A new Aave governance proposal would add PT-AUSD-17DEC2026 to the Aave V3 deployment on Monad before the current PT-AUSD-8OCT2026 market reaches maturity on 8 October 2026. The plan is intended to give users a path to roll positions into the next Pendle principal token while continuing to use those holdings within Aave.
The direct-to-AIP submission, posted by TokenLogic, says the December-dated PT would launch with the same core setup used for the October market. That includes disabled borrowing on the reserve itself, an initial 20 million supply cap, and collateral utility restricted to a dedicated stablecoin eMode.
Why the listing is being proposed
According to the proposal, Pendle has already deployed the next AUSD market with a 17 December 2026 maturity. Supporters say listing the new PT on Aave V3 Monad ahead of the current maturity would help users transition from PT-AUSD-8OCT2026 without losing the ability to post the asset as collateral.
The governance post points to existing usage in the current market as part of the rationale. As of 25 September 2026, about 63.9 million PT-AUSD-8OCT2026 was supplied on Aave against an 80 million cap. The earlier October listing was approved through AIP 513 after an ARFC and Snapshot vote that recorded 99.99% support.
Asset details and risk setup
The asset proposed for onboarding is PT-AUSD-17DEC2026, a Pendle principal token tied to AUSD with six decimals and a maturity date of 17 December 2026. The submission also identifies the associated PT token, Pendle market, SY token, YT token and the underlying AUSD contract used for the market.
TokenLogic said the December listing would use the same underlying asset, Pendle market factory and pricing approach as the October PT. The reserve configuration mirrors the earlier launch parameters: the asset would not be borrowable, collateral would not be enabled outside eMode, and the supply cap would start at 20,000,000. The borrow cap is set to 1, reserve factor to 20%, and flashloans would remain enabled.
Dedicated eMode for stablecoin borrowing
Under the proposal, PT-AUSD-17DEC2026 could be used as collateral only inside a dedicated eMode category named PT_AUSD_17DEC2026__Stablecoins, with eMode ID 6. That category would allow users to borrow USDT0, USDC, GHO and USDe against the PT position.
The proposed parameters for that eMode match those used for the October PT stablecoin category. They include a 93% loan-to-value ratio, a 95% liquidation threshold, a 2.44% liquidation bonus and isolated status. Outside that eMode, the reserve would carry 0% LTV and 0% liquidation threshold, effectively limiting collateral use to the designated setup.
Oracle deployment and what comes next
The proposal also calls for a new linear discount oracle for the 17 December 2026 maturity. The governance post says the oracle will follow the same pricing method and discount-rate assumptions as the October version, with an initial discount rate per year of 6.661% and a maximum discount rate per year of 8.829%. The final oracle address is expected to be added after deployment.
If approved, the December PT would become the next AUSD principal token available on Aave V3 Monad while the October PT remains listed through its own maturity under its current configuration. The immediate next confirmed step is the governance process for this direct-to-AIP proposal, which seeks to onboard the new market before the existing PT-AUSD-8OCT2026 expires.
Source: governance.aave.com