Ethena PT FEB Listing
01Summary
Proposal to onboard two Pendle Protocol PT tokens (PT-USDe-5FEB2026 and PT-sUSDe-5FEB2026) as collateral on Aave V3 Core, with supply caps of 30M each, low LTV/LT parameters (0.05%/0.1%), and E-mode categories for stablecoin and USDe lending strategies. These are the next expiry versions following successful adoption of previous PT token expiries.
- Type
- protocol addition
Key changes
- Onboard PT-USDe-5FEB2026 as collateral asset with 30M supply cap, 0.05% LTV, 0.1% LT, 7.5% liquidation penalty, and integration into two E-mode categories (Stablecoins and USDe)(high)
- Onboard PT-sUSDe-5FEB2026 as collateral asset with 30M supply cap, 0.05% LTV, 0.1% LT, 7.5% liquidation penalty, and integration into two E-mode categories (Stablecoins and USDe)(high)
- Configure Linear Discount Rate Oracles for both PT tokens with discountRatePerYear values (5.5266% for USDe, 6.1953% for sUSDe) and maxDiscountRatePerYear of 27.1629%(medium)
- Set 0xac140648435d03f784879cd789130F22Ef588Fcd as emission admin for PT_sUSDe_5FEB_2026, PT_USDe_5FEB_2026 and corresponding aTokens(medium)
- Both assets configured as non-borrowable and non-isolation mode with conservative risk parameters(medium)
Notable concerns
- Very low LTV (0.05%) and LT (0.1%) parameters indicate high collateral risk or minimal risk appetite for these new PT token expiries
- Proposal relies on previous PT token versions having demonstrated success, but earlier expirations may have different risk profiles than new February 2026 expiry tokens
- Supply caps of 30M units assume demand will match or exceed previous expiry, but this is stated as an expectation rather than a certainty
Generated by Kvorum
02Description
Simple Summary
This AIP proposes to onboard USDe and sUSDe February expiry PT tokens on Aave V3 Core Instance.
This proposal is Direct to AIP.
Motivation
The previous USDe and sUSDe PT tokens that were onboarded have brought significant inflows to Aave, in preparation for the expiry and rollover we propose to onboard the next expiry of this PT token. We expect at a minimum that deposits will match those in the current expiry PT token, with potentially some sidelined demand.
Specification
PT-sUSDE-5FEB2026: https://etherscan.io/address/0xe8483517077afa11a9b07f849cee2552f040d7b2
PT-USDe-5FEB2026: https://etherscan.io/address/0x1f84a51296691320478c98b8d77f2bbd17d34350
| Parameter | Value | Value |
|---|---|---|
| Asset | PT-USDe-5FEB2026 | PT-sUSDe-5FEB2026 |
| Isolation Mode | No | No |
| Borrowable | No | No |
| Collateral Enabled | Yes | Yes |
| Supply Cap | 30,000,000 | 30,000,000 |
| Borrow Cap | - | - |
| Debt Ceiling | - | - |
| LTV | 0.05% | 0.05% |
| LT | 0.1% | 0.1% |
| Liquidation Penalty | 7.50% | 7.50% |
| Liquidation Protocol Fee | 10.00% | 10.00% |
| E-Mode Category | PT-USDe Stablecoins, PT-USDe USDe | PT-sUSDe Stablecoins, PT-sUSDe USDe |
PT-USDe-5FEB2026
Initial E-mode Risk Oracle
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 88.5% | 89.3% |
| LT | 90.5% | 91.3% |
| LB | 4.1% | 3.1% |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| discountRatePerYear | 5.5266% |
| maxDiscountRatePerYear | 27.1629% |
PT-USDe Stablecoins E-mode
| Asset | PT-USDe-5FEB2026 | PT-USDe-27NOV2026 | USDC | USDT | USDe | USDtb |
|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | No | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - | |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - | |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
PT-USDe USDe E-mode
| Asset | PT-USDe-5FEB2026 | PT-USDe-27NOV2026 | USDe |
|---|---|---|---|
| Collateral | Yes | Yes | No |
| Borrowable | No | No | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - |
PT-sUSDe-5FEB2026
Initial E-mode Risk Oracle
| Parameter | Value | Value |
|---|---|---|
| E-Mode | Stablecoins | USDe |
| LTV | 87.6% | 88.5% |
| LT | 89.6% | 90.5% |
| LB | 5.1% | 4.1% |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| discountRatePerYear (Initial) | 6.1953% |
| maxDiscountRatePerYear | 27.1629% |
PT-sUSDe Stablecoins E-mode
| Asset | PT-sUSDe-5FEB2026 | PT-sUSDe-27NOV2026 | USDC | USDT | USDe | USDtb |
|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | No | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - | |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - | |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - | - | - |
PT-sUSDe USDe E-mode
| Asset | PT-sUSDe-5FEB2026 | PT-sUSDe-27NOV2026 | USDe |
|---|---|---|---|
| Collateral | Yes | Yes | No |
| Borrowable | No | No | Yes |
| LTV | Subject to Risk Oracle | Subject to Risk Oracle | - |
| LT | Subject to Risk Oracle | Subject to Risk Oracle | - |
| Liquidation Bonus | Subject to Risk Oracle | Subject to Risk Oracle | - |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDe_5FEB_2026 , PT_USDe_5FEB_2026 and their corresponding aTokens.
Capo adapters
| Parameter | PT USDe FEB 5 |
|---|---|
| Oracle | PT Capped USDe USDT/USD linear discount 05FEB2026 |
| USDT/USD Oracle | Capped USDT/USD |
| Oracle Latest Answer | (2025-11-17) USD 0.98716883 |
| discountRatePerYear | 5.5266% |
| maxDiscountRatePerYear | 27.1629% |
| Parameter | PT sUSDe FEB 5 |
|---|---|
| Oracle | PT Capped sUSDe USDT/USD linear discount 05FEB2026 |
| USDT/USD Oracle | Capped USDT/USD |
| Oracle Last Answer | USD 0.98571889 |
| discountRatePerYear (Initial) | 6.1953% |
| maxDiscountRatePerYear | 27.1629% |
Useful Links
https://docs.pendle.finance/ProtocolMechanics/YieldTokenization/PT
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Discussion
Disclaimer
ACI is not directly affiliated with Pendle and did not receive compensation for the creation of this proposal. Some ACI employees may hold Pendle tokens.
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
A calldata-vs-description analysis is not generated yet. Review the decoded actions →
04Actions
- Target
- 0xc015…4b01
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
Summed from votes
06Voters
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07Forum
No forum thread is confidently linked to this proposal.
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