Onboard PT-USDe-27NOV25 to FiRM

FiRM
1

Add PT-USDe-27NOV25 Market to FiRM

Summary

This proposal seeks to integrate the PT-USDe-27NOV25 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 November 27, 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): which accrue the asset’s yield until expiry.

Price Feed

Similarly to the previously onboarded Pendle PT 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

Pendle PT markets for USDe and sUSDe have proven a massive success on FiRM, since it allows users to lock in a fixed yield against a fixed borrow rate. This success has been demonstrated with over $20m in debt between the USDe and sUSDe September PT markets currently. Onboarding the November PT allows for users to seamlessly roll over to the later maturity if they wish.

2

Based on all the risk factors identified, we of the RWG believe the following parameter recommendations to be appropriate for the PT-USDe-27NOV2025 market:

Parameter Recommended Value
Supply Ceiling 50,000,000 DOLA
Daily Borrow Limit 5,000,000 DOLA
Collateral Factor 91.5%
Liquidation Factor 100%
Liquidation Incentive 5%
Minimum Debt Amount 3,000 DOLA
Oracle Discount to NAV, r = 20%

Given the market timing and current liquidity for November PT tokens, DOLAs supplied to the market will initially be restricted, at the discretion of the Fed Chair, until the Pendle PT-USDe-27NOV2025 market reaches sufficient liquidity. As observed in several past instances, we expect liquidity to rotate in the coming days and weeks as September USDe PT reaches expiration. This approach balances conservative risk management during the market development phase with the flexibility to scale quickly and avoid governance delays that could impact competitive positioning against Morpho and Aave markets.

For a comprehensive analysis of our recommendations and identified risk factors, please review our previously authored PT-sUSDe-25SEP2025 Risk Assessment Addendum. Past risk assumptions still hold true, and, assuming the above proposal passes through governance, exposure to these will continue until expiration of the PT-USDe-27NOV25 market.