The PT-srUSDe October 2026 supply cap on Aave V3 Core reached 98.5% utilization at 49.2M out of 50M, prompting LlamaRisk to recommend an increase to 75M. More concerning is the risk profile: the top 20 suppliers carry health factors between 1.00 and 1.18 with a median of 1.02, and 18 of 20 are borrowing USDe against their PT collateral in E-Mode, with roughly 50% of supply concentrated in a small number of wallets.
For Armada's crypto desk, this concentration at near-liquidation health factors in a DeFi venue is a leading indicator of potential forced selling in PT and srUSDe instruments before the October maturity. If any counterparties hold similar positions outside Aave or use these instruments as collateral with Armada, a rapid derisking cascade is possible. Flag to risk management and confirm no indirect exposure through crypto-desk counterparties.