Aave opens final governance for syrupUSDT collateral on Ethereum Core

What happened

Aave created on-chain Governance proposal 416 to onboard Maple's syrupUSDT as collateral in the Ethereum Core v3 instance and activated its vote the following day.

What changed

The proposed reserve advanced into binding final governance with a 50 million supply cap, borrowing disabled, a capped syrupUSDT-to-USDT-to-USD oracle path, and a correlated-asset E-mode with USDT and GHO.

What did not change

As of the November 30 boundary, the vote had not completed and no payload execution or live syrupUSDT reserve was established. Existing Aave collateral, oracle, and liquidation mechanics were unchanged by proposal creation alone.

Confirmed

• Aave Governance proposal 416 was created on November 28, 2025, and activated for voting on November 29.
• The proposal references Ethereum payload 375.
• The proposed configuration enables syrupUSDT as collateral, disables borrowing, sets a 50,000,000-token supply cap, and specifies non-E-mode LTV and liquidation-threshold values of 0.05% and 0.1%.
• The proposed correlated-asset E-mode permits syrupUSDT collateral against USDT and GHO with 90% maximum LTV and a 92% liquidation threshold.
• The proposed oracle path uses capped syrupUSDT/USDT/USD and capped USDT/USD components, a seven-day minimum snapshot delay, and 8.45% maximum yearly growth.

Still open

• The vote outcome, queueing, and any execution occurring after November 30 fall outside this historical packet and require a later event review.
• Actual secondary liquidity, depositor concentration, Maple credit performance, withdrawal behavior, and oracle performance under stress were not established by the governance record.
• The final live reserve configuration must be reconciled on-chain if the payload is executed.

What it means for an advisor

• Monitor proposal 416 and do not treat syrupUSDT as available collateral until execution and live reserve configuration are verified.
• Review whether the Aave memo adequately covers Maple underwriting, withdrawal-queue, upgrade, pause, and administrator dependencies introduced by syrupUSDT.
• Assess the large difference between the conservative non-E-mode parameters and the proposed 90%/92% correlated E-mode before considering any exposure involving syrupUSDT, USDT, or GHO.