CryptoSlate
About 67.4 million PT-AUSD tokens were supplied as collateral on Aave V3’s Monad market as of Oct. 2, ahead of their Oct. 8 maturity. Aave and Pendle are preparing a December-maturity replacement that could let borrowers roll their positions forward instead of exiting the lending market.
Why it matters
The structure links Pendle’s fixed-yield markets with Aave’s lending: users can hold a principal token for yield, pledge it as collateral, and borrow stablecoins. A proposed listing of Pendle’s PT-AUSD-17DEC2026 on Aave would give borrowers a route to replace the expiring collateral while keeping that credit position active.
Demand for AUSD credit on Monad is also growing. TokenLogic said active AUSD loans on Aave rose 113% to $8.7 million in 15 days, while user deposits more than doubled to $11.2 million. The October collateral market expanded from a 20 million-token cap to 80 million after earlier limits filled; 67.4 million tokens were supplied by Oct. 2.
Market impact
The rollover is not assured. The December Pendle pool had $1.61 million in liquidity and 904,717 PT outstanding as of Oct. 2, far below the October position. TokenLogic proposed a 20 million initial Aave cap, while LlamaRisk recommended 30 million and identified up to 67.4 million as potential rollover demand.
LlamaRisk put the December PT’s implied yield at 5.64%, or 6.64% with a temporary one-percentage-point incentive. Those rates exceeded several listed borrowing rates at the snapshot, but yields, incentives and Aave borrowing costs can change. The Oct. 8 expiry will test whether the December market can support a large migration without disrupting execution or borrower positions.
Frequently asked questions
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When do the Aave collateral tokens mature, and what can borrowers do?
The PT-AUSD tokens mature Oct. 8 and become redeemable for AUSD. Borrowers can redeem and repay, post other collateral, or potentially roll into a later-dated Pendle PT.
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How large is the October PT-AUSD position on Aave?
About 67.4 million PT-AUSD tokens were supplied as collateral on Aave V3’s Monad market as of Oct. 2.
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How does the proposed December market support the rollover?
A proposed Aave listing of Pendle’s PT-AUSD-17DEC2026 could let borrowers replace October collateral with a later-maturing principal token while keeping their borrowing positions active.
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Can the December market currently absorb the October position?
Its pool had $1.61 million in liquidity and 904,717 PT outstanding as of Oct. 2, far below the 67.4 million tokens in the October position. The potential migration is not assured.
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What could affect the economics of rolling into December PT?
LlamaRisk cited a 5.64% implied yield, temporarily raised to 6.64% by an incentive. PT yields, Aave borrowing rates and the temporary incentive can change.
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