Add PT-sUSDe-27NOV25 Market to FiRM

Forum Post: https://forum.inverse.finance/t/onboard-pt-susde-27nov25-to-firm/600

Summary

This proposal seeks to integrate the PT-sUSDe-27NOV25 token from Pendle as a collateral asset on FiRM, Inverse Finance’s fixed-rate lending protocol. Like other onboarded PT markets, this is a Principal Token representing the right to receive 1 USDe upon maturity, which will occur 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

Similar 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 users to roll over to the later maturity if they wish, seamlessly.

Parameters

Please see RWG parameter recommendations here, which have been accepted for this proposal.