# Onboard PT-USDe-25SEP25

**URL:** <https://forum.inverse.finance/t/onboard-pt-usde-25sep25/595>\
**Category:** FiRM\
**Created:** [August 15, 2025, 4:18pm UTC](https://forum.inverse.finance/t/onboard-pt-usde-25sep25/595 "2025-08-15T16:18:12Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![cryptoharry](https://sea1.discourse-cdn.com/inverse/user_avatar/forum.inverse.finance/cryptoharry/32/22_2.png) [@cryptoharry](https://forum.inverse.finance/u/cryptoharry)\
**Post date:** [August 15, 2025, 4:18pm UTC](https://forum.inverse.finance/t/onboard-pt-usde-25sep25/595/1 "2025-08-15T16:18:12Z")

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# 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% |