LlamaRisk (Dune Analytics), March 19, 2026
Pool Composition
As of March 19, 2026, the composition of the pools is as follows:
PT-USDe Pool:
- Total Liquidity: ~$640,574
- SY USDe: $545,501 (85.16%)
- PT USDe: $95,072 (14.84%)
Source: Pendle, March 19, 2026
PT-sUSDe Pool:
- Total Liquidity: ~$4,290,000
- SY sUSDe: $3.63M (84.65%)
- PT sUSDe: $658,873 (15.35%)
Source: Pendle, March 19, 2026
Liquidity has grown substantially since pool deployment, with both pools attracting meaningful inflows within days of launch. The sUSDe pool has seen particularly strong growth, reaching $4.29M from ~$40K at launch.
Price and Yield
The implied yields for PT-USDe and PT-sUSDe reflect the market’s discount rate on the underlying assets.
PT-sUSDe Yield: The PT implied yield has stabilized around 4.10%, with the LP APY tracking closely at ~4.13%. The underlying sUSDe yield sits at ~3.43%, below the PT’s implied rate, indicating a positive spread for PT holders.
Source: LlamaRisk (Pendle), March 19, 2026
PT-USDe Yield: The PT implied yield is currently at 3.01%, while the LP APY sits at ~1.03%, reflecting the lower yield environment for the non-staked underlying (0% underlying yield).
Source: LlamaRisk, March 19, 2026
As of this review (91 days to maturity), the implied yields are:
- PT-USDe: ~3.01% Fixed APY
- PT-sUSDe: ~4.10% Fixed APY
Current yield levels leave a tight or negative spread between Aave borrow rates and the PTs’ yields, which may limit initial demand for these PTs as looping collateral. As the April maturity pools approach expiry and users begin rotating, pool liquidity and yield dynamics may normalize.
Pool Parameters
The pools have the following parameters on Pendle:
PT-USDe
- Maturity: 18 June 2026
- Liquidity Yield Range: 2% - 12%
- Input Tokens: USDe
- Maker Fee: 0%
- Taker Fee: 0.06% (via AMM) / 0.08% (via Orderbook)
PT-sUSDe
- Maturity: 18 June 2026
- Liquidity Yield Range: 3% - 13%
- Input Tokens: sUSDe
- Maker Fee: 0%
- Taker Fee: 0.08% (via AMM) / 0.11% (via Orderbook)
Maturities
The availability of the June maturity allows Aave users to continue rolling over exposure as the April 2026 PT pools approach maturity. The presence of overlapping maturities (April and June) on Plasma ensures users have continuous access to fixed-rate products.
Source: Pendle Plasma Markets, March 19, 2026
Integrated Venues
PT-USDe-18JUN2026 and PT-sUSDe-18JUN2026 are not yet integrated into other lending venues due to the recency of the pools. Aave would be the first venue to offer lending against these collateral assets.
Recommendations
Market Parameters Recommendation
We are aligning the risk parameter recommendations for the PT-USDe-18JUN2026 and PT-sUSDe-18JUN2026 listings with @ChaosLabs.
Price Feed Recommendation
For pricing both PT tokens on Aave, BGD Labs has developed a specific dynamic linear discount rate oracle. It is recommended that both PT-USDe-18JUN2026 and PT-sUSDe-18JUN2026 tokens be priced using it.
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.