# Aave executes PT-USDe September collateral onboarding

> 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.

- URL: https://riadefi.com/on-chain/2025-07-30-aave-v3-ethereum-core-pt-usde-25sep2025-onboarding/
- Type: Economic change
- Stage: Executed
- Evidence: confirmed
- Materiality: material
- Event date: 2025-07-30
- Version: 1, published 2026-08-22 (first published 2026-08-22)
- Follow-up: 2025-08-06
- Advisor-relevant: no
- Affects: Aave v3 (protocol)

## 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.

## Sources

1. [Onboard USDe September expiry PT tokens on Aave V3 Core Instance](https://vote.onaave.com/proposal/?proposalId=346) · Aave Governance · 2025-07-25


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.