Summary
This proposal increases the supply and borrow caps for USDT and USDC, and increases the supply cap for sUSDe, on Aave V3 Aptos.
Motivation
sUSDe supply on Aave V3 Aptos is currently dominated by a single account. That account represents more than 95% of the supplied sUSDe and is operating with an observed health factor around 1.034. Liquidating this account depends on whether the seized sUSDe can be sold into stablecoin liquidity on Aptos at scale without excessive slippage.
The sUSDe–USDC pool TVL is now above $13.5M, and the liquidity has been built in concentrated formats that provide more usable depth near the current price. That pool is the primary onchain exit path that a liquidator would rely on to convert seized sUSDe into a stable asset to close debt. Given the current liquidity, the proposed sUSDe supply cap is set to 28M.
Specifications
| Token |
Supply Cap (Current) |
Supply Cap (Proposed) |
Borrow Cap (Current) |
Borrow Cap (Proposed) |
| USDT |
40,000,000 |
60,000,000 |
27,750,000 |
45,000,000 |
| USDC |
25,000,000 |
37,500,000 |
18,400,000 |
28,000,000 |
| sUSDe |
14,000,000 |
28,000,000 |
- |
- |
Next Steps
-
Gather community and Risk SP feedback.
-
Implement cap increases via Risk Admin controls.
Disclaimer
Aave Labs is not receiving compensation from Aptos Labs, the Aave DAO, or any service provider for submitting this proposal.
Copyright
Copyright and related rights waived under CCO
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LlamaRisk supports the proposed cap increases for sUSDe on Aave V3 Aptos. Current utilization of the USDT and USDC supply caps remains relatively low at 31.7% and 33.2%, respectively, suggesting there is no immediate need to raise them. However, no negative risk-related consequences are identified if the proposed increases are implemented. Increasing the sUSDe caps, despite the current utilization being 53%, could accommodate additional collateral supply and support further borrowing demand for USDT and USDC.
sUSDe
The top sUSDe supplier accounts for 93% of the current sUSDe market size on Aptos. This position maintains a health factor of 1.098 with $2.6M USDC and $4.4M USDT borrowed against $8.4M in supplied sUSDe. The second largest supplier holds a position of $0.6M sUSDe with $0.53M USDC borrowed, maintaining a health factor of 1.036. Together, these two positions represent 99.6% of the total market. While this level of concentration and the relatively low health factors introduce material risk, the high correlation of the debt collateral and the current DEX liquidity on Aptos is sufficient to support liquidation operations if required.
Although sUSDe supply cap utilization has recently declined to 53%, we support doubling the current caps, as this may accommodate and support further growth in borrowing demand for both USDT and USDC based on the borrowing trends currently observed.
Liquidity
Source: Panora, March 3, 2026
Users can swap up to $4.8M sUSDe for USDC and $4.27M sUSDe for USDT within a 4% price impact on Aptos. Liquidity for sUSDe is concentrated in a single pool, the Hyperion sUSDe/USDC pool, which currently holds $11.25M in TVL, consisting of $5.22M sUSDe and $6.05M USDC.
Disclaimer
This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work.
The information provided should not be construed as legal, financial, tax, or professional advice.
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