Summary
Due to strong and sustained user demand, the utilization of the Dec 2024 and Mar 2025 USDe PT vaults on Mainnet have approached 100%. We propose to increase the max borrow capacity on these vaults from 1M USDC each to 2.5M USDC each.
USDe Liquidity
Little has changed since the original proposals to list the USDe vaults (NIP-92 and NIP-93). USDe remains highly liquid on DEXes and the proposed increase in capacity is not material relative to the outstanding USDe liquidity.
| Protocol | Pair | TVL | USDe Percentage |
|---|---|---|---|
| Curve | USDC / USDe | $16.9M | 29.6% |
| Curve | FRAX / USDe | $75.7M | 28.1% |
| Curve | GHO / USDe | $3.7M | 40.5% |
| Curve | DAI / USDe | $14.7M | 26.8% |
| Curve | crvUSD / USDe | $7.1M | 22.8% |
| Uniswap | USDT / USDe | $12.3M | 47.1% |