A proposal to list Maple Finance’s yield-bearing USDC token, syrupUSDC, on Aave V4’s Arc deployment has moved into the next stage of Aave governance, with Snapshot voting expected to begin in less than 24 hours.

The Aave Request for Final Comment seeks to add syrupUSDC to Arc with a configuration tailored to that market. Under the current recommendation, the token would be enabled as collateral only on a new Maple Spoke connected to the Arc Core Hub, while USDC would be the only asset users could borrow against it.

What the proposal would add

The ARFC describes syrupUSDC as Maple Finance’s transferable, yield-bearing USDC token that represents a deposit into Maple’s lending infrastructure. Supporters of the listing say bringing it to Arc would add another yield-bearing dollar asset to Aave V4, extend syrupUSDC’s availability to the Arc instance, and let the DAO set a market structure designed specifically for Arc.

The proposal does not lock in the final asset settings yet. It states that Aave’s Risk Service Providers will determine the final configuration and update the ARFC accordingly.

How the market would be structured on Arc

The recommended design places syrupUSDC on a new Maple Spoke attached to the Arc Core Hub. In that setup, syrupUSDC would be posted as collateral, but it would not itself be borrowable. USDC would be the sole borrowable asset on the spoke.

Because the Arc Core Hub uses a shared USDC reserve across its spokes, any USDC borrowed against syrupUSDC would come from the same liquidity pool that also serves borrowers using cirBTC and WETH on the Main Spoke. As of Sept. 29, 2026, the hub held 143.3 million USDC, with 67.5 million already drawn, equal to 47.1% utilization and a drawn rate of 2.14%.

The proposal also outlines caps for the new spoke. syrupUSDC would have an add cap of 25 million and no draw cap, while USDC would have no add cap and a 23 million draw cap.

Why risk providers recommend a premium

LlamaRisk, which prepared the assessment cited in the ARFC, argues that syrupUSDC introduces a different risk profile than volatile collateral such as cirBTC and WETH. According to the proposal, the token’s risk comes from exposure to Maple’s institutional loan book and from an exit process that depends on a bridge and an Ethereum redemption queue, rather than from direct crypto price volatility in deep spot markets.

To reflect that difference, the recommendation is to apply a 20% collateral risk to syrupUSDC. In Aave V4, that setting acts as a multiplier on the hub’s drawn rate. Based on the figures in the proposal, debt backed by syrupUSDC would accrue at 2.57% at current utilization, versus 2.14% for debt backed by cirBTC or WETH. At the 90% optimal usage ratio, the proposal says the rate would be 4.92% for syrupUSDC-backed borrowing, compared with 4.10% for the other collateral types.

The ARFC says this premium would compensate USDC suppliers for taking on credit exposure and help prevent syrupUSDC demand from consuming too much of the hub’s shared liquidity. It also proposes setting the USDC risk premium threshold on the Maple Spoke to 1000%, the protocol maximum, so the collateral risk can later be adjusted through the Risk Steward without another governance change to that threshold.

Liquidation settings and pricing approach

The draft parameters presented in the ARFC assign syrupUSDC a 92% collateral factor, a 4% maximum liquidation bonus and a 10% liquidation fee. The dynamic liquidation bonus configuration for the Maple Spoke lists a target health factor of 1.0277 and a health factor of 0.99 for the maximum bonus.

For pricing, the recommendation is to use a CAPO adapter that combines the Chainlink SYRUPUSDC/USDC exchange-rate feed on Arc with the capped USDC/USD feed Aave already uses. The USDC price cap is 1.04. The proposed adapter would include a maximum yearly ratio growth of 8.05% and a minimum snapshot delay of seven days. The source exchange-rate feed is described as following the Ethereum vault’s exit rate, net of unrealized losses, with a 24-hour heartbeat and a 0.05% deviation threshold.

What happens next

The governance process outlined in the post calls for community feedback during the ARFC phase, followed by a Snapshot vote if sentiment remains positive. The proposal has now reached that off-chain voting stage.

If Snapshot support is secured, the next confirmed step would be execution of the related payload through the Aave V4 Protocol Security Council. Final risk parameters, however, are still subject to updates from Aave’s Risk Service Providers before any implementation.

Source: governance.aave.com