Aave Labs submitted a direct-to-AIP governance proposal on June 10 to onboard PT-sUSDe-22OCT2026, a Pendle principal token backed by staked USDe, to the Aave V3 Plasma instance on Ethereum mainnet. The proposal is framed as a natural rollover for holders of the expiring PT-sUSDe-18JUN2026 position, with risk parameters to be finalized by Aave's risk service providers.
For Armada's crypto repo desk, Aave's acceptance and haircut treatment of structured yield tokens like PT-sUSDe provides a live market benchmark for how institutional DeFi protocols price yield-strip collateral risk. If Armada receives requests to accept similar principal tokens as repo collateral from hedge fund or family office counterparties, Aave's approved LTV ratios and liquidation thresholds offer a credible reference point for internal policy calibration.