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📊 Circle Sounds Alarm on Aave USDC Pool – Emergency Fix Proposed ⚡$USDC
A major issue has emerged on Aave V3 (Ethereum) as the USDC pool hits 99.87% utilization, effectively freezing liquidity after the April 18 exploit. With $1.89B supplied and almost fully borrowed, available liquidity has dropped below $3M.
Circle has now stepped in, proposing an emergency rate overhaul. The plan is to sharply increase yield incentives, raising supply rates toward 40–50% to attract fresh USDC liquidity and unlock the pool.
📉 Current issue:
Borrow rates (~14%) are too low to push borrowers out
Withdrawals are stuck in queue
📈 Proposed solution:
Boost supply rewards up to ~48%
Lower optimal utilization to restore balance
Circle’s message is clear: the current market structure is not functioning properly.
⚡ This is a rare move — a stablecoin issuer directly intervening in DeFi mechanics.
⚠️ High risk environment — watch liquidity, yields, and governance updates closely.