How many rungs, how many credits?

A PT is priced 0.9900 in accounting-asset units. What will one PT be worth at maturity, if redemption works?

• 0.9900, because a PT keeps its price
• 1 unit of the accounting asset
• 1 unit of the underlying token

Two PT markets have different underlyings but the same accounting asset. The accounting asset loses its peg before either matures. What happens?

• Only the market with the weaker underlying is hit
• Both are hit, because both redeem into the same accounting asset
• Neither, because PTs are fixed-rate