Aave approves borrow-only USDtb onboarding at the ARFC stage

What happened

Aave's ARFC Snapshot approved advancing USDtb as a borrow-enabled, non-collateral reserve on the Ethereum Core instance.

What changed

A concrete AIP path opened for a USDtb reserve with a 50 million supply cap, 40 million borrow cap, and an interest-rate curve intended to deepen borrowing liquidity for stablecoin leverage strategies.

What did not change

The ARFC approval did not deploy the reserve, enable USDtb as collateral, execute final parameters, or add USDtb to Ketju's approved assets.

Confirmed

• The ARFC Snapshot passed on April 27 with quorum and YAE as the winning option.
• USDtb was proposed as borrowable but not collateral-enabled.
• The proposed supply and borrow caps were 50 million and 40 million.
• The official risk review identified concentrated Ethena-linked holdings, KYC-gated direct redemption, custodian reliance, and BUIDL and stablecoin reserves.

Still open

• The final AIP payload, vote, and execution.
• Live deposit concentration, borrow utilization, secondary liquidity, and redemption performance.
• Final reserve composition, custodian exposure, and cross-chain dependencies at execution.
• Whether the proposed reserve affects approved GHO-market liquidity or risk in practice.

What it means for an advisor

• Review the Aave memo's reserve and counterparty-risk map for USDtb, BUIDL, Pallas entities, custodians, and KYC-gated redemption.
• Verify the final AIP, executed caps, oracle, and live liquidity before treating USDtb as an operative Aave reserve.
• Keep Ketju's approved Aave exposure and USDtb asset suitability as separate decisions.