Aave ARFC proposes USAT for Ethereum V3 and V4

Aave Labs has proposed adding USAT, a dollar stablecoin issued by Anchorage Digital Bank, N.A., to both the Aave V3 Core Instance and the upcoming Aave V4 Core Hub on Ethereum. The Aave Governance post was published on October 9, 2026, as an Aave Request for Comment, or ARFC.

The proposal’s case rests on USAT’s structure. Aave Labs identifies Anchorage Digital Bank, N.A. as a federally chartered national trust bank supervised by the Office of the Comptroller of the Currency. The proposal also says USAT is subject to the GENIUS Act and redeemable 1:1 for U.S. dollars.

That gives Aave users a new dollar-denominated asset to supply or borrow if the onboarding advances. For the protocol, the proposal would widen the stablecoin set across both the current V3 deployment and the V4 architecture under development. Aave’s stated background for the move is diversification of asset offerings and attracting institutional participants.

USAT’s contract address, as listed in the ARFC, is0x07041776f5007ACa2A54844F50503a18A72A8b68. The address is the operational detail traders and integrators need to distinguish the proposed asset from other tokens using similar dollar-stablecoin labels.

The desk’s read is that the main decision is still configuration, not branding. The ARFC leaves final risk parameters and the V3 and V4 setup as open questions. That matters to existing lenders and borrowers because onboarding alone does not establish the caps, collateral treatment, or other controls that would govern exposure. The fact sheet does not provide those parameters.

The process is also incomplete. Community feedback is being gathered during the ARFC stage. If the response is positive, the proposal will move to Snapshot for offchain confirmation, followed by an Aave Improvement Proposal to onboard USAT to the V3 Core Instance and V4 Core Hub on Ethereum. The Snapshot date, AIP submission date and V4 launch timeline remain unspecified.

Market context is limited. CoinGecko lists Ethereum at $2,484.68, up 2.1% over the previous 24 hours. That move is context for positions around the governance discussion, not evidence that the USAT proposal caused it.

For USAT holders, the immediate exposure is procedural: the token has been proposed for Aave integration but has not yet been described in the supplied record as onboarded. For Aave users, the pending question is how the protocol will price and cap the new stablecoin as V4 development continues.