Aave V4 filings map a three-chain expansion

Separate filings cover Avalanche’s stablecoin infrastructure and an equity collateral listing on Base.

Tempo Mainnet launched March 18, 2026 — chain ID 4217, incubated by Stripe and Paradigm, built specifically for stablecoin use cases, per the Tempo deployment proposal. No native gas token. Users pay fees in USD-denominated stablecoins, with pathUSD as the default.

The proposed Aave structure would run a Core Hub with a Main Spoke and an RWA Spoke underneath. Core Hub supports borrowing pathUSD and OUSD against collateral. Main Spoke lists cbBTC and OUSD as collateral for OUSD borrowing; the RWA Spoke lists PRIME for the same. Two distinct collateral lanes from day one — crypto-linked in one spoke, PRIME in the other. The proposal leaves the final risk parameters to later analyses by Aave DAO risk service providers.

The Avalanche filing takes a different approach entirely. TokenLogic is proposing a Permissioned GHO Stability Module — a GSM — whose first application would support USAT, a USD-backed stablecoin issued by Anchorage Digital Bank, N.A. The mechanism exchanges waUSAT for GHO and GHO for waUSAT. Proposed initial funding sits at 65,000,000 GHO against a waUSAT Exposure Cap of 20,000,000 waUSAT. That’s a ratio of 3.25 GHO per waUSAT of exposure capacity — a proposed funding-to-cap relationship, not a conversion price, and not a guarantee either figure gets deployed.

On Base, the SPCXc listing proposal would add Coinbase’s B20 tokenized form of SpaceX Class A common stock — listed as SPCXc — to the pooled lending spoke of Aave V4’s Equities Hub. LlamaRisk supports the onboarding.

The proposed parameters impose a more restrictive and risk-sensitive profile than the comparable listings, though not in the same direction on every measure. SPCXc gets a 0.55 collateral factor, ten percentage points lower than META and TSLA. Maximum liquidation bonus is proposed at 6.5%, one point above the Magnificent Seven. Collateral risk lands at 1,000 basis points; the Magnificent Seven are at zero. The differences run in different directions: SPCXc has a lower collateral factor, a higher liquidation bonus and a higher collateral-risk setting. In the desk’s reading, those settings amount to a more restrictive risk profile.

Proposed add cap is 37,000 SPCXc, approximately $5.8 million at current prices — implying a reference value of roughly $156.76 per token, though the filing labels that dollar figure as approximate.

The rationale for tighter parameters comes down to share structure. The proposal puts SpaceX at a $2.33 trillion valuation with only 21% of shares currently tradable. A 180-day lock-up is set to release another 2.43 billion shares — described as 84% of the current float — between October 26 and December 8, 2026. The proposal cites $14 billion to $16 billion in daily SpaceX stock volume.

SPCXc’s approval would extend the Equities Hub beyond its initial seven Coinbase tokenized stocks: Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla. That hub launched September 25, 2026, letting eligible non-U.S. users borrow USDC$0.9998▲0.01% against those assets, according to The Block. The SPCXc proposal was published October 15, twenty days after launch.

Stani Kulechov, Aave Labs founder and CEO, told The Block: “Until now a tokenized stock was something you could hold or trade. Today it becomes something you can borrow against.”

Eligible non-U.S. Base users would gain a proposed route to borrow against SPCXc — capped at 37,000 tokens, subject to the 0.55 collateral factor and 6.5% liquidation bonus.