PT-AUSD Supply Cap On Aave Monad Doubles To $60M After 100% Fill

Aave's risk steward LlamaRisk has asked to double the PT-AUSD supply cap on the Aave V3 Monad market, from 30 million to 60 million tokens. The trigger is that PT-AUSD-17DEC2026 has filled 100% of its current cap, according to the Aave governance post published on October 9, 2026.

LlamaRisk's October 9 summary and supply chart for the PT-AUSD reserve on Aave V3 Monad.

Who holds the PT-AUSD supply cap

The post says the largest suppliers run health factors between 1.01 and 1.18, with a median of 1.03. Every one of them carries debt. USDC is the main borrowed asset, USDT0 comes next, and GHO and mUSD show up in a minority of positions.

All of those positions sit in the PT-AUSD-17DEC2026 stablecoin E-Mode category. The token is priced through a linear discount oracle on the AUSD/USD feed. As a result, the health factor of this group follows the price of AUSD against the stablecoins they borrowed.

The Pendle pool behind the token

A PT is a principal token that redeems at par on its maturity date, which here is December 17, 2026. LlamaRisk says the exit at maturity does not depend on secondary market depth. The main trading venue is a Pendle AMM pool on Monad with $3.88 million of liquidity, split 47% PT and 53% SY.

That pool started October close to empty and has grown since. Its implied yield eased from 6.0% to about 5.3% over the same stretch.

What the new PT-AUSD supply cap does

At 60 million, the reserve would sit near 50% utilization after the change. LlamaRisk states it will implement the update through the Risk Steward process, and the dashboard will show it. The firm discloses that it is a risk provider funded in part by the Aave DAO and is not affiliated with the protocol.

LlamaRisk says the move is based on user behavior, on-chain liquidity and position health in its latest review. The post records that the cap is full and that depositors are borrowing against it.

How big the Aave Monad market is

DefiLlama puts Aave V3 on Monad at about $346 million of deposits on October 10, with roughly $260 million borrowed. Deposits were near $320 million on October 7, so the market grew by about 8% in three days. A full 30 million cap equals roughly 9% of those deposits in nominal terms.

AUSD supply on Monad in the same week

DefiLlama's AUSD data shows the stablecoin's supply on Monad moved lower between October 8 and October 10. It went from $141.9 million to $100.3 million, which TOCE covered in its report on AUSD supply. The two sources do not reference each other. They are separate facts that happen to share a week.

This summarizes a public governance post and is not advice to buy anything. Once the steward change goes live, the PT-AUSD supply cap will read 60 million on the reserve page.