title: [Direct-To-AIP] Onboard PT-USDG-25FEB2027 on X Layer
author: @TokenLogic
created: 2026-09-26
Summary
We propose listing PT-USDG-25FEB2027 on Aave V3 X Layer and adding it as collateral to E-Mode #7, alongside PT-USDG-29OCT2026.
Both maturities would be available in the same E-Mode so OKX can build a rollover flow that lets users move to the new PT in a single transaction while keeping their stablecoin borrowing position.
After PT-USDG-29OCT2026 matures on 29 October 2026, its LTV will be reduced to 0%.
Motivation
Overview
PT-USDG-29OCT2026 matures on 29 October 2026. Pendle has launched a new USDG PT maturing on 25 February 2027, which would let users continue using fixed-yield USDG positions as collateral on Aave.
Most PT-USDG positions on X Layer borrow stablecoins such as USDT0 against their PT collateral. To move to the new maturity manually, users would need to repay their debt, withdraw the old PT, buy the new PT and borrow again.
We propose keeping both maturities in E-Mode #7 during the rollover period to support this migration.
Rationale for the Rollover
OKX plans to build a rollover flow using flash loans. In one transaction, it would repay the user’s stablecoin debt, move the collateral from PT-USDG-29OCT2026 to PT-USDG-25FEB2027, borrow again and repay the flash loan.
This proposal covers the Aave listing and E-Mode configuration needed for that flow. OKX would develop the rollover integration separately.
Specification
This proposal follows the Direct-to-AIP precedent for PT-USDG on X Layer.
We propose listing the following asset on Aave V3 X Layer.
| Field | Value |
|---|---|
| Asset | PT-USDG-25FEB2027 |
| Network | X Layer |
| Underlying Asset | USDG |
| Maturity | 25 February 2027 |
| PT Token Address | 0x5ea1f184af5ced57725213d8267b5c4c834557d4 |
| Pendle Market / LP Address | 0xb70be417526707c8ebf5f1a79e4876557639b01d |
| SY Token Address | 0x1f336f899f77b084133bc14a81170837ed618d1b |
| YT Token Address | 0x5b4308e22ab59aae80cbf37089c528a125d2a34d |
| Underlying USDG Address | 0x4ae46a509f6b1d9056937ba4500cb143933d2dc8 |
| E-Mode | #7 |
Proposed Market Configuration
We propose using the initial listing parameters recommended by LlamaRisk for PT-USDG-29OCT2026, including a supply cap of 35,000,000 PT.
| Parameter | Value |
|---|---|
| Asset | PT-USDG-25FEB2027 |
| Borrowable | No |
| Collateral Enabled | No |
| Supply Cap | 35,000,000 |
| Borrow Cap | - |
| Debt Ceiling | - |
| LTV | - |
| LT | - |
| Liquidation Bonus | - |
| Liquidation Protocol Fee | 10% |
| E-Mode Category | #7 |
Like the existing PT-USDG reserve, the new PT would only be usable as collateral in E-Mode #7. Aave’s Risk Service Providers will review the final listing parameters.
E-Mode Configuration
E-Mode #7
| Parameter | PT-USDG-25FEB2027 | PT-USDG-29OCT2026 | USDT0 | USDG | GHO | USDC |
|---|---|---|---|---|---|---|
| Collateral | Yes | Yes | No | No | No | No |
| Borrowable | No | No | Yes | Yes | Yes | Yes |
| Max LTV | 92.66% | Existing configuration* | - | - | - | - |
| Liquidation Threshold | 94.66% | Existing configuration* | - | - | - | - |
| Liquidation Bonus | 2.34% | Existing configuration* | - | - | - | - |
- PT-USDG-29OCT2026 will keep its existing parameters during the migration period. Its LTV will be reduced to 0% after maturity on 29 October 2026.
The proposed LTV, liquidation threshold and liquidation bonus follow LlamaRisk’s PT-USDG Stablecoins E-Mode recommendation for the October maturity. Aave’s Risk Service Providers will review their suitability for PT-USDG-25FEB2027.
Oracle
We propose using the Dynamic Linear Discount Rate Oracle framework already used for PT-USDG-29OCT2026 on X Layer, with the same discount-rate parameters recommended by LlamaRisk.
The oracle applies a discount to the underlying USDG value that decreases as the PT approaches maturity.
| Parameter | PT-USDG-25FEB2027 |
|---|---|
| Oracle | Dynamic Linear Discount Rate Oracle |
| Underlying | USDG |
initialDiscountRatePerYear |
3.106% |
maxDiscountRatePerYear |
11.080% |
The new maturity requires a dedicated oracle deployment. Its address will be added once deployed, with the final configuration reviewed by Llamarisk and Aave Labs
Disclaimer
TokenLogic is an active service provider to the Aave DAO, the beneficiary of stream 100086 and the KPI as outlined in this publication. The scope of this engagement is available via this forum proposal.
TokenLogic supports and maintains an independent delegate voting platform within the Aave community.
TokenLogic and associated entities have no undisclosed material conflicts of interest at the time of submission.
Next Steps
- Gather feedback from the community.
- Using the Direct-to-AIP process, incorporate feedback from the Risk Service Provider.
- Escalate this proposal to the AIP Voting stage.
Copyright
Copyright and related rights waived via CC0.