Aave weighs a December PT-AUSD listing and Umbrella reward renewals

Two proposals filed on September 25 by @TokenLogic on the Aave Governance Forum ask Aave governance to onboard PT-AUSD-17DEC2026 to the V3 Monad instance and to renew allowances for the Umbrella RewardsController. These two governance proposals are the primary sources for this article.

The PT-AUSD listing is built around a rollover path from the existing October market. PT-AUSD-8OCT2026 matures October 8, 2026; the proposed PT-AUSD-17DEC2026 matures December 17. According to the filing, the December market would launch under the same risk parameters used for the October listing.

Borrowing will be disabled for PT-AUSD-17DEC2026. The token functions as collateral only, restricted to a dedicated stablecoin eMode where users can borrow USDT0, USDC, GHO, or USDe. Proposed loan-to-value in that eMode: 93%. Initial supply cap: 20,000,000 PT-AUSD.

Holders supply the principal token and borrow one of those four stablecoins within the eMode. They cannot borrow PT-AUSD-17DEC2026 itself. The borrowing side of this market is entirely stablecoin liquidity; the PT-AUSD asset is a collateral input only.

The filing places the proposed cap in context. As of September 25, approximately 63.9 million PT-AUSD-8OCT2026 was supplied against an 80 million cap — about 79.9% utilization. The proposed December cap of 20 million is one-quarter of that October ceiling.

The stated operational purpose is to give holders a venue to roll maturing October positions into December.

The second proposal, with its own governance filing, addresses the Umbrella RewardsController. The current reward period ends December 2, 2026; the renewal is meant to keep payments funded past that date.

Requested allowances are 500,000 aEthUSDT, 475,000 aEthUSDC, and 160 aEthWETH. Current emissions for USDT and USDC are each running at roughly 80% of their maximum rates; WETH is at approximately 84%.

The filing estimates accrued-plus-maximum-emissions through December 2. For aEthUSDT: 259,782 accrued and unclaimed plus 238,379 in projected emissions equals 498,161 — leaving 1,839 units of headroom against the 500,000 allowance. For aEthUSDC: 242,001 plus 227,194 equals 469,195, putting the 475,000 allowance 5,805 units above that total. For aEthWETH: 67.26 plus 87.53 equals 154.79, with 5.21 units of room below the proposed 160 allowance.

These are maximum-rate budget checks. Since all three assets are currently emitting below their maximums, actual spend through December 2 would come in under those figures.

Treasury mechanics are spelled out in the filing. The Aave Ethereum Collector address is0x464C71f6c2F760DdA6093dCB91C24c39e5d6e18c and the Umbrella RewardsController address is0x4655Ce3D625a63d30bA704087E52B4C31E38188B.

GHO is handled separately. Emissions for GHO ended with AIP 507, and the existing 52,730 GHO allowance is not being renewed — 22,663 GHO remains claimable under that allocation. The renewal covers only aEthUSDT, aEthUSDC, and aEthWETH.

If approved, PT-AUSD-8OCT2026 holders would have a December venue for rolling positions after the October token matures on Oct. 8, while Umbrella reward recipients would depend on the allowance renewal before the current period ends on Dec. 2.

Both September filings are operational continuations: the listing follows the October PT-AUSD market listed through AIP 513, while the allowance renewal follows the prior aEthUSDT and aEthUSDC renewal through AIP 507. The deadlines diverge — December 17 for the new PT-AUSD maturity, December 2 for Umbrella funding.