Onboard USDtb to Aave v3 Core Instance
01Summary
Add USDtb (a BlackRock-backed USD stablecoin) to Aave v3 Core with borrowing enabled but disabled as collateral. USDtb will have a 50M supply cap and 40M borrow cap, designed to provide liquidity for sUSDe leverage at attractive rates.
- Type
- protocol addition
Key changes
- Onboard USDtb stablecoin to Aave v3 Core Instance with borrowing enabled(high)
- Set USDtb with 0% LTV and 0% LT, making it borrowable but not usable as collateral(high)
- Configure 50M USDtb supply cap and 40M borrow cap(high)
- Enable USDtb flashloans(medium)
- Set reserve factor at 10% and variable borrow rates (6% slope 1, 50% slope 2)(medium)
Notable concerns
- USDtb backed by BlackRock's BUIDL token introduces dependency on external institutional asset
- Capped price of $1.04 vs oracle price of $0.99983 creates potential pricing discrepancy
- 0% collateral parameters (LTV and LT) means USDtb cannot be used as collateral despite collateral_enabled being true in the spec table
Generated by Kvorum
02Description
Simple Summary
We propose to onboard USDtb to the v3 Core Instance with borrow enabled, collateral disabled.
Motivation
USDtb is a digital dollar, otherwise known as a USD stablecoin. USDtb can be used the same way a holder would use any other dollar, whether to send and receive payments, acquire and trade assets, or to simply hold dollars.
Unlike actual dollars, USDtb is a blockchain-based token, which enables faster and cheaper spending than the traditional fiat banking system. Unlike many digital assets, USDtb is fully backed by institutional-grade tokenized U.S. treasury fund products (alongside a stablecoin reserve designed to facilitate rapid redemptions) to support stability. Initially, USDtb will be backed by BlackRock’s USD Institutional Digital Liquidity Fund Token, BUIDL.
By onboarding USDtb, deeper borrow liquidity will be generated to allow sUSDe leverage at an attractive borrow rate. We believe this will help revitalise and accelerate growth in sUSDe activity on the Core Instance.
Backed by BUIDL issued by Blackrock, one of the largest asset managers in the world we believe this asset aligns well with Aave’s history of providing liquidity to the highest quality assets in DeFi and should attract significant deposits.
Specification
The table below illustrates the configured risk parameters for USDtb
| Parameter | Value |
|---|---|
| Isolation Mode | false |
| Borrowable | ENABLED |
| Collateral Enabled | true |
| Supply Cap (USDtb) | 50,000,000 |
| Borrow Cap (USDtb) | 40,000,000 |
| Debt Ceiling | USD 0 |
| LTV | 0 % |
| LT | 0 % |
| Liquidation Bonus | 0 % |
| Liquidation Protocol Fee | 0 % |
| Reserve Factor | 10 % |
| Base Variable Borrow Rate | 0 % |
| Variable Slope 1 | 6 % |
| Variable Slope 2 | 50 % |
| Uoptimal | 80 % |
| Flashloanable | ENABLED |
| Siloed Borrowing | DISABLED |
| Borrowable in Isolation | DISABLED |
| Oracle | 0x2FA6A78E3d617c1013a22938411602dc9Da98dBa |
Additionally 0xac140648435d03f784879cd789130F22Ef588Fcd has been set as the emission admin for USDtb and the corresponding aToken.
CAPO feed
| Parameter | Value |
|---|---|
| Contract | Capped USDtb / USD |
| Underlying Oracle | Chainlink USDtb / USD |
| OracleLatestAnswer (05 may 25) | USD 0.99983211 |
| Capped Price | USD 1.04 |
References
- Implementation: AaveV3Ethereum
- Tests: AaveV3Ethereum
- Snapshot
- Discussion
Copyright
Copyright and related rights waived via CC0.
03Mismatch analysis
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Generated by Kvorum
04Actions
- Target
- 0xaffe…b896
- Value
- 0 wei
- Function
- fallback()
- Arguments
{}- Calldata
05Tally
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07Forum
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