Aave executes billion-dollar November PT supply-cap increases

What happened

Aave governance executed increases to the Ethereum Core supply caps for PT-sUSDe-27NOV2025 and PT-USDe-27NOV2025.

What changed

The PT-sUSDe November cap increased to $1.2 billion and the PT-USDe November cap increased to $1 billion, materially expanding permitted exposure to dated Pendle principal tokens.

What did not change

The payload did not onboard new token contracts, change their maturity dates, or establish that the higher caps would be fully utilized.

Confirmed

• Aave governance proposal 376 executed on September 17, 2025.
• The execution sent payload 341 to Ethereum.
• The approved PT-sUSDe-27NOV2025 supply cap was $1.2 billion.
• The approved PT-USDe-27NOV2025 supply cap was $1 billion.

Still open

• Actual utilization after execution and the concentration of rollover deposits required monitoring.
• The event record did not establish stressed liquidity at maturity or the exit capacity of the underlying Pendle markets.

What it means for an advisor

• Review the Aave memo's exposure to dated, wrapped principal tokens and maturity-driven liquidity concentration.
• Confirm whether any approved or client-held Aave market inherited these collateral paths.
• Monitor cap utilization, oracle behavior, and exit liquidity approaching the November maturity.