[Direct to AIP] Onboard syrupUSDG on Aave V4 Global Dollar Hub

Governance New Asset
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[Direct to AIP] Onboard syrupUSDG on Aave V4 Global Dollar Hub

Author: Aave Labs
Date: 7/7/26

Summary

This proposal seeks to onboard syrupUSDG to the Global Dollar Hub on Aave V4, with collateral functionality enabled.

Motivation

syrupUSDG is a yield-bearing token from Maple Finance, launched on Ethereum on July 2, 2026 in partnership with Paxos and Global Dollar Network, the issuers of Global Dollar (USDG). Eligible users deposit USDG and receive syrupUSDG, a liquid, transferable token whose value reflects the returns it accrues over time.

Yield is generated through Maple’s institutional lending. Maple lends to vetted institutional borrowers on an overcollateralized basis, with over $22B in loans originated since 2022 and $4B in AUM. syrupUSDG operates through its own segregated legal entity, Maple USDG Segregated Portfolio 1, providing full legal separation from Maple’s other Syrup products and institutional pools. Loan, allocation, and reserve information is verifiable onchain through Maple’s Proof of Reserves.

Onboarding syrupUSDG as a collateral asset is aligned with Aave DAO’s long-term objectives in several ways:

  • It adds a yield-bearing USDG asset to the Global Dollar Hub, letting users to borrow against syrupUSDG while the underlying position continues to accrue yield from Maple’s institutional lending.

  • It deepens the utility of USDG within Aave, extending the Global Dollar Hub beyond the base stablecoin to its productive representations.

  • It strengthens Aave’s position as the primary onchain venue for Global Dollar Network assets and supports demand from institutional participants entering DeFi.

  • It expands the asset-base on an already existing Aave V4 Liquidity Hub, purpose-made for USDG-related assets.

Specification

Risk Parameters and final configuration will be updated by Risk Service Providers and ARFC will be updated accordingly.

Useful Links

Disclaimer

This proposal was prepared by Aave Labs in its capacity as a contributor to the Aave ecosystem. Aave Labs has no direct financial relationship with Maple Finance, Paxos, or any of their affiliates and has not received compensation from either party in connection with this proposal.

Next Steps

  1. Publish proposal to gather community and Service Providers feedback.

  2. Publish an AIP vote for final confirmation and enforcement of the proposal.

Copyright

Copyright and related rights waived under CC0

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The following is our recommendation summary. Our full assessment is posted to the unified Assets Assessments thread for this asset.

Summary

LlamaRisk supports the onboarding of syrupUSDG on Aave V4 Global Dollar Hub, contingent upon the successful bootstrapping of sufficient market liquidity. syrupUSDG is a yield-bearing stablecoin issued through Maple’s immutable ERC-4626 vault architecture, where each share represents a pro rata claim on the pool’s net asset value. The vault is backed by overcollateralized institutional loans underwritten and managed by Maple Direct, with yield accruing from active loan exposure and, potentially, from future DeFi strategy allocations.

As of July 14, 2026, the syrupUSDG vault manages approximately 90.7M USDG, with 76.07M syrupUSDG circulating on Ethereum and an additional 12.52M locked in escrow and bridged via Chainlink CCIP. The credit book is primarily BTC-collateralized, representing approximately 90% of outstanding exposure at a portfolio-weighted collateralization ratio of approximately 1.46x. Current considerations include the absence of Ethereum DEX liquidity and reliance on Maple’s off-chain underwriting, custody arrangements, and operational processes for collateral management. Additionally, multisig controls are recommended for GovernorTimelock-controlled wallets unless these roles are secured through MPC-based custody.

Aave V4 Specific Parameters

We recommend adding syrupUSDG as a collateral-only asset to a new Maple USDG Spoke and onboarding native USDG to enable correlated looping strategies while reducing reliance on credit lines from the Core Hub.

Dynamic Liquidation Bonus Configuration

Hub Spoke Liquidation Bonus Factor Target Health Factor HF for Max Bonus
Global Dollar Hub Maple Spoke 100.00% 1.0277 0.99

Spoke Parameters

Hub Spoke Reserve Collateral Factor Max Liquidation Bonus Borrowable Collateral Risk Liquidation Fee
Global Dollar Hub Maple Spoke syrupUSDG 92.00% 4.00% FALSE 0 10.00%
Global Dollar Hub Maple Spoke USDG 0.00% - TRUE - -

Add and Draw Caps

Hub Spoke Reserve Add Cap Draw Cap
Global Dollar Hub Maple Spoke syrupUSDG 10,000,000 0
Global Dollar Hub Maple Spoke USDG 10,000,000 9,500,000
Global Dollar Hub Tokenized Spoke USDG 1,000,000 0

Interest Rate Curve

Hub Spoke Reserve Base Slope 1 Slope 2 Uoptimal Liquidity Fee
Global Dollar Hub Maple Spoke USDG 0.00% 4.00% 35.00% 90.00% 20.00

Price feed Recommendation

We recommend pricing syrupUSDG on Aave using Maple’s syrupUSDG/USDG internal exchange rate (convertToExitAssets) in combination with Chainlink’s USDG/USD feed and CAPO adapter.

CAPO Configuration

The syrupUSDG 7-day and 14-day APYs have stabilized near 5%, in line with the yield profiles observed for syrupUSDC and syrupUSDT, which recorded 30-day APYs of 4.98% and 4.11%, respectively. We recommend setting the Snapshot Delay to 7 days and the maxYearlyRatioGrowthPercent to 8.45%.

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Source: LlamaRisk, July 14, 2026

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.

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Aave Labs is pleased to share that a technical assessment review has been completed for syrupUSDG (Syrup USDG), proposed for listing on the Aave V4 Global Dollar Hub. Maple Finance has been responsive and active in collaborating on the due diligence throughout the review, and the result is now published in the Risk Assets Assessments category for governance review: syrupUSDG on Aave V4 Ethereum.