title: [ARFC] Onboard PT-AUSD-8OCT2026 to Aave V3 Monad Instance
author: @TokenLogic
created: 2026-07-16
Summary
This ARFC proposes onboarding PT-AUSD-8OCT2026, the PT for Agora’s AUSD to the Aave V3 instance on Monad.
Motivation
Overview
Aave went live on Monad in July 2026 and crossed 300M USD in deposits, with AUSD onboarded as one of the instance’s core stablecoin reserves. AUSD is Agora’s institutional digital dollar, minted 1:1 against USD and backed by cash, short-dated U.S. Treasury bills and overnight reverse repurchase agreements. The reserve fund is managed by VanEck, with State Street acting as cash custodian and fund administrator, and reserves are independently attested by Grant Thornton. AUSD is currently the largest stablecoin on Monad, and Pendle operates a liquid AUSD market on the chain.
Rationale for Onboarding PT-AUSD-8OCT2026
Onboarding this maturity would enable users to use their fixed-yield PT-AUSD positions as collateral within the same Aave market that already supports AUSD, further enhancing the utility and capital efficiency of the stablecoin on Aave’s latest deployment.
As a short-dated, AUSD-backed asset, PT-AUSD offers a collateral profile that is well aligned with Aave’s risk framework, making it a strong candidate for inclusion on Monad.
Selected market data at the time of submission:
| Metric | Value |
|---|---|
| Underlying asset | AUSD (Agora) |
| Maturity | 8 October 2026 |
| Residual maturity at submission | Approximately 85 days |
| PT implied APY | Approximately 6.5% |
| Pendle market liquidity | Approximately 5.75M USD |
| PT total value locked | Approximately 67.5M USD |
| 7-day trading volume | Approximately 8.06M USD |
The case for onboarding rests on the following points:
- Incentives from Agora. Agora has committed some incentives towards that Pendle market we can see the current implied rate around 6.5% APR being subsidized with incentives.
- Underlying already onboarded. AUSD is already a live reserve on the Aave Monad instance, so the market already prices AUSD and the collateral pairing is natural: PT-AUSD supplied as collateral against AUSD or other stablecoin debt within a dedicated E-Mode category.
- Ecosystem growth. Enabling PT-AUSD as collateral supports stablecoin leverage and borrowing demand on a nascent instance, aligned with the growth objectives set out in the Aave Protocol v3.7 Monad deployment.
Specification
The following asset would be onboarded to the Aave V3 instance on Monad.
| Field | Value |
|---|---|
| Asset | PT-AUSD-8OCT2026 |
| Network | Monad (chainId 143) |
| PT token address | 0x9fc74f8ed616b5baf52a170caa97d6d3898602d1 |
| Pendle market address | 0x6f99cf00ee7290ae78a072bb6910ef72d1129fe7 |
| SY token address | 0xba3d60f5000f472aef947fb8020a3e6319f9a0b7 |
| YT token address | 0xeddee9c0b56248d70a9bfdd103f8bd97c35dfd89 |
| Underlying asset (AUSD) | 0x00000000efe302beaa2b3e6e1b18d08d69a9012a |
| Maturity | 8 October 2026 |
Oracle
Price Feed Recommendation
For pricing PT-AUSD-8OCT2026 on Aave, the dynamic linear discount rate oracle is recommended. The same oracle template currently in use for Pendle PT assets on Aave V3, can be reused for this deployment.
The oracle prices the PT as a zero-coupon bond against a capped underlying Chainlink reference (AUSD/USD fixed at 1 USD), applying a linear discount that decays to par at maturity. The discount rate is bounded above by the maxDiscountRatePerYear parameter, providing a deterministic price floor against adverse market dislocations.
Discount Rate Parameters
| Parameter | PT-AUSD-8OCT2026 |
|---|---|
| initialDiscountRatePerYear | To be provided by Risk Service Providers |
| maxDiscountRatePerYear | To be provided by Risk Service Providers |
Risk Parameters
Per Aave’s asset onboarding framework, all risk parameters for PT-AUSD-8OCT2026 will be provided by the Risk Service Provider, LlamaRisk and appended to this proposal prior to escalation to the Snapshot stage.
An indicative market structure is shown below:
| Parameter | Value |
|---|---|
| Asset | PT-AUSD-8OCT2026 |
| Borrowable | No |
| Collateral Enabled | No |
| Supply Cap | 20,000,000 |
| Borrow Cap | - |
| Debt Ceiling | - |
| LTV | - |
| LT | - |
| Liquidation Penalty | 10.00% |
| Liquidation Protocol Fee | - |
| E-Mode Category | PT Agora Stablecoins |
eMode #5 - PT Agora Stablecoins
| Parameter | Value | Value | Value | Value |
|---|---|---|---|---|
| Asset | PT-AUSD-8OCT2026 | USDT0 | USDC | GHO |
| Collateral | Yes | No | No | No |
| Borrowable | No | Yes | Yes | Yes |
| Max LTV | 93.00% | - | - | - |
| Liquidation Threshold | 95.00% | - | - | - |
| Liquidation Bonus | 2.44% | - | - | - |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| initialDiscountRatePerYear | 6.661% |
| maxDiscountRatePerYear | 8.829% |
Given the current on-chain liquidity of the PT-AUSD market on Monad (approximately 5.75M USD), a conservative initial supply cap and a collateral configuration consistent with the treatment of comparable short-dated Pendle PT stablecoin assets on other Aave instances is anticipated.
Disclaimer
TokenLogic is an active service provider to the Aave DAO, the beneficiary of stream 100086 and the KPI as outlined in this publication. The scope of this engagement is available via this forum proposal.
TokenLogic supports and maintains an independent delegate voting platform within the Aave community.
TokenLogic and associated entities have no undisclosed material conflicts of interest at the time of submission.
Next Steps
- Gather feedback from the community.
- If consensus is reached on this ARFC, escalate this proposal to the Snapshot stage.
- If Snapshot outcome is YAE, escalate this proposal to the AIP stage.
Copyright
Copyright and related rights waived via CC0.
