0xec092c15…471asent to0xbeccb6bb…9bf6·#23,328,431·view on Etherscan
# Onboard PT-sUSDe-27NOV25 Market to FiRM
# 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](https://forum.inverse.finance/t/onboard-pt-susde-27nov25-to-firm/600/2), which have been accepted for this proposal.