Summary
Due to strong and sustained user demand, the utilization of the Mar 2025 USDe PT vaults on Mainnet have approached 100%. We propose to increase the max borrow capacity on this vault from 2.5M USDC to 5M USDC.
USDe Liquidity
USDe liquidity has declined in aggregate somewhat, but it remains highly liquid on DEXes. The proposed increase in capacity is not yet material relative to the outstanding USDe liquidity.
| Protocol | Pair | TVL | USDe Percentage |
|---|---|---|---|
| Curve | USDC / USDe | $13M | 76.9% |
| Curve | FRAX / USDe | $103M | 37.6% |
| Curve | GHO / USDe | $2.7M | 54.8% |
| Curve | DAI / USDe | $3.9M | 70.5% |
| Curve | crvUSD / USDe | $4.2M | 54.5% |
| Uniswap | USDT / USDe | $6.1M | 60.6% |