# Aave Risk Steward proposes USDT utilization, JAAA cap, and GHO rate changes

> A concrete proposal now exists to lower Core USDT optimal utilization from 94% to 93%, raise the Horizon JAAA supply cap from 40 million to 50 million, and raise the Horizon GHO base rate from 3% to 3.25%.

- URL: https://riadefi.com/on-chain/2026-09-16-aave-v3-risk-steward-cap-irm/
- Type: Economic change
- Stage: Proposed
- Evidence: confirmed
- Materiality: watch
- Event date: 2026-09-16
- Version: 1, published 2026-09-17 (first published 2026-09-17)
- Follow-up: 2026-09-24
- Advisor-relevant: no
- Affects: Aave v3 (protocol)

## What happened

An Aave-funded Risk Steward published proposed parameter changes for Aave V3 Core and Horizon and stated that it would proceed through the steward implementation process.

## What changed

A concrete proposal now exists to lower Core USDT optimal utilization from 94% to 93%, raise the Horizon JAAA supply cap from 40 million to 50 million, and raise the Horizon GHO base rate from 3% to 3.25%.

## What did not change

The cached record does not establish that any parameter has been executed on-chain. USDT base rate, Slope1, and Slope2 are expressly unchanged by the proposal, and no protocol approval status or client restriction changed.

## Confirmed

- The proposed Core USDT optimalUsageRatio is 93%, down from 94%.
- The proposed Horizon JAAA supply cap is 50 million, up from 40 million.
- The proposed Horizon GHO base rate is 3.25%, up from 3%.
- The record says the changes will be implemented through the Risk Steward process but does not supply an executed transaction.

## Still open

- Whether and when each proposed parameter change is executed on-chain.
- The final on-chain payloads and effective block numbers.
- Whether prevailing utilization or position concentration changes before execution.

## What it means for an advisor

- Monitor execution because the USDT change would increase the modeled withdrawal buffer at optimal utilization while reducing borrow headroom before Slope2.
- Review Horizon exposure assumptions if relevant because the JAAA cap would permit additional concentrated collateral supply and the GHO base-rate change would alter borrowing economics.
- Do not treat the proposal as an operative parameter change until execution is verified.

## Previous interpretation

Aave V3 economic parameters remained governed by existing deployed settings; no execution of these three changes had been established.

## Sources

1. [Risk Stewards: Cap and IRM Changes on Aave V3 / 2026.09.16](https://governance.aave.com/t/risk-stewards-cap-and-irm-changes-on-aave-v3-2026-09-16/25653) · Aave governance / LlamaRisk Risk Steward · 2026-09-16


---

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