Author

Chaos Labs

Overview

Chaos Labs proposes whitelisting PT-sUSDE-27MAR2025 as collateral within stablecoin pools on the Ethereum deployment. Below, we present our parameter recommendations leveraging the methodologies we have previously detailed for Pendle tokens.

Technical Overview

PT-sUSDe is Pendle Finance’s Principal Token for sUSDe, representing a claim on the principal component of the asset with a specific maturity date—in this case, March 27, 2025 and December 26, 2024. At maturity, PT-sUSDE can be redeemed for sUSDe at a 1:1 ratio, allowing users to lock in a fixed yield until this date. The value of PT-sUSDE gradually approaches the value of sUSDe over time, reflecting the fixed yield accrued and providing users a way to gain exposure to fixed-income returns.

The underlying asset, sUSDe, is a staked version of USDe, a synthetic stablecoin by Ethena. USDe is pegged to the dollar and is backed by a combination of Ethereum, Ethereum LSTs, Bitcoin, and Solana collateral, maintained through delta-neutral strategies to peg USDe to the dollar synthetically. By staking USDe within Ethena, users receive sUSDe, which accrues yield from a combination of Ethereum staking rewards and derivatives market funding rate generated by Ethena's hedging strategies. The current withdrawal time for sUSDe is 7 days. Hence, the asset relies on its DEX liquidity to maintain its stability during times of high market volatility that would drive users to derisk into more historically proven stablecoins.

Specification

Price oracle:

• sUSDe 27 Mar 2025

  • The Pendle TWAP oracle with 1800 seconds window will be used;

  • market: 0xcdd26eb5eb2ce0f203a84553853667ae69ca29ce

  • PT address: 0xe00bd3df25fb187d6abbb620b3dfd19839947b81

  • underlying oracle: USDe Main

  • underlying reserve oracle: USDe Reserve

Add quoted tokens to USDC, USDT, DAI, DOLA, GHO pools on Mainnet:

PT sUSDe 27 Mar 2025 minRate: 0.05%, PT sUSDe 27 Mar 2025 maxRate: 35%

Quota limits:

Pool	USDC	USDT	DAI	DOLA	GHO
Quota limit	9250000	3250000	3000000	1750000	750000

Add collaterals to USDC, USDT, DAI, DOLA, GHO Tier 1 CMs:

PT sUSDe 27 Mar 2025 Liquidation Threshold: 86%

Transaction Log

Txs log can be found here Md5 checksum is 7a2e3ec61ee8fa6acfb11aac63b05854