Summary
LlamaRisk supports the listing of PT-USDe-07MAY2026 and PT-sUSDe-07MAY2026 on the Aave V3 Core instance. At the time of this analysis, both assets have approximately 111 days remaining until maturity.
Although the TVL in these specific May maturity pools is significantly lower than in prior maturities ($0.54M for USDe and $1.48M for sUSDe), the Ethena ecosystem remains a dominant force in the market. Onboarding these assets enables users to lock in fixed rates while providing a natural rollover destination for liquidity exiting maturing pools. Given the early stage of these pools (deployed on January 8, 2026), we recommend setting conservative initial supply caps and expect gradual collateral demand growth as the maturity rollover nears.
Assessment of PT base asset: Link
Assessment of Pendle PTs: Link
Considered PT asset maturities: PT-USDe-07MAY2026, PT-sUSDe-07MAY2026
Asset State
Ethena’s USDe supply has recently entered a consolidation phase, with little change in TVL over the past month. The total USDe supply now stands at 6.42B. A substantial portion is staked into sUSDe, with the yield-bearing token’s supply exceeding 3.77B, resulting in a staking ratio of 58.73%.
Source: LlamaRisk Ethena Risk Portal, January 15, 2026
Underlying Stability
The market price of USDe remains firmly pegged at $1.00, with no material deviations observed since the 10/10 market crash. The secondary market discount for sUSDe/USDe has been fluctuating, stabilizing within a 10 bps range in early January. From a protocol health standpoint, Ethena maintains a solvency ratio of 101.05% and is supported by a Reserve Fund capitalized at over $62.06M.
Source: LlamaRisk, January 15, 2026
Underlying Yield Source
The primary incentives for holding USDe and sUSDe are 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.
Total Supply
Both the PT-sUSDe-07MAY2026 and PT-USDe-07MAY2026 maturity pools have demonstrated linear growth since their inception. Analysis of the pools’ liquidity reveals a slow bootstrapping process, with total liquidity significantly lower than that of established pools, as users are just beginning to rotate into this maturity. This is in line with the current yield conditions and the short time since the pools’ deployment.
PT-USDe-07MAY2026 Liquidity Growth
Source: LlamaRisk, January 15, 2026
The pool composition is as follows:
- Total Liquidity: $536,206
- SY USDe: $485,129 (90.47%)
- PT USDe: $51,076 (9.53%)
PT-sUSDe-07MAY2026 Liquidity Growth
Source: LlamaRisk, January 15, 2026
The pool composition is as follows:
- Total Liquidity: $1.48M
- SY sUSDe: $1.28M (86.43%)
- PT sUSDe: $201,505 (13.57%)
Market State
Price and Yield
The implied yields for PT-USDe and PT-sUSDe reflect the market’s discount rate on the underlying assets.
PT-USDe Yield
The implied yield for the USDe PT is currently sitting at 3.32%, with the Max LP yield being 18.7%.
Source: LlamaRisk, January 15, 2026
PT-sUSDe Yield
The implied yield has remained relatively flat, hovering around 4.8%, while the Max LP yield is peaking currently at 18.8%.
Source: LlamaRisk, January 15, 2026
As of this review (111 days to maturity), the implied yields are:
- PT-USDe: ~3.32% Fixed APY
- PT-sUSDe: ~4.78% Fixed APY
Current yield levels imply an unfavorable setup for looping, with PT-USDe showing a negative spread versus the stablecoin borrow rate and PT-sUSDe offering only a very tight spread. This dynamic is likely to limit demand for PTs as collateral. Nonetheless, we expect that the conditions improve gradually as the rollover date nears.
Pool Parameters
The pools have the following parameters on Pendle:
PT-USDe
- Maturity: 07 May 2026
- Liquidity Yield Range: 3.5% - 23.5%
- Input Tokens: USDe
- Maker Fee: 0%
- Taker Fee: 0.04% (via AMM) / 0.06% (via Orderbook)
PT-sUSDe
- Maturity: 07 May 2026
- Liquidity Yield Range: 3.5% - 23.5%
- Input Tokens: sUSDe
- Maker Fee: 0%
- Taker Fee: 0.07% (via AMM) / 0.09% (via Orderbook)
Maturities
The availability of the February maturity allows for the continued rollover of exposure for Aave users as the earlier PT pools reach maturity. The existence of overlapping maturities (February and May) ensures users have constant access to fixed-rate offerings.
Source: Pendle, January 15, 2026
Integrated Venues
PT-USDe-07MAY2026 and PT-sUSDe-07MAY2026 are not yet integrated into other lending venues due to the recency of the pools. This represents a first-mover advantage for Aave to capture the primary lending demand for these assets.
Recommendations
Market Parameters Recommendation
The risk parameter recommendations for the PT-USDe-07MAY2026 and PT-sUSDe-07MAY2026 listings are to be aligned and presented jointly with @ChaosLabs.
Price Feed Recommendation
For pricing both PT tokens on Aave, a specific dynamic linear discount rate oracle has been developed by BGD Labs. It is recommended that both PT-USDe-07MAY2026 and PT-sUSDe-07MAY2026 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 attester 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.