In the past 20 days, Ethena's decentralized stablecoin USDe supply has increased by approximately $3.7 billion, mainly driven by the Pendle-Aave PT-USDe looping strategy. Currently, Pendle has locked approximately $4.3 billion (accounting for 60% of the total USDe supply), and Aave has a deposit scale of about $3 billion. This article will break down the PT looping mechanism, growth drivers, and potential risks.