Changelog
- 2026-10-02: USDe added as a borrowable asset in the PT-AUSD-17DEC2026 Stablecoins E-Mode
Summary
LlamaRisk supports onboarding PT-AUSD-17DEC2026 to the Aave V3 instance on Monad. It is a Pendle PT with 76 days remaining until it matures on December 17, 2026, a zero-coupon claim that redeems 1:1 for AUSD at maturity.
The prior maturity, PT-AUSD-8OCT2026, is live on the Monad instance with 67.4M PT supplied as collateral and matures on October 8, 2026. PT-AUSD-17DEC2026 is the rollover destination where up to 67.4M of Aave collateral could move into the new maturity as the October expiry arrives.
The PT-AUSD-17DEC2026 Pendle market was deployed on September 22, 2026, and was seeded between September 30 and October 2, 2026. It holds $1.61M in liquidity, 904,717 PT is outstanding, and $44.0K has traded against it since deployment. The implied yield has moved from its 6.00% deployment anchor to 5.64% as traders bought PT from the pool.
Assessment of PT base asset: Link
Assessment of Pendle PTs: Link
Considered PT asset maturities: PT-AUSD-17DEC2026
Asset State
Asset Growth
AUSD circulating supply is $249.0M across all chains, of which Monad holds $146.7M, 58.9% of the global float and the largest single-chain share, ahead of Ethereum at $76.0M. Monad supply rose from $33.1M in mid-June 2026 to a peak of $198.2M on September 5, 2026, and stands at $146.7M at the snapshot. The SY-AUSD wrapper backing this market holds 1.66M AUSD.
Source: LlamaRisk, October 2, 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 7,659 rounds since November 20, 2025 and reads $0.99988 at the snapshot. Across that 315-day history the feed ranged between $0.99863 and $1.00094, a maximum deviation of 13.7 bps below par. All 13 observations below $0.9990 fall on November 21, 2025, the day after the feed began publishing. No structural anomalies appear in the series.
Source: LlamaRisk, October 2, 2026
Underlying Liquidity
AUSD trades on Monad through Balancer V3, Curve, and Mento pools. Six DEX pools pairing AUSD hold $8.91M in combined inventory, led by Balancer V3 AVUSD-AUSD at $2.53M, Curve AUSD-USDC-USDT0 at $2.34M, and Mento AUSD-USDM at $2.32M. That inventory is 6.1% of the chain’s AUSD supply.
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 takes AUSD as its only input and yield token, holds no reward tokens, and has an exchange rate 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-17DEC2026, 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.
The market page carries the current breakdown of the underlying stream.
The principal claim is independent of the rebate. A PT redeems for one AUSD at maturity whether or not the rebate continues, 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-17DEC2026 Pendle pool has been live since September 22, 2026 and holds $1.61M in total liquidity (753,300 SY-AUSD and 868,063 PT-AUSD-17DEC2026). Most of that liquidity arrived in three deposits, $49.6K on September 30 and $993.5K and $496.9K on October 2, 2026, alongside smaller deposits from other liquidity providers. 904,717 PT-AUSD-17DEC2026 have been minted in aggregate, of which 868,063 (95.9%) sit inside the AMM and 36,654 are held outside it. The market has recorded $44.0K of trading volume since deployment across 14 trades, all of them PT purchases.
Source: LlamaRisk, October 2, 2026
Pool Composition
PT-AUSD-17DEC2026 Pool:
- Total Liquidity: $1.61M
- SY-AUSD: 753,300
- PT-AUSD-17DEC2026: 868,063
The pool holds 46.5% SY against 53.5% PT by token count. The SY reserve, which sets the quantity a PT seller can draw from the AMM in a single direction, stands at 753,300 SY-AUSD.
Source: LlamaRisk, October 2, 2026
Price and Yield
The market quotes a PT implied yield of 5.64%, an underlying AUSD yield of 3.50%, and a PT discount to par of 1.13%. The implied yield held at its 6.00% deployment anchor until the first trade on October 1, 2026, and has declined since as every trade to date bought PT from the pool. It sits within the market’s configured liquidity yield range of 3% to 8%.
Source: LlamaRisk, October 2, 2026
PT Yield in Context
At 5.64%, PT-AUSD-17DEC2026 sits above three of the five stablecoins borrowable in the PT-AUSD-17DEC2026 Stablecoins E-Mode on the Aave V3 Monad instance, which carry variable borrow rates of 4.28% for mUSD, 4.64% for GHO, and 5.10% for USDT0. A 1% campaign boost on the PT raises its effective yield to 6.64%, which also clears USDC at 6.09%. It sits below USDe at 6.82%, so a leveraged position funded with USDe carries negative carry at the snapshot rates. These borrow rates are variable, the boost applies only while the campaign runs, and the PT rate will continue to move as the newly seeded pool trades, so neither side of the spread is fixed for the life of the position.
Maturities
PT-AUSD-8OCT2026 is live on Monad and approaches expiry. PT-AUSD-17DEC2026 is the only AUSD Principal Token maturity on Monad extending beyond it, and will serve as the rollover destination for holders exiting the October maturity.
Integrated Venues
PT-AUSD-17DEC2026 is accepted as collateral in Neverland’s Isolated Pendle AUSD market on Monad, at an LTV of 95% and a liquidation threshold of 96%, with a supply cap of 10.0M PT. 10.12 PT is supplied there at the snapshot, so no lending market yet holds a meaningful position in it.
Recommendations
Specification
| Parameter | Value |
|---|---|
| Borrowable | No |
| Collateral Enabled | No |
| Supply Cap | 30,000,000 |
| Borrow Cap | - |
| LTV | - |
| LT | - |
| Liquidation Bonus | - |
| Liquidation Protocol Fee | 10.00% |
| E-Mode Category | PT-AUSD-17DEC2026 Stablecoins |
Linear Discount Rate Oracle
| Parameter | Value |
|---|---|
| initialDiscountRatePerYear | 5.745% |
| maxDiscountRatePerYear | 8.804% |
PT-AUSD-17DEC2026 Stablecoins E-Mode (#6)
| Parameter | Value |
|---|---|
| Isolated | *False |
| LTV | 93.00% |
| Liquidation Threshold | 95.00% |
| Liquidation Bonus | 2.62% |
| Asset | PT-AUSD-17DEC2026 | USDT0 | USDC | GHO | mUSD | USDe |
|---|---|---|---|---|---|---|
| Collateral | Yes | No | No | No | No | No |
| Borrowable | No | Yes | Yes | Yes | Yes | Yes |
* as per rationale in [ARFC] Unified Handling of the Isolated Flag in Aave V3.7 E-Modes
Price Feed Recommendation
LlamaRisk recommends pricing PT-AUSD-17DEC2026 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.