A Direct-to-AIP proposal seeks to list PT-USDG-25FEB2027, a Pendle fixed-yield principal token backed by USDG, on Aave V3 X Layer alongside the existing October 2026 maturity. Both maturities would share E-Mode 7, allowing OKX to build a single-transaction rollover flow that moves users from the expiring PT to the new one without closing their stablecoin borrowing position. The October maturity's LTV drops to zero at expiration.
For Armada's crypto repo desk, this structure is functionally analogous to a term repo with collateral rollover mechanics. The Pendle PT model, fixed yield, defined maturity, and E-Mode LTV governance, serves as a live DeFi benchmark for how term-matched collateral behaves on-chain. Monitoring LTV parameters and rollover execution quality provides useful calibration data for Armada's own fixed-term crypto repo pricing.