PhilidorWire
The Wire
Risk Change· Liquidity

Pendle PT-sUSDe matures Dec 26; rollover liquidity thinning

Approaching maturity for PT-sUSDe is compressing AMM depth. A redemption-terms dimension was re-scored on vaults holding the PT as collateral.

PT-sUSDePT-sUSDeassetPendlePendleprotocol
1Affected vaults
$4.12MTotal exposed
5.9/10Significance
01

Affected positions

Hidden(1)

Exposure inherited through a wrapper — easy to miss.

morphoUSDe
Gauntlet PT Yieldvia PT-sUSDe
morphoEthereum
$4.12M
Gauntlet PT YieldmorphomorphoPT-sUSDePT-sUSDesUSDesUSDeUSDeUSDe
02

Exposure path

Each affected position shows its full route above — direct holdings resolve in one hop; wrapper exposure is expanded to the underlying (e.g. sUSDe → USDe).

03

Severity & reason

Risk Changesignificance 5.9/10

Scored dimension moved: redemption_terms downgraded on 1 vault as PT maturity < 14 days with thinning depth (rule: pt-maturity-redemption-rescore).

04

Suggested action

Review exposure. Monitor liquidity depth.

05

Evidence

SourceView article
Graph snapshotgsnap_5f1c…2e90aa
Methodologyv3.2.1
PublishedJun 23, 2026, 08:41 AM UTC