Asset Listing - Pendle PT-USDG-25FEB2027 X Layer

Simple Summary

This AIP lists PT-USDG-25FEB2027, the Pendle Principal Token for USDG maturing on 25 February 2027, on the Aave V3 X Layer instance as a non-borrowable asset, and creates a new PT_USDG_25FEB2027__Stablecoins eMode with PT-USDG-25FEB2027 and PT-USDG-29OCT2026 as collateral.

Motivation

PT-USDG-29OCT2026 matures on 29 October 2026. Pendle has launched a new USDG PT maturing on 25 February 2027, which lets users continue using fixed-yield USDG positions as collateral on Aave.

Most PT-USDG positions on X Layer borrow stablecoins such as USDT0 against their PT collateral. Having both maturities as collateral in the same eMode during the rollover period lets OKX build a rollover flow that moves users to the new PT in a single transaction while keeping their stablecoin borrowing position. This proposal covers the Aave listing and eMode configuration needed for that flow; OKX develops the rollover integration separately.

Final risk parameters were provided by LlamaRisk in the discussion thread. Following their recommendation, PT-USDG-25FEB2027 is not added to the existing PT_USDG__Stablecoins eMode, whose 94.66% liquidation threshold is above the level recommended for the longer maturity. A new eMode (id 9) is created instead, with PT-USDG-29OCT2026 also enabled as collateral so users can migrate without closing their positions.

The PT is priced via the deployed linear discount oracle 0xB81f0B2cCAC262288fED924DA750CFc7CC450530 (PT Capped USDG USDG/USD linear discount 25FEB2027), with the rates recommended by LlamaRisk: initialDiscountRatePerYear 2.953% and maxDiscountRatePerYear 7.910%.

PT-USDG-29OCT2026 keeps its existing parameters and eMode configurations during the migration period; its LTV will be reduced to 0% after maturity in a separate proposal.

Specification

Field	Value
Asset	PT-USDG-25FEB2027
PT token	0x5eA1F184af5Ced57725213D8267B5c4C834557D4
Pendle market	0xb70BE417526707C8EBf5f1a79E4876557639B01d
SY token	0x1F336F899f77B084133bc14a81170837ED618D1b
YT token	0x5b4308e22aB59AAE80CBf37089C528A125d2a34d
Underlying (USDG)	0x4ae46a509F6b1D9056937BA4500cb143933D2dc8
Maturity	25 February 2027

New eMode (per LlamaRisk's final recommendation). The existing PT_USDG__Stablecoins and PT_USDG__USDG eModes are not modified.

eMode	Collateral	Borrowable	LTV	LT	Liq. Bonus	Isolated
PT_USDG_25FEB2027__Stablecoins	PT-USDG-25FEB2027, PT-USDG-29OCT2026	USDT0, GHO, USDC	91.48%	93.48%	2.62%	No

The table below illustrates the configured risk parameters for PT_USDG_25FEB2027

Parameter	PT-USDG-25FEB2027
Isolation Mode	No
Borrowable	No
Collateral Enabled	No (E-Mode only)
Supply Cap	35,000,000
Borrow Cap	1
Debt Ceiling	N/A
LTV	0%
Liquidation Threshold	0%
Liquidation Bonus	0%
Liquidation Protocol Fee	10%
Reserve Factor	20%
Base Variable Borrow Rate	0%
Variable Rate Slope 1	10%
Variable Rate Slope 2	300%
Optimal Utilization	45%
Flashloanable	Yes
Oracle	0xB81f0B2cCAC262288fED924DA750CFc7CC450530

Linear Discount Rate Oracle

The price feed applies a linear discount, decreasing to zero at maturity, on top of the Capped USDG/USD feed.

Parameter	Value
initialDiscountRatePerYear	2.953%
maxDiscountRatePerYear	7.910%
Underlying feed	Capped USDG/USD
Oracle	0xB81f0B2cCAC262288fED924DA750CFc7CC450530

References

• Implementation: AaveV3XLayer
• Tests: AaveV3XLayer
• Snapshot: Direct-to-AIP
• Discussion

Copyright

Copyright and related rights waived via CC0.