Aave executes PT-USDe September collateral onboarding

What happened

Aave governance executed proposal 346, adding PT-USDe-25SEP2025 as collateral on Aave v3 Ethereum Core.

What changed

Ethereum Core gained a maturity-dated Pendle and Ethena collateral dependency with a 50 million supply cap, capped linear-discount pricing, two E-mode configurations, and an assigned emission administrator.

What did not change

The asset is not borrowable, its base configuration retains negligible LTV and liquidation threshold outside E-mode, and execution does not make the collateral independently Ketju-approved.

Confirmed

• The proposal finished execution on July 30, 2025.
• PT-USDe-25SEP2025 matures on September 25, 2025.
• The executed supply cap is 50,000,000 tokens.
• The reserve is collateral-enabled but not borrowable.
• The two configured E-modes use initial LTVs of 90.3% and 91.2%.
• The pricing configuration specifies a 9.65% discount rate and 29.10% maximum annual discount rate.

Still open

• Post-execution verification of reserve, oracle, E-mode, and emission-admin state.
• Liquidity and liquidation performance as the token approaches maturity.
• Operational rollover and exit handling for positions migrating from the July expiry.
• Effects of Ethena, Pendle, oracle, and maturity dependencies during market stress.

What it means for an advisor

• Review the Aave memo's collateral, oracle, E-mode, maturity, and rollover assumptions before recognizing exposure to the new reserve.
• Monitor post-execution liquidity and approaching maturity; execution and prior demand do not establish suitability.