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.