Summary
LlamaRisk supports listing PT-USDG-24SEP2026 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.