Aave stewards propose fresh USDe rate changes across V3

USDe debt across five Aave V3 reserves dropped from approximately 658.1 million to approximately 199.7 million — a decline of about 69.6%, by the arithmetic in LlamaRisk’s own filing. According to LlamaRisk’s September 11 governance post, the firm based its recommendations on observed user behavior, on-chain liquidity, and reserve position health.

The Aave governance post, dated September 11, sets out Interest Rate Model changes for USDe across five deployments and raises Slope1 for five stablecoins on Aave V3 Monad. LlamaRisk describes its basis as user behavior, on-chain liquidity, and reserve position health.

The core USDe changes are: base rate up from 6.00% to 6.30%, Slope1 reduced to 0.25% on Aave V3 Core and Avalanche, and Slope1 reduced to 1% on Aave V3 Plasma, Monad, and Mantle. Optimal utilization and Slope2 stay put. The proposed adjustment is confined to the base rate and the first segment of the borrowing curve.

LlamaRisk’s filing records a seven-day mean sUSDe APY of 4.75% (4.64% APR) and a 30-day mean APY of 4.54% (4.44% APR), and notes the spread between the USDe base rate and realized sUSDe yield will be reassessed weekly.

At the proposed 6.30%, the base rate sits 1.55 percentage points above the seven-day sUSDe APY and 1.76 points above the 30-day mean — figures derived from the numbers in LlamaRisk’s governance post, not separately published data.

LlamaRisk’s September 11 governance post reports that USDe’s base rate moved from 0.00% to 6.00% in six steps between August 28 and September 9, 2026. On Aave V3 Core, 304 accounts cut USDe debt by 330.8 million, with 122.4 million replaced by other stablecoin borrowing. On Plasma, 77 accounts reduced debt by 93.9 million, with only 13.1 million replaced. On Monad, 54 accounts shed 30.5 million and replaced just 0.1 million with other stablecoin debt. The calculation:(199.7 - 658.1) / 658.1 × 100.

On Monad specifically, the proposal also lifts Slope1 to 5.00% for UUSDC$0.9999▲0.01%, USDT0, GHO, mUSD, and AUSD reserves. Those changes were proposed by TokenLogic. LlamaRisk is described in the filing as a DeFi risk service provider funded in part by the Aave DAO. The filing does not specify the precise impact on suppliers, though LlamaRisk’s governance post notes that IRMs determine both borrowing costs and lending yields.

This isn’t Aave’s first rate intervention of the year. On April 22, Circle’s Chief Economist Gordon Liao submitted an emergency proposal to adjust USDC interest-rate parameters on Aave V3 Ethereum Core after utilization hit 99.87%, with available liquidity below $3 million against a supplied pool of roughly $1.89 billion, according to CryptoTimes. That same report notes Aave DAO later flattened WETH’s IRM on Core, bringing Slope2 down to 3% to avoid rate-driven liquidations of stuck rsETH-backed positions.