[Direct-to-AIP] PT-USDG X Layer

[TokenLogic]

---

title: [Direct-to-AIP] Asset Listing - Pendle PT-USDG X Layer
author: @TokenLogic
created: 2026-08-11

---

Summary

This publication proposes onboarding PT-USDG-29OCT2026, the Pendle Principal Token for USDG with an expiry date of 29th October 2026, to the Aave V3 instance on X Layer.

Motivation

Overview

Aave V3 is live on X Layer, with USDG onboarded as one of the instance’s stablecoin reserves.

Pendle is preparing to launch a PT-USDG-29OCT2026 market on X Layer as part of the broader expansion of USDG liquidity and DeFi activity across the ecosystem.

X Layer has allocated approximately $500K in incentives for the first month, with the potential for a higher incentive allocation during the second month. Of the initial allocation, $150K is expected to be directed towards PT-USDG supplied on Aave.

Rationale for Onboarding PT-USDG

Onboarding PT-USDG would enable users to use their fixed-yield USDG positions as collateral within the same Aave market that already supports USDG, further enhancing the utility and capital efficiency of USDG on X Layer.

As a short-dated, USDG-backed asset, PT-USDG-29OCT2026 offers a collateral profile aligned with other Pendle PT stablecoin assets already supported across Aave deployments, making it a strong candidate for inclusion on X Layer.

Selected launch details at the time of submission:

Metric	Value
Underlying asset	USDG
Expected maturity	Approximately 2 months
Underlying APY	Approximately 3.5%
X Layer incentives — Month 1	Approximately $500K
PT-USDG Aave incentive allocation	$150K
Expected incentivized PT-USDG APY	Approximately 5%

The case for onboarding rests on the following points:

1. X Layer incentives. X Layer has allocated $150K in incentives specifically towards PT-USDG-29OCT2026 supplied on Aave.
2. Underlying already onboarded. USDG is already a live reserve on the Aave V3 X Layer instance, making PT-USDG-29OCT2026 a natural extension of the existing USDG market.
3. Ecosystem growth. Enabling PT-USDG-29OCT2026 as collateral expands the range of productive collateral available on Aave and supports the growth of USDG, Pendle and stablecoin liquidity on X Layer.

Specification

The following asset would be onboarded to the Aave V3 instance on X Layer.

Field	Value
Asset	PT-USDG-29OCT2026
Network	X Layer
PT token address	0x9a09a9e491db3dd8ada5b1b889991ac9ad5fd362
Pendle market address	0xcfb506cb34dd340e80d3df8764182a5187636032
SY token address	0x1F336F899f77B084133bc14a81170837ED618D1b
YT token address	0x5e67c8d19eea0fd0d0da35e4008b56e87c931724
Underlying asset (USDG)	0x4ae46a509f6b1d9056937ba4500cb143933d2dc8
Maturity	29th October 2026

Oracle

Price Feed Recommendation

For pricing PT-USDG-29OCT2026 on Aave, the dynamic linear discount rate oracle is recommended. The same oracle framework currently used for Pendle PT assets on Aave V3 can be reused for this deployment.

The final oracle configuration and discount rate parameters will be provided by the Risk Service Provider.

Discount Rate Parameters

Parameter	PT-USDG-29OCT2026
initialDiscountRatePerYear	To be provided by Risk Service Providers
maxDiscountRatePerYear	To be provided by Risk Service Providers

Risk Parameters

Per Aave’s asset onboarding framework, final risk parameters for PT-USDG-29OCT2026 will be provided by the Risk Service Provider, LlamaRisk, and appended to this proposal prior to escalation to the AIP Voting stage.

An indicative market structure is shown below:

Parameter	Value
Asset	PT-USDG-29OCT2026
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	PT USDG Stablecoins

PT USDG Stablecoins E-Mode

Parameter	Value	Value	Value	Value
Asset	PT-USDG-29OCT2026	USDT0	USDG	GHO
Collateral	Yes	No	No	No
Borrowable	No	Yes	Yes	Yes
Max LTV	93%	-	-	-
Liquidation Threshold	95%	-	-	-
Liquidation Bonus	2.44%	-	-	-

Note: Indicative target, subject to Risk Service Provider assessment and recommendation.

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

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.

[SrAugust]

Numbers below are read from the contracts on X Layer at block 67,751,380, cross-checked on a second RPC and against Pendle’s own API. Commands to rebuild them are at the end.

What exists today

PT-USDG-29OCT2026 total supply	150,945.28
Held by the Pendle AMM itself	149,968.17, or 99.35%
Held by anyone else	977.11
totalSy in the market	1,542,251.33
Headline liquidity, Pendle API 07:00 UTC	$1,691,342.75
Proposed Aave supply cap	35,000,000

The cap is 232 times the entire supply of the asset it applies to, and 20.7 times the headline liquidity of the pool. Token identity checks out: symbol PT-USDG-29OCT2026, expiry 1793232000, which is 2026-10-29 00:00 UTC, matching the addresses in the proposal.

The market opened yesterday

Pendle announced the X Layer launch and this first market a day ago, and posted a $20k USDG incentive for LPs running until 10 September. Expiry is 29 October. The incentive that builds the pool stops seven weeks before the PT matures, while a cap set now stays live through that window. The proposal separately cites roughly $500K of X Layer incentives for the first month, of which $150K is expected to go to PT-USDG supplied on Aave.

The question I would want answered before LTV is set

On the PT-AUSD Monad market I decoded the six largest exits from their receipts. Between 84% and 95.6% filled against the limit order book rather than the AMM, and 98.3% of that book volume carried a matching YT burn. The book was YT holders unwinding, and it exists where the incentive accrues to YT. The comparable market on the same chain without that incentive had zero resting bids.

Here the incentives described reach LPs on Pendle and suppliers on Aave. Neither of those is YT.

I have not measured this book yet and I am not claiming it is empty. I am asking whether anyone has, because on the Monad evidence that is where the exit actually happens, and a cap sized against an AMM reading alone would be sized against the wrong thing.

Rebuild

PT total supply, divide the result by 1e6:

curl -s -X POST https://rpc.xlayer.tech -H 'content-type: application/json' \
  -d '{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9a09a9e491db3dd8ada5b1b889991ac9ad5fd362","data":"0x18160ddd"},"0x409cdd4"]}'

PT held by the market contract, same block, same divisor:

curl -s -X POST https://rpc.xlayer.tech -H 'content-type: application/json' \
  -d '{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0x9a09a9e491db3dd8ada5b1b889991ac9ad5fd362","data":"0x70a08231000000000000000000000000cfb506cb34dd340e80d3df8764182a5187636032"},"0x409cdd4"]}'

Both return the same values on https://xlayerrpc.okx.com.

[LlamaRisk]

Summary

LlamaRisk supports listing PT-USDG-29OCT2026 on Aave V3 X Layer. At the time of this analysis, the asset has 71 days remaining until maturity. The 29OCT2026 Pendle pool holds approximately $5.08M in available liquidity, accumulated over the two weeks since its deployment on August 6, 2026.

As this is the first PT-USDG maturity on X Layer, there is no existing rollover demand from expiring PTs, implying that collateral adoption is expected to build gradually as the pool matures and liquidity deepens.

Assessment of PT base asset: Link

Assessment of Pendle PTs: Link

Considered PT asset maturities: PT-USDG-29OCT2026

Asset State

Asset Growth

USDG supply on X Layer stands at approximately 1.96B as of August 18, 2026. Of this, 268.45M USDG is circulating, while the remaining supply is held in OKX cold wallets. The bulk of the expansion occurred between late April and mid-May 2026, with supply increasing from approximately 250M to more than 1.35B. Across all chains, total USDG supply currently stands at approximately 3.48B.

Source: LlamaRisk, August 18, 2026

Underlying Stability

USDG is issued by Paxos Digital Singapore and Paxos Issuance Europe and is backed 1:1 by cash deposits, short-dated US Treasury instruments, overcollateralized reverse repos, and institutional stable NAV money market funds held in segregated reserve accounts. Enrome LLP, an independent Singapore-based firm, publishes monthly reserve attestation reports.

The market price of USDG is $1.0000, in line with the USD peg. A maximum drawdown of 5.2 basis points (bps) was observed on May 15, 2026.

Source: LlamaRisk, August 18, 2026

Underlying Yield Source

USDG is non-yield-bearing by design; yield is passed through to holders via the Pendle PT structure or through Global Dollar Network (GDN) integrations. For PT-USDG, the fixed yield is implied by purchasing the principal token at a discount to its notional 1 USDG face value and redeeming it at maturity for USDG at 1:1. The discount accretes to par over time following the standard Pendle PT structure, while the floating component is stripped to the corresponding yield token (YT).

The current underlying USDG yield reported by Pendle is 3.3%, reflecting the yield component distributed through GDN to participating platforms.

Market Analysis

Total Supply

The PT-USDG-29OCT2026 maturity pool was deployed on August 6, 2026. SY-USDG supply in the pool has reached approximately 5.15M USDG, against available liquidity of approximately $5.08M. Growth was concentrated between August 11 and August 15, 2026, when SY-USDG supply rose from approximately 1.21M to approximately 5.08M.

PT-USDG-29OCT2026 Liquidity Growth:

Source: LlamaRisk, August 18, 2026

Pool Composition

As of August 18, 2026, the composition of the PT-USDG pool is as follows:

• Total Liquidity: $5,075,433
• SY USDG: $4.51M (88.93%)
• PT USDG: $561,937 (11.07%)

Source: Pendle, August 18, 2026

Price and Yield

The implied yield for PT-USDG reflects the market’s discount rate on the underlying asset. The PT implied yield is currently 3.19%, while the LP APY is approximately 9.24%. The LP APY quoted in the pool’s opening hours reached 66% with a total pool size below $200K, then steadily compressed as liquidity arrived.

Source: LlamaRisk, August 18, 2026

As of this review (71 days to maturity), the PT-USDG implied yield of 3.19% provides a healthy spread over Aave V3 X Layer stablecoin borrow rates, which range from 0.45% for GHO, 1.37% for USDT0, to 2.69% for USDG. This positive carry supports demand for the PT as looping collateral. As the pool continues to accumulate liquidity, however, implied yields are expected to normalize, gradually compressing this spread.

Pool Parameters

The PT-USDG pool has the following parameters on Pendle:

• Maturity: October 29, 2026
• Liquidity Yield Range: 3% - 10%
• Input Tokens: USDG
• Maker Fee: 0%
• Taker Fee: 0.06% (via AMM) / 0.08% (via Orderbook)

Maturities

There is no prior PT-USDG maturity on Pendle’s X Layer market.

Integrated Venues

PT-USDG-29OCT2026 has not yet been integrated into other lending venues due to the pool’s recency. Aave would be the first venue to offer lending against this collateral asset.

Recommendations

Specification

Parameter	Value
Asset	PT-USDG-29OCT2026
Borrowable	No
Collateral Enabled	No
Supply Cap	35,000,000
Borrow Cap	-
LTV	-
LT	-
Liquidation Bonus	-
Liquidation Protocol Fee	10.00%
E-Mode Category	PT-USDG Stablecoins, PT-USDG USDG

Linear Discount Rate Oracle

Parameter	Value
initialDiscountRatePerYear	3.106%
maxDiscountRatePerYear	11.080%

PT-USDG Stablecoins E-Mode

Parameter	Value
Isolated	True
LTV	92.66%
LT	94.66%
Liquidation Bonus	2.34%

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

PT-USDG USDG E-Mode

Parameter	Value
Isolated	True
LTV	93.59%
LT	95.59%
Liquidation Bonus	1.34%

Asset	PT-USDG-29OCT2026	USDG
Collateral	Yes	No
Borrowable	No	Yes

Price Feed Recommendation

For pricing the PT-USDG-29OCT2026 on Aave, the dynamic linear discount rate oracle is recommended.

The oracle treats the PT as a zero-coupon claim that rises to par in a straight line as maturity approaches, priced from a capped USDG/USD Chainlink feed. The maxDiscountRatePerYear parameter caps the discount, so the quoted price can never fall below the AMM’s lowest quoted price. The initialDiscountRatePerYear and maxDiscountRatePerYear values are listed in the Linear Discount Rate Oracle table above.

The discount numbers come from 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.