Summary
A proposal to:
- Increase PT-sUSDE-31JUL2025’s supply cap on the Ethereum Core instance.
All increases are backed by Chaos Labs’ risk simulations, which consider user behavior, on-chain liquidity, and price impact, ensuring that higher caps do not introduce additional risk to the platform.
PT-sUSDE-31JUL2025 (Ethereum Core)
PT-sUSDE-31JUL2025 reached full supply cap utilization on its first day of listing on Aave, with the majority of its supply cap being filled within a single block, and we anticipate continued strong demand for the asset in the coming days.
Supply Distribution
This asset is highly concentrated, with a single position accounting for 96% of the total supply, equivalent to 83M. However, given that the position is borrowing USDC and USDT—both highly correlated with PT-sUSDE—the risk of liquidation is significantly reduced.
USDC accounts for 76% and USDT for 24% of the total borrowed assets, aligning with our analysis above.
Liquidity & Market
Backed by strong on-chain liquidity in the Pendle AMM, the PT-sUSDE-31JUL2025 market currently supports swaps of up to $35M with under 3% slippage.
The PT-sUSDE market has maintained a consistently stable yield over the past week, holding around 8% with no observable fluctuations. This shows that the market expects sUSDe’s yield to stay the same, which helps keep the price of PT-sUSDe-JUL31 steady as it moves closer to its full value at maturity.
Recommendation
Given safe user behavior, the market’s liquidity, and the high demand for the asset, we recommend increasing the supply cap to 170M PT-sUSDE-31JUL2025.
Specification
| Instance | Asset | Current Supply Cap | Recommended Supply Cap | Current Borrow Cap | Recommended Borrow Cap |
|---|---|---|---|---|---|
| Ethereum Core | PT-sUSDE-31JUL2025 | 85,000,000 | 170,000,000 | - | - |
Next Steps
We will move forward and implement these updates via the Risk Steward process.
Disclaimer
Chaos Labs has not been compensated by any third party for publishing this AGRS recommendation.
Copyright
Copyright and related rights waived via CC0