Add PT-USDe-25SEP25 Market to FiRM

Forum Post: https://forum.inverse.finance/t/onboard-pt-usde-25sep25/595

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.