# Aave executes billion-dollar November PT supply-cap increases

> 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.

- URL: https://riadefi.com/on-chain/2025-09-17-aave-v3-ethereum-core-pt-susde-usde-nov2025-cap-increase/
- Type: Economic change
- Stage: Executed
- Evidence: confirmed
- Materiality: material
- Event date: 2025-09-17
- Version: 1, published 2026-08-22 (first published 2026-08-22)
- Advisor-relevant: no
- Affects: Aave v3 (protocol)

## 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.

## Sources

1. [Raise sUSDe and USDe November expiry PT token caps on Aave V3 Core Instance](https://app.aave.com/governance/v3/proposal/?proposalId=376) · Aave Governance v3 · 2025-09-13


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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.