Summary
LlamaRisk recommends the following parameter changes based on user behavior, on-chain liquidity, and position health observed in the latest review of Aave V3 reserves.
Aave V3 Core:
- Increase supply cap for USDT from 2,900,000,000 to 3,480,000,000.
- Increase supply cap for syrupUSDT from 6,800,000 to 13,600,000.
USDT (Aave V3 Core)
USDT has reached 97.0% supply cap utilization (2,811,599,110 / 2,900,000,000) on the Aave V3 Core instance.
Supply Distribution
Source: LlamaRisk, June 16, 2026
The top twenty USDT suppliers are almost entirely spot depositors, with nineteen carrying no debt against their position and one holding WETH debt at a health factor of 1.84.
Recommendation
We recommend raising the supply cap from 2,900,000,000 to 3,480,000,000 on Aave V3 Core. USDT is at 97.0% supply cap utilization, and the proposed cap corresponds to approximately 80.8% post-change utilization. The borrow cap is held unchanged at 2,340,000,000.
syrupUSDT (Aave V3 Core)
syrupUSDT has reached 100.0% supply cap utilization (6,799,999 / 6,800,000) on the Aave V3 Core instance.
Supply Distribution
Source: LlamaRisk, June 16, 2026
The top syrupUSDT suppliers have a median health factor of 1.03. Borrowing activity is concentrated in USDT and GHO, with approximately $5.71M and $1.17M borrowed respectively against syrupUSDT collateral within the syrupUSDT Stablecoins E-Mode (LTV 90%, LT 92%).
Recommendation
We recommend raising the supply cap from 6,800,000 to 13,600,000 on Aave V3 Core. syrupUSDT is fully capped at 100.0% supply cap utilization, and the proposed cap corresponds to approximately 50.0% post-change utilization. The reserve is configured collateral-only, so the borrow cap is held unchanged.
Specification
| Instance | Asset | Current Supply Cap | Recommended Supply Cap | Current Borrow Cap | Recommended Borrow Cap |
|---|---|---|---|---|---|
| Aave V3 Core | USDT | 2,900,000,000 | 3,480,000,000 | 2,340,000,000 | - |
| Aave V3 Core | syrupUSDT | 6,800,000 | 13,600,000 | - | - |
Next Steps
We will move forward and implement these updates 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 info