Changelog
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2026-07-24: PT Agora AUSD E-Mode removed
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2026-07-24: PT Agora Stablecoins E-Mode borrowable assets revised to USDT0, USDC, GHO, USDe
Summary
LlamaRisk supports onboarding PT-AUSD-8OCT2026 to the Aave V3 instance on Monad. It is a Pendle PT with 79 days remaining until it matures on October 8, 2026, a zero-coupon claim that redeems 1:1 for AUSD at maturity. It is the first PT proposed as collateral on the Monad instance.
The Pendle pool has been live since June 16, 2026 and holds $5.71M in AMM liquidity. Over the same period AUSD supply on Monad rose from 33.1M to 115.5M, and the Pendle SY wrapper that backs this market accounts for effectively all of that increase.
Assessment of PT base asset: Link
Assessment of Pendle PTs: Link
Considered PT asset maturities: PT-AUSD-8OCT2026
Asset State
Asset Growth
AUSD circulating supply is $217.4M across all chains, of which Monad holds $115.5M, 53.1% of the global float and the largest single-chain share. Monad supply peaked at $145.9M in early December 2025, fell to $33.1M by mid-June 2026, and has since returned to $115.5M. The Pendle SY-AUSD wrapper holds 85.10M AUSD, 73.6% of the Monad supply, and accounts for effectively all of the increase since the market opened, so the chain’s AUSD float and this Pendle market are largely the same position.
Source: LlamaRisk, July 21, 2026
Underlying Stability
AUSD is Agora’s institutional digital dollar, issued 1:1 against USD and backed by cash, short-dated U.S. Treasury bills, and overnight reverse repurchase agreements. Reserves are managed by VanEck, State Street acts as cash custodian and fund administrator, and reserves are independently attested by Grant Thornton. On Monad the token is deployed as a LayerZero OFT.
The Chainlink AUSD/USD feed on Monad has published 5,912 rounds since November 20, 2025 and reads $0.9999 at the snapshot. Across that 244-day history the feed ranged between $0.99863 and $1.00095, a maximum deviation of 13.7 bps below par, with 13 observations below $0.9990. No structural anomalies appear in the series.
Source: LlamaRisk, July 21, 2026
Underlying Liquidity
AUSD trades on Monad through Balancer V3 stable pools, Uniswap, Curve, and LFJ. Routable pool inventory stands at $3.63M in AUSD against $10.52M in USDC and USDT0, placing 3.1% of the chain’s AUSD supply in DEX pools.
Depth is flat across ordinary sizes and then narrows quickly. Measured across live aggregator quotes on July 21, 2026, selling AUSD into USDC costs under 0.25% at any size up to $5.75M, reaches 3% between $6.25M and $6.375M, and reaches 5% between $6.375M and $6.5M. The AUSD side of the book is thinner: acquiring AUSD with USDC holds under 0.26% to $3.25M and reaches 3% between $3.25M and $3.5M.
Underlying Yield Source
AUSD does not pay its holders the return earned on the reserve assets that back it. Inside this Pendle market, Agora rebates that Treasury bill yield to holders of the SY token at an administered 3.50% APY, paid in AUSD on a monthly cycle. The rebate is distributed off-chain: the SY contract holds no reward tokens and its exchange rate is fixed at 1.0, so recipients claim through a merkle distributor rather than accruing value inside the token. Pendle splits the position into PT-AUSD-8OCT2026, which captures the yield as a fixed discount to par and redeems 1:1 for AUSD at maturity, and a yield token that carries the floating stream.
A separate weekly incentive budget, most recently 75,000 USD per week and funded in approximately four-week tranches, accrues only to the yield token and does not enter the Principal Token’s fixed rate. The market page carries the current breakdown of both streams.
The principal claim is independent of both streams. A PT redeems for one AUSD at maturity whether or not they continue, so cessation would bear on the yield token and on pool liquidity rather than on the redemption value of the collateral.
Market Analysis
Total Supply
The PT-AUSD-8OCT2026 Pendle pool has been live since June 16, 2026 and holds $5.71M in total liquidity (1,284,094 SY-AUSD and 4,493,019 PT-AUSD-8OCT2026).
83,812,585 PT-AUSD-8OCT2026 have been minted in aggregate via SY splits, of which 4,493,019 (~5%) sits inside the Pendle AMM and ~95% is held off-pool.
Source: LlamaRisk, July 21, 2026
Pool Composition
PT-AUSD-8OCT2026 Pool:
- Total Liquidity: $5.71M
- SY-AUSD: 1,284,094
- PT-AUSD-8OCT2026: 4,493,019
PT accounts for 77.8% of the pool by token count against 22.2% for SY. Pendle pools are typically SY-heavy through their early life, since seed liquidity is provided predominantly in SY and PT accumulates only as it is sold into the pool. With the balance inverted, the SY reserve of 1,284,094 sets the quantity a PT seller can draw from the AMM in a single direction.
Source: LlamaRisk, July 21, 2026
Price and Yield
The PT implied yield stands at 6.92%, the underlying AUSD yield at 3.50%, and the PT discount to par at 1.43%. The 342 bps spread is the premium for locking a fixed rate over the remaining 79 days.
Source: LlamaRisk, July 21, 2026
PT Yield in Context
PT-AUSD-8OCT2026 pays a fixed 6.92%. The four stablecoins borrowable against it on the Aave V3 Monad instance carry variable borrow rates of 3.63% for USDT0, 3.73% for AUSD, 3.99% for USDC, and 2.47% for GHO, all below the PT fixed rate, so a leveraged position funded with any of them carries positive carry at the snapshot rates. These borrow rates are variable, so the spread is not fixed for the life of the position.
Maturities
PT-AUSD-8OCT2026 is the first AUSD Principal Token maturity listed on Monad and currently the only one. Subsequent maturities will give holders a market to roll into as the October expiry approaches.
Integrated Venues
PT-AUSD-8OCT2026 is accepted as collateral on three other venues. Euler holds 31.63M PT in a market with a 35M supply cap and a 0.90 maximum LTV, and a further 0.28M in a second market at 0.95. Morpho holds 3.54M PT against USDC at a 91.5% liquidation LTV. Curvance accepts the asset as collateral for borrowing AUSD, with 36M deposited and a 95% maxLTV.
Recommendations
Specification
| Parameter | Value |
|---|---|
| Borrowable | No |
| Collateral Enabled | No |
| Supply Cap | 20,000,000 |
| Borrow Cap | - |
| LTV | - |
| LT | - |
| Liquidation Bonus | - |
| Liquidation Protocol Fee | 10.00% |
| E-Mode Category | PT Agora Stablecoins |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| initialDiscountRatePerYear | 6.661% |
| maxDiscountRatePerYear | 8.829% |
PT Agora Stablecoins E-Mode
| Parameter | Value |
|---|---|
| Isolated | False |
| LTV | 93.00% |
| Liquidation Threshold | 95.00% |
| Liquidation Bonus | 2.44% |
| Asset | PT-AUSD-8OCT2026 | USDT0 | USDC | GHO | USDe |
|---|---|---|---|---|---|
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |
Price Feed Recommendation
LlamaRisk recommends pricing PT-AUSD-8OCT2026 with the dynamic linear discount rate oracle already used for Pendle Principal Tokens on Aave V3 and V4, referenced against the Chainlink AUSD/USD feed under the CAPO stable adapter that bounds AUSD’s upward deviation at $1.04.
The discount rate parameters follow LlamaRisk’s dynamic PT risk-parameter methodology.
Disclaimer
This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work.
The information provided should not be construed as legal, financial, tax, or professional advice.
Price Feed Recommendation
LlamaRisk recommends pricing PT-AUSD-8OCT2026 with the dynamic linear discount rate oracle already used for Pendle Principal Tokens on Aave V3 and V4, referenced against the Chainlink AUSD/USD feed under the CAPO stable adapter that bounds AUSD’s upward deviation at $1.04.
The discount rate parameters follow LlamaRisk’s dynamic PT risk-parameter methodology.
Disclaimer
This review was independently prepared by LlamaRisk, a DeFi risk service provider funded in part by the Aave DAO. LlamaRisk is not directly affiliated with the protocol(s) reviewed in this assessment and did not receive any compensation from the protocol(s) or their affiliated entities for this work.
The information provided should not be construed as legal, financial, tax, or professional advice.