Aave stewards raise PT-USDG cap on Ethereum as deposits outgrow prior limit

V4 cap changes continue

According to the governance post, the Aave V4 activation process on Ethereum mainnet is still going through repeated rounds of cap management. The related ARFC thread describes ongoing “Add Cap” and “Draw Cap” adjustments, with the ninth round already reached in early July.

The same discussion links the recent growth primarily to the PT-USDG-24SEP2026 listing on the Global Dollar Hub. In that framing, the higher cap is presented as a routine steward action tied to inflows, not as evidence of a technical incident. The post also notes that PT-USDG is listed on a dedicated spoke as collateral only, rather than as a borrowable asset. That means a supply-cap increase without a corresponding borrow-side change would be the expected form of adjustment.

Deposits moved beyond the old cap

The clearest reason for the change is simple capacity. The Global Dollar Hub launched on July 1 with PT-USDG as its inaugural collateral asset, and the position has expanded steadily since then.

The governance post says the hub held 17.25 million PT on July 8, equal to 52.4% of total PT supply at the time. That grew to 18.44 million on July 10 and to 18.62 million on the day of the post. Against an overall PT-USDG supply of about 30.6 million, that leaves the hub holding roughly 60.8% of all outstanding PT-USDG.

Those figures also explain why more headroom was needed. With deposits already at around 18.6 million and still rising, the previous 15 million supply cap had effectively been surpassed.

Broader USDG activity in early July

The post places the PT-USDG growth in a wider USDG distribution push. It says USDG mainnet supply climbed from 470 million to 535 million and then fell back to about 474 million within roughly 48 hours in early July. The author says those figures were cross-checked on two public RPCs and are consistent with supply being minted and bridged to support new venues.

Additional demand signals were cited from DeFiLlama. According to the post, Morpho on Robinhood Chain showed 89 million dollars in TVL and 101.7 million dollars borrowed on the day of writing, for roughly 190 million dollars supplied overall. That compares with about 125 million dollars supplied on July 9. The increase followed the July 1 launch of Robinhood Earn, which the post says pays USDG yield through a Steakhouse-curated vault.

Why the cap change matters

Taken together, the figures point to demand concentrating inside the Global Dollar Hub while fresh USDG distribution channels were opening in the same period. In that context, the cap increase is described in the governance discussion as an operational response to real inflows rather than a sign of stress in the market.

The post emphasizes that the data can be reproduced from public RPC queries, though it remains an interpretation offered within an Aave governance thread rather than a formal protocol incident report. What is clear from the numbers presented is that PT-USDG deposits on the hub grew well past the previous limit, leaving stewards to expand capacity as V4 activation on Ethereum continued.