# Aave executes January 2026 USDe principal-token onboarding on Plasma

> 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.

- URL: https://riadefi.com/on-chain/2025-10-19-aave-v3-plasma-pt-usde-pt-susde-2026-01-onboarding/
- Type: Economic change
- Stage: Executed
- Evidence: confirmed
- Materiality: watch
- Event date: 2025-10-19
- Version: 1, published 2026-08-22 (first published 2026-08-22)
- Advisor-relevant: no
- Affects: Aave v3 (protocol)

## 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.

## Sources

1. [Onboard sUSDe and USDe January expiry PT tokens on Aave V3 Plasma Instance](https://app.aave.com/governance/v3/proposal/?proposalId=392) · Aave Governance V3 · 2025-10-15


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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.