In order to allow timely migration of the expiring PT-sUSDE-9APR2026 maturity on Aave Plasma, the following action has been performed by the Risk Stewards (the role transfered to the signers of LlamaRisk and Aave Labs after Chaos Labs’ immediate departure):
- Increase the supply cap for PT-sUSDE-18JUN2026 on Plasma from 150,000,000 to 300,000,000.
PT-sUSDE-18JUN2026 (Plasma)
PT-sUSDE-18JUN2026 reached 100% supply cap utilization (150M/150M) following the expiry of PT-sUSDE-9APR2026 on April 9. Approximately 236M tokens from the expired PT require migration to the next maturity, and the saturated cap was blocking all new deposits. The cap increase to 300M provides 150M of headroom to absorb migrating positions.
Just after the update, total supply stands at approximately 175M against the new 300M cap (58.3% utilization), indicating healthy gradual migration is underway.
Supply Distribution
Source: LlamaRisk, April 9, 2026
The supply base comprises 32 holders, with the top 3 accounting for approximately 48% of total supply. All positions are in E-Mode.
Virtually all suppliers follow the same strategy: supply PT-sUSDE-18JUN2026 as collateral and borrow USDe or USDT0, capturing the fixed yield (~3.6% implied APY) while leveraging the position. Health factors are tight, with most positions clustered between 1.00 and 1.02, reflecting the high LTV available in E-Mode. Given the strong correlation between PT-sUSDE and its underlying sUSDe, such positioning presents limited liquidation risk under normal conditions.
Liquidity
Source: LlamaRisk, April 9, 2026
The primary trading venue for PT-sUSDE-18JUN2026 is the Pendle AMM pool on Plasma, which holds $7.2M in total liquidity. The pool is SY-heavy (87% SY / 13% PT), which is favorable for absorbing PT sells during liquidations.
Recommendation
Given the migration need from the expired PT-sUSDE-9APR2026, limited liquidation risk from correlated collateral, and adequate liquidity growth in the Pendle AMM, we recommended increasing the supply cap from 150,000,000 to 300,000,000.
Specification
| Instance | Asset | Current Supply Cap | Recommended Supply Cap | Current Borrow Cap | Recommended Borrow Cap |
|---|---|---|---|---|---|
| Plasma | PT-sUSDE-18JUN2026 | 150,000,000 | 300,000,000 | - | - |
Next Steps
We have implemented this update via the Risk Steward process.
Disclosure
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.