This addendum follows the original PT-USDG-24SEP2026 onboarding proposal. It revises the Aave V4 market structure for the listing, which moves from the originally proposed Plus Hub spoke to a dedicated Paxos Hub. The asset assessment, market analysis, and price feed recommendation in the original proposal are unchanged. The sections below detail the updated market structure and the corresponding reserve configuration.
Updated Architecture
PT-USDG-24SEP2026 is listed on a dedicated Paxos Hub with a single Stablecoin Correlated spoke, the renamed form of the USDG Correlated spoke in the original proposal. Aave V4 supports multiple Liquidity Hubs on a network, each holding its own asset pool and overseeing its own spokes. The Paxos Hub joins the Core, Plus, and Prime hubs on Ethereum.
Source: LlamaRisk, June 2026
The Paxos Hub holds native USDC and USDT liquidity alongside PT-USDG collateral. USDG is sourced from the Core Hub through a cross-hub credit line, where it surfaces as coreUSDG. The single Stablecoin Correlated spoke carries PT-USDG as its sole collateral, with USDC, USDT, and USDG borrowable. The spoke is configured as a correlated stablecoin group, which supports tighter Collateral Factors than a general-purpose spoke. PT-USDG redeems 1:1 to USDG at maturity, and USDC, USDT, and USDG are dollar-denominated stablecoins, placing the collateral and the borrowable set within a single correlated group.
Two elements distinguish this structure from the original proposal, which placed the listing on the Plus Hub through a spoke borrowing USDG. First, the listing venue is a dedicated hub. Second, the borrowable set comprises three correlated stablecoins, with USDC and USDT supplied natively to the Paxos Hub and USDG drawn from the Core Hub through the credit line.
A dedicated hub provides clean risk isolation for USDG-correlated collateral. The market is contained within the Paxos Hub, separate from the Ethena ecosystem markets on the Plus Hub, while Core Hub exposure remains limited to the USDG credit line and its Draw Cap. The venue also positions the hub to host additional USDG-correlated assets over time.
Subsequent PT-USDG maturities would be added to the same spoke, providing rollover destinations for collateral suppliers as each maturity approaches expiry. The May 28, 2026 maturity has expired; the PT-USDG-24SEP2026 pool now holds approximately USD 4.15M in liquidity, up from approximately USD 99.7K at the original assessment, confirming the migration of liquidity into the September maturity.
Parameter Recommendation
Spoke-level liquidation configuration
| Spoke | Target Health Factor | HF for Max Bonus | Liquidation Bonus Factor |
|---|---|---|---|
| Stablecoin Correlated (new) | 1.0277 | 0.99 | 1 |
Reserve-level parameters
| Parameter | PT-USDG-24SEP2026 | USDC | USDT | USDG |
|---|---|---|---|---|
| Asset role | Collateral only | Borrowable | Borrowable | Borrowable |
| Source Hub | Paxos | Paxos | Paxos | Core (credit line) |
| Suppliable | yes | yes | yes | no |
| Collateral | yes | no | no | no |
| Borrowable | no | yes | yes | yes |
| Add Cap | 15,000,000 | 13,000,000 | 13,000,000 | - |
| Draw Cap | - | 13,000,000 | 13,000,000 | 30,000,000 |
| Collateral Factor | 94% | - | - | - |
| Max Liquidation Bonus | 3.2% | - | - | - |
| Liquidation Fee | 10% | - | - | - |
| Collateral Risk score | 0% | - | - | - |
Draw Caps in the table share one mechanism but differ in source hub. USDC and USDT draw against native Paxos Hub liquidity; USDG draws from the Core Hub through the cross-hub credit line. Given that the PT underlying is USDG, the credit line does not materially alter the risk profile of USDG deposits on Core. At the 94% Collateral Factor, the 15M PT-USDG Add Cap supports up to approximately 14.25M of aggregate borrowing, below the 56M sum of the three Draw Caps, so the collateral cap binds total borrowing, while each Draw Cap independently binds single-asset concentration.
Reserve-level parameters: Tokenization Spoke
| Parameter | USDC | USDT |
|---|---|---|
| Suppliable | yes | yes |
| Collateral | no | no |
| Borrowable | no | no |
| Add Cap | 13,000,000 | 13,000,000 |
| Draw Cap | - | - |
| Collateral Factor | - | - |
| Max Liquidation Bonus | - | - |
| Liquidation Fee | - | - |
| Collateral Risk score | - | - |
Interest rate configuration
| Parameter | USDC | USDT |
|---|---|---|
| Base Borrow Rate | 0% | 0% |
| Optimal Utilization | 92% | 92% |
| Slope Below Optimal | 4% | 4% |
| Slope Above Optimal | 20% | 20% |
| Liquidity Fee | 10% | 10% |
The price feed recommendation and discount rate parameters in the original proposal are unchanged.