Aave executes January 2026 USDe principal-token onboarding on Plasma

What happened

Aave governance executed proposal 392, onboarding PT-USDe-15JAN2026 and PT-sUSDe-15JAN2026 to the Aave V3 Plasma instance.

What changed

The fixed-maturity tokens became non-borrowable collateral reserves with 200 million-unit supply caps, linear-discount oracle paths, and risk-oracle-controlled E-mode parameters.

What did not change

Execution did not establish post-maturity handling performance, advisor suitability, or inclusion within Ketju's approved Ethereum Aave sleeve.

Confirmed

• Proposal 392 reached executed status on October 19.
• Both principal tokens mature on January 15, 2026.
• Each reserve received a 200,000,000-unit supply cap and was configured as non-borrowable collateral.
• The base configuration used 0.05% LTV and a 0.1% liquidation threshold, with higher dynamic E-mode settings.

Still open

• Liquidity and oracle behavior as maturity approaches and after the tokens mature.
• Live utilization, borrower concentration, liquidation performance, and rollover handling.

What it means for an advisor

• Track the reserves through maturity and treat the Pendle, Ethena, oracle, and Plasma layers as separate dependencies.
• Do not infer safety or advisor access from execution; the existing Aave approval scope remains unchanged.