[TEMP CHECK] Onboard tUSDe December expiry PT tokens on Aave V3 Core Instance
Author: ACI
Date: 2025-08-08
Summary
This ARFC proposes to onboard tUSDe December expiry PT tokens on Aave V3 Core Instance.
Motivation
As PT tokens have proven to be a significant growth vector for Aave in recent months, we propose onboarding tUSDe December expiry PT token. This PT token is particularly attractive as the underlying is USDe, allowing for the deep USDe borrow liquidity on Aave to be made use of. In addition, the September expiry has extremely deep liquidity as a ratio of its marketcap which we expect to also be true of the December expiry, this should allow for rapid deposit cap increases as demand scales on Aave.
In an effort to be prepared for onboarding soon after launch and taking into account time needed for due diligence for new Aave assets, we are initiating this onboarding process now.
Specification
Contract address will be updated once the December expiry is live.
Risk Parameters
Risk parameters will be provided by Risk Service Providers in the ARFC and will be updated accordingly.
We have seen strong growth driven by PT token collateral and the leveraged yield strategies these enable. We believe the tUSDe PT is a strong candidate given the depth of liquidity for the September expiry. We believe that given the underlying is not yet onboarded to Aave, targeting the December expiry as onboarding candidate is more practical given the analysis required of the underlying and current workloads of service providers.
We anticipate ~$100m in deposits with an 80% USDe / 10% USDC / 10% GHO borrow mix at ~1.05 HF. Under current borrow-asset configurations, we estimate ~$93–116k/month in protocol revenue from this onboarding with potential for significant future growth.
ACI supports this onboarding and will be voting FOR at TEMP CHECK.
Leveraged yield, using the PT token as collateral to borrow stablecoins against.
Yield mechanism
Fixed yield token, similar to a zero coupon bond.
Previous adverse events
None.
Borrow assets
Stablecoins: USDe, USDC, GHO
Commercial information
Attribute
Answer
Current marketcap
$137m
Committed Aave TVL
$0
Expected Aave deposits
$100m
Expected monthly revenue
Assuming 1.05 health factor on $100m deposits with borrow composition of 80% USDe, 10% USDC, 10% GHO, monthly revenue would be $93-116k
Aave incentives budget
None.
Disclaimer
This review was independently prepared by ACI. ACI 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. @marczeller, founder of the ACI is an angel investor of Node Guardian; the company that pivoted into becoming Terminal.
The information provided should not be construed as legal, financial, tax, or professional advice.