Add PT-USDe-25SEP25 Market to FiRM
Summary
This proposal seeks to integrate the PT-USDe-24SEP25 token from Pendle as a collateral asset on FiRM, Inverse Finance’s fixed-rate lending protocol. Like the PT-sUSDe markets, this is a Principal Token representing the right to receive 1 USDe upon maturity—this time on September 25, 2025.
Background
Pendle Finance is a yield-trading platform that tokenizes yield-bearing assets into two components:
- Principal Tokens (PTs): redeemable for the underlying asset at maturity.
- Yield Tokens (YTs): accrue the asset’s yield until expiry.
Price Feed
Similarly to the previously onboarded PT-sUSDe markets, we intend to use a discount to NAV price feed. This feed accounts for the zero-coupon nature of the PT by applying a fixed discount rate to par value that exponentially converges to $1 as maturity nears. Only two main parameters—discount rate and time (block #) of maturity—must be configured.
Importantly, by setting a conservative discount rate, the protocol intentionally underprices the PT relative to potential market optimism, which is safer from a protocol risk perspective.
Business Case
Multiple users, as well as the Ethena team, have requested the PT-USDe market for integration on FiRM. The fixed yield has been very high, near 15%, given the robust market demand for buying the YTs. With current FiRM rates, this presents a very attractive opportunity for users to leverage a high fixed yield spread on FiRM.
Market Parameters
Given that the risk profile of the market is very similar to the previously onboarded PT-sUSDe-24SEP25 market, identical risk parameters are being proposed for this market.
| Parameter | Recommended Value |
|---|---|
| Supply Ceiling | 50,000,000 DOLA |
| Daily Borrow Limit | 2,000,000 DOLA |
| Collateral Factor | 91.5% |
| Liquidation Factor | 100% |
| Liquidation Incentive | 5% |
| Minimum Debt Amount | 3,000 DOLA |
| Oracle | Discount to NAV, r = 22% |