Summary
This proposal onboards PT-USDG-28MAY2026 to Aave V4 on Ethereum.
The asset is already listed on Aave V3 Core as E-Mode-only collateral. This proposal extends support to Aave V4 so users can access the same fixed-rate USDG collateral use case through Aave V4.
Motivation
PT-USDG-28MAY2026 is a Pendle principal token backed by USDG, with maturity on May 28, 2026.
The asset has already completed governance review for Aave V3 Core and is live as E-Mode-only collateral. Risk analysis for the V3 listing covered the underlying USDG asset, Pendle market liquidity, PT pricing behavior, oracle methodology, and recommended collateral configuration.
Onboarding PT-USDG-28MAY2026 to V4 allows the DAO to support an existing fixed-rate collateral market while preserving containment through V4-specific controls, including Spoke configuration, borrowable-asset selection, add caps, draw caps, oracle configuration, and risk parameters.
Specification
This proposal adds PT-USDG-28MAY2026 to Aave V4 on Ethereum.
Asset: PT-USDG-28MAY2026
Network: Ethereum
PT token address: 0x9db38D74a0D29380899aD354121DfB521aDb0548
Pendle market address: 0xc5b32dba5f29f8395fb9591e1a15f23a75214f33
Underlying asset: USDG
Underlying asset address: 0xe343167631d89b6ffc58b88d6b7fb0228795491d
Maturity: May 28, 2026
The final V4 configuration will be provided by the DAO’s Risk Service Provider.
Next Steps
If this ARFC is approved, the Aave Security Council will onboard PT-USDG-28MAY2026 to Aave V4 on Ethereum.
Disclaimer
Aave Labs is presenting this proposal as a service provider to the Aave DAO under the budget approved by the Aave Will Win framework. Aave Labs is contributing this proposal as part of its approved scope of work in support of DAO operations.
Copyright
Copyright and related rights waived via CC0.