# \[Direct-to-AIP\] Asset Listing - USDC X Layer

**URL:** <https://governance.aave.com/t/direct-to-aip-asset-listing-usdc-x-layer/25467>\
**Category:** New Asset\
**Created:** [August 12, 2026, 5:15am UTC](https://governance.aave.com/t/direct-to-aip-asset-listing-usdc-x-layer/25467 "2026-08-12T05:15:32Z")\
**Posts on this page:** 2\
**Page:** 1

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**Author:** ![TokenLogic](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/tokenlogic/32/8248_2.png) [@TokenLogic](https://governance.aave.com/u/TokenLogic)\
**Post date:** [August 12, 2026, 5:15am UTC](https://governance.aave.com/t/direct-to-aip-asset-listing-usdc-x-layer/25467/1 "2026-08-12T05:15:33Z")

</div>

* * *

title: [Direct-to-AIP] Asset Listing - USDC X Layer  
author: @TokenLogic  
created: 2026-08-12

* * *

# Summary

This ARFC proposes to onboard native USDC as a supported asset on the Aave V3 X Layer Instance.

USDC was recently deployed natively on X Layer by Circle, alongside support for the Cross-Chain Transfer Protocol (CCTP). This proposal seeks to expand the stablecoin offering available on Aave V3 X Layer and provide users with an additional highly liquid, fiat-backed asset for supplying, borrowing, and collateral usage.

# Motivation

On August 6, 2026, Circle launched native USDC and CCTP on X Layer. Native USDC on X Layer is issued by Circle, fully reserved, and redeemable 1:1 for US dollars through eligible Circle channels. CCTP also enables native USDC to be transferred between X Layer and other supported networks without relying on wrapped or third-party bridged representations.

Onboarding USDC to Aave V3 X Layer would:

- Expand the range of high-quality stablecoin assets available to Aave users on X Layer.
- Provide an additional asset for lending and borrowing alongside USDT0, USDG, and GHO.
- Increase the available stablecoin borrowing liquidity for the existing xBTC, xETH, xSOL, and WOKB E-Mode categories.
- Enable users and institutions to access native USDC liquidity supported by Circle Mint and CCTP infrastructure.

The deployment provides X Layer with direct access to one of the most established stablecoins in DeFi and creates an opportunity to deepen stablecoin liquidity across the ecosystem.

# Specification

**USDC Contract Address**

| Asset | Address |
| --- | --- |
| USDC | `0xB6CEceAB302E2E4948951eE7843FC24E92933061` |

The address above represents **Circle-issued native USDC on X Layer.**

### Proposed Market Configuration

We propose initially configuring USDC in line with the USDT0 parameters adopted at the launch of Aave V3 on X Layer, subject to final recommendations from Aave Risk Service Providers.

| Parameter | Value |
| --- | --- |
| Asset | USDC |
| Isolation Mode | No |
| Borrowable | Yes |
| Collateral Enabled | Yes |
| Supply Cap | 50,000,000 |
| Borrow Cap | 48,000,000 |
| Debt Ceiling | - |
| LTV | 70.00% |
| LT | 75.00% |
| Liquidation Bonus | 7.50% |
| Liquidation Protocol Fee | 10% |
| Variable Base | 0% |
| Variable Slope 1 | 5.00% |
| Variable Slope 2 | 40.00% |
| Uoptimal | 90.00% |
| Reserve Factor | 10% |
| Stable Borrowing | Disabled |
| Flashloanable | Yes |
| Siloed Borrowing | No |
| Borrowable in Isolation | No |
| eModes | 1, 2, 3, 4 |

Final onboarding parameters remain subject to review and recommendations from Aave’s Risk Service Providers.

# E-Mode Configuration

We propose adding USDC as a **borrowable asset** to the four existing stablecoin-borrowing eMode categories on X Layer, following the same configuration currently applied to USDT0.

**eMode #1**

| **Parameter** | **Value** | **Value** | Value | **Value** | **Value** |
| --- | --- | --- | --- | --- | --- |
| Asset | xBTC | USDT0 | USDC | USDG | GHO |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |
| Max LTV | 78.00% | - | - | - | - |
| Liquidation Threshold | 81.00% | - | - | - | - |
| Liquidation Bonus | 6.00% | - | - | - | - |

**eMode #2**

| **Parameter** | **Value** | **Value** | Value | **Value** | **Value** |
| --- | --- | --- | --- | --- | --- |
| Asset | xETH | USDT0 | USDC | USDG | GHO |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |
| Max LTV | 78.00% | - | - | - | - |
| Liquidation Threshold | 80.00% | - | - | - | - |
| Liquidation Bonus | 6.00% | - | - | - | - |

**eMode #3**

| **Parameter** | **Value** | **Value** | Value | **Value** | **Value** |
| --- | --- | --- | --- | --- | --- |
| Asset | xSOL | USDT0 | USDC | USDG | GHO |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |
| Max LTV | 65.00% | - | - | - | - |
| Liquidation Threshold | 70.00% | - | - | - | - |
| Liquidation Bonus | 7.50% | - | - | - | - |

**eMode #4**

| **Parameter** | **Value** | **Value** | Value | **Value** | **Value** |
| --- | --- | --- | --- | --- | --- |
| Asset | wOKB | USDT0 | USDC | USDG | GHO |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |
| Max LTV | 50.00% | - | - | - | - |
| Liquidation Threshold | 55.00% | - | - | - | - |
| Liquidation Bonus | 10.00% | - | - | - | - |

These are the four existing X Layer eMode configurations. USDT0, USDG, and GHO are currently configured as borrowable stablecoins within each category; this proposal would extend the same functionality to USDC.

# Oracle

A Chainlink **USDC/USD Price Feed** is already available on X Layer Mainnet.

| Parameter | Value |
| --- | --- |
| Feed | USDC / USD |
| Network | X Layer Mainnet |
| Chainlink Oracle | `0xB8a08c178D96C315FbFB5661ABD208477391BC40` |

Chainlink identifies this feed as `USDC/USD-RefPrice-DF-XLayer-001`.

We propose using the Chainlink USDC/USD feed for pricing USDC, with the final oracle configuration to be confirmed by the relevant Aave Risk and Technical Service Providers.

# Disclaimer

TokenLogic is an active service provider to the Aave DAO, the beneficiary of stream 100086 and the KPI as outlined in this [publication](https://governance.aave.com/t/arfc-service-provider-compensation-reform-for-v4-alignment/23246). The scope of this engagement is available via this forum [proposal](https://governance.aave.com/t/arfc-tokenlogic-phase-ii-extension/24846).

TokenLogic supports and maintains an independent [delegate voting platform](https://governance.aave.com/t/tokenlogic-delegate-platform/12516) within the Aave community.

TokenLogic and associated entities have no undisclosed material conflicts of interest at the time of submission.

# Next Steps

1. Gather feedback from the community.
2. Using the Direct-to-AIP process, incorporate feedback from the Risk Service Provider
3. Escalate this proposal to the AIP Voting stage.

# Copyright

Copyright and related rights waived via [CC0](https://creativecommons.org/publicdomain/zero/1.0/).

---

<div class="post-metadata">

**Author:** ![LlamaRisk](https://dub1.discourse-cdn.com/flex013/user_avatar/governance.aave.com/llamarisk/32/12865_2.png) [@LlamaRisk](https://governance.aave.com/u/LlamaRisk)\
**Post date:** [August 24, 2026, 7:02am UTC](https://governance.aave.com/t/direct-to-aip-asset-listing-usdc-x-layer/25467/2 "2026-08-24T07:02:00Z")

</div>

## Summary

LlamaRisk supports the onboarding of USDC to the X Layer instance as a borrowable and collateral-enabled asset. Given the recent deployment on X Layer, liquidity is nascent and is expected to improve as supply flows to the chain. USDC is natively minted and bridged via CCTP, EOA/MPC owned access control privileges are consistent with Circle’s standard implementation.

We recommend onboarding USDC once sufficient liquidity has been bootstrapped to support the initial parameters. The team indicated they are to support lower liquidity levels than those for USDT0 initially, and the supply and borrow caps have been adjusted accordingly.

**USDC Risk Evaluation:** [Link](https://governance.aave.com/t/circle-usd-usdc-on-aave-x-layer/25512/2)

## Aave V3 Specific Parameters

| **Parameter** | **USDC** |
| --- | --- |
| Borrowable | Yes |
| Collateral enabled | Yes |
| Supply Cap | 35,000,000 |
| Borrow Cap | 32,000,000 |
| LTV | 75% |
| LT | 78% |
| Liquidation Bonus | 7.50% |
| Liquidation Protocol Fee | 10% |
| Variable Base | 0% |
| Variable Slope1 | 4% |
| Variable Slope2 | 40% |
| Uoptimal | 90% |
| Reserve Factor | 10% |
| Flashloanable | Yes |
| E-Modes | 1,2,3,4,7 |

### E-Mode #1: xBTC Stables

| **Parameter** | **Value** |
| --- | --- |
| Isolated | False |
| LTV | 78% |
| Liquidation Threshold | 81% |
| Liquidation Bonus | 6% |

| **Asset** | **xBTC** | **USDT0** | **USDC** | **USDG** | **GHO** |
| --- | --- | --- | --- | --- | --- |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |

### E-Mode #2: xETH Stables

| **Parameter** | **Value** |
| --- | --- |
| Isolated | False |
| LTV | 78% |
| Liquidation Threshold | 80% |
| Liquidation Bonus | 6% |

| **Asset** | **xETH** | **USDT0** | **USDC** | **USDG** | **GHO** |
| --- | --- | --- | --- | --- | --- |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |

### E-Mode #3: xSOL Stables

| **Parameter** | **Value** |
| --- | --- |
| Isolated | False |
| LTV | 65% |
| Liquidation Threshold | 70% |
| Liquidation Bonus | 7.50% |

| **Asset** | **xSOL** | **USDT0** | **USDC** | **USDG** | **GHO** |
| --- | --- | --- | --- | --- | --- |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |

### E-Mode #4: WOKB Stables

| **Parameter** | **Value** |
| --- | --- |
| Isolated | False |
| LTV | 50% |
| Liquidation Threshold | 55% |
| Liquidation Bonus | 10% |

| **Asset** | **WOKB** | **USDT0** | **USDC** | **USDG** | **GHO** |
| --- | --- | --- | --- | --- | --- |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |

### E-Mode #7: PT-USDG Stablecoins

| **Parameter** | **Value** |
| --- | --- |
| Isolated | True |
| LTV | 92.66% |
| Liquidation Threshold | 94.66% |
| Liquidation Bonus | 2.34% |

| **Asset** | **PT-USDG-29OCT2026** | **USDT0** | **USDC** | **USDG** | **GHO** |
| --- | --- | --- | --- | --- | --- |
| Collateral | Yes | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes |

### Price Feed Recommendation

We recommend using the [**USDC/USD**](https://www.oklink.com/x-layer/evm/address/0xb8a08c178d96c315fbfb5661abd208477391bc40/contract) Chainlink price feed with the CAPO stable adapter.

### CAPO Configuration

The stable cap adapter is recommended to bound the upward price deviation at 4% ($1.04). This is in line with other instances.

## 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.

_Changelog (August 30, 2026): Added USDC as a borrowable asset in E-Mode #7 (PT-USDG Stablecoins), and lowered the supply and borrow caps to 35M and 32M, respectively._