Summary

This ARFC proposes to increase supply caps on sUSDe November expiry PT tokens on Aave V3 Core Instance in anticipation of the PT rollover in September.

Motivation

The previous sUSDe PT tokens that were onboarded have brought significant inflows to Aave, in preparation for the expiry and rollover we propose to onboard the next expiry of this PT token. We expect at a minimum that deposits will match those in the September expiry PT token, with sidelined demand. Current caps will not be able to allow for a full rollover of PT tokens in Aave to later the November expiry. This proposal suggests to raise caps accordingly to allow for a seamless transition for Aave users and mitigate capital flowing to Aave alternatives.

Specification

PT-sUSDE-27NOV2025: https://etherscan.io/address/0xe6a934089bbee34f832060ce98848359883749b3 PT-USDe-27NOV2025 https://etherscan.io/address/0x62C6E813b9589C3631Ba0Cdb013acdB8544038B7

Risk Parameters

Increase sUSDe November PT Supply Cap to $1.2b.

Increase USDe November PT Supply cap to $1b.

Useful Links

https://docs.pendle.finance/ProtocolMechanics/YieldTokenization/PT

Disclaimer

ACI is not directly affiliated with Pendle and did not receive compensation for the creation of this proposal. Some ACI employees may hold Pendle tokens.

Copyright

Copyright and related rights waived under CCO