A governance proposal has been submitted to add Pendle’s PT-USDe-22OCT2026 token as collateral on the Aave V3 deployment on Monad through Aave’s Direct to AIP process. If approved, the listing would extend Aave’s use of principal tokens, or PTs, to another market tied to fixed-yield strategies.
The proposal says PT assets have become a productive collateral segment across Aave V3 deployments, pointing to earlier PT-sUSDe and PT-USDe listings on the Core and Plasma instances. Those markets, according to the post, have regularly supported strong stablecoin borrowing demand from users building leveraged fixed-yield positions.
Pendle market on Monad underpins the request
The asset in question is PT-USDe-22OCT2026, a Pendle principal token linked to a USDe market on Monad that matures on 22 October 2026 at 00:00 UTC. The governance post frames the proposed onboarding as a way to improve use of stablecoin reserves already available on the Monad instance while also fitting alongside the instance’s incentive program.
The specification included in the proposal identifies the PT token, the underlying USDe asset, the SY and YT contracts, and the Pendle liquidity pool tied to the market. The PT contract address listed is 0x8382329da318db59c4e33706faac0a883740daea, while the Pendle market LP address is 0x5389a23f8674f55bde2c6f95df2d2090eb84db6f.
Listing still depends on risk design
The proposal is not yet the final executable governance step. It states that key risk parameters still need to be supplied by Aave’s Risk Service Providers before they are folded into the AIP for voting.
Those pending items include the configuration of a PT linear discount rate oracle and a dedicated E-Mode category. Under the outline in the post, that E-Mode setup would pair PT-USDe-22OCT2026 as collateral with stablecoin borrowing, a structure commonly used to support more capital-efficient borrowing within closely related asset groups.
Why Aave is considering another PT listing
The rationale presented in the forum post is based on how similar PT listings have performed elsewhere in Aave V3. The author says PT-backed collateral markets on Core and Plasma have consistently attracted demand from users seeking leveraged exposure to fixed yields while borrowing stablecoins against those positions.
On that basis, adding a USDe-linked PT market on Monad is presented as both an expansion of an already tested collateral type and a way to deepen activity on a newer network deployment. The proposal does not claim approval has been secured, and it leaves the final operating parameters to the risk review process.
Next confirmed steps before onboarding
According to the proposal, the immediate next step is to gather formal asset risk assessments and parameter recommendations from Risk Service Providers. After that, an AIP vote would be published for final confirmation and on-chain execution.
Only if that AIP receives a YAE outcome would PT-USDe-22OCT2026 be added to the Aave V3 Monad instance. Until then, the listing remains a governance proposal rather than an active collateral market.
Source: governance.aave.com