Onboard PT sUSDe July and PT eUSDe May on Core Instance

Simple Summary

This proposal seeks to onboard pendle PT-sUSDe-31July2025 and PT-eUSDe-29May2025 on the Aave V3 core instance and activate Edge AGRS system to automate updating eMode category params for these assets.

Motivation

Pendle allows users to split yield bearing tokens into principal (PT) and yield (YT) components. This opens the door to trading yield for the growing number of yield bearing tokens, and gives users additional options for yield farming strategies. A notable feature of the PT tokens is that at the maturity date, the value of the PT equals the value of the underlying asset and can be redeemed for the underlying. This means PT tokens, which can be bought at a discount within Pendle pools, represent the fixed rate part of a Pendle asset pair.

Pendle has seen extremely high growth this year, with current TVL of circa $4.5 billion. Along with this growth has come the desire for yield traders to borrow against their Pendle PT tokens. This represents a multi-billion dollar growth opportunity for Aave, without a large increase in risk if PT tokens are onboarded for already listed assets such as sUSDe. With this, it makes sense to onboard PT-sUSDe-31July2025 and PT-eUSDe-29May2025 assets.

The RiskSteward has been quite successful to update risk params in a controlled way in the past for rates, caps and other params. The new iteration of the RiskSteward allows to update eMode category collateral params such as LT, LTV and LB in a constrained manner, while also allowing to change the discountRate of pendle pt feeds. With this we activate the new RiskSteward on the core instance only for now, gradually migrating to newer RiskSteward on other instances as well.

Specification

The table below illustrates the configured risk parameters for PT_sUSDE_31JUL2025 and *PT_eUSDe_29MAR2025 assets:

Parameter	PT_sUSDE_31JUL2025	PT_eUSDe_29MAR2025
Borrowable	DISABLED	DISABLED
Collateral Enabled	true	true
Supply Cap (PT_sUSDE_31JUL2025)	85,000,000	150,000,000
Borrow Cap (PT_sUSDE_31JUL2025)	1	1
Isolation Mode	false	false
Debt Ceiling	USD 0	USD 0
LTV	0.05 %	0.05 %
LT	0.1 %	0.1 %
Liquidation Bonus	7.5 %	7.5 %
Liquidation Protocol Fee	10 %	10 %
Reserve Factor	20 %	20 %
Base Variable Borrow Rate	0 %	0 %
Variable Slope 1	7 %	7 %
Variable Slope 2	300 %	300 %
Uoptimal	45 %	45 %
Flashloanable	ENABLED	ENABLED
Siloed Borrowing	DISABLED	DISABLED
Borrowable in Isolation	DISABLED	DISABLED
Oracle	0xfB2d51573d97fEbA5E2Ad7cc447e76CBad153878	0x5292AB3292D076271f853Ed8e05e61cc02F0A2C6

The following EMode categories will be created for the assets listed:

PT-sUSDe Stablecoins E-Mode (id: 8):

Asset	PT-sUSDe	USDC	USDT	USDS
Collateral	Yes	No	No	No
Borrowable	No	Yes	Yes	Yes
LTV	87.4%	-	-	-
LT	89.4%	-	-	-
Liquidation Bonus	4.6%	-	-	-

PT-eUSDe Stablecoins E-Mode (id: 9):

Asset	PT-eUSDe	USDC	USDT	USDS
Collateral	Yes	No	No	No
Borrowable	No	Yes	Yes	Yes
LTV	91%	-	-	-
LT	93%	-	-	-
Liquidation Bonus	3.3%	-	-	-

The Pendle PT Capo with linear discount have been deployed with the following configurations:

Parameter	PT_eUSDe_29MAR2025	PT_sUSDE_31JUL2025
discountRatePerYear	7.87%	7.5124%
maxDiscountRatePerYear	39.22%	21.22%

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We activate the next iteration of RiskSteward on core instance (audited by Certora), which allows updating the eMode category and the discount rate of pendle pt feeds. In addition we also activate the Edge AGRS system using a new instance of RiskSteward to automate updating eMode LT, LTV, LB of the new PT-sUSDe Stablecoins and PT-eUSDe Stablecoins Emodes using the AaveStewardInjectorEMode middleware. Please note, the Automated Edge AGRS system will only be able to do EMode updates on the new pendle eModes categories and no change will be allowed on other eModes. The manual RiskSteward however would be able to change eMode configurations for all the eModes on the core instance within the configured bounds.

The new RiskStewards will have the following configuration:

Manual RiskSteward:

Parameter	Percent change allowed	minimumDelay
EMode LTV	0.5% absolute change	3 days
EMode LiquidationThreshold	0.1% absolute change	3 days
EMode LiquidationBonus	0.5% absolute change	3 days
Pendle PT Feed Discount Rate	5% relative change	2 days

Automated RiskSteward:

Parameter	Percent change allowed	minimumDelay
EMode LTV	0.5% absolute change	3 days
EMode LiquidationThreshold	0.5% absolute change	3 days
EMode LiquidationBonus	0.5% absolute change	3 days

The RISK_ADMIN role will be revoked from the legacy RiskSteward via ACL_MANAGER.removeRiskAdmin() and the role will be given to the new Manual and Automated RiskSteward via ACL_MANAGER.addRiskAdmin(). Please note, all configuration except for EMode and Pendle discount rate will be same on the new RiskSteward as before.

Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for PT_sUSDE_31JUL2025, PT_eUSDe_29MAR2025 and the corresponding aTokens.

References

• Implementation: PTsUSDeListing, PTeUSDeListing EdgeAGRSActivation
• Tests: PTsUSDeListing, PTeUSDeListing EdgeAGRSActivation
• Snapshot
• PT-sUSDe-31July2025 Discussion
• PT-eUSDe-29May2025 Discussion

Copyright

Copyright and related rights waived via CC0.