Aave proposes syrupUSDC onboarding on Ethereum Core

What happened

An Aave ARFC proposed onboarding Maple's syrupUSDC to the Ethereum Core instance with a 50 million supply cap and a stablecoin E-mode against USDC and GHO.

What changed

A concrete governance path was proposed for a rejected private-credit exposure to become collateral within an approved-with-limits Aave deployment.

What did not change

The proposal did not execute an AIP, activate syrupUSDC, change Ketju's Maple rejection, or extend the Aave approval to this collateral path.

Confirmed

• The proposed syrupUSDC supply cap is 50 million.
• The stablecoin E-mode specifies 90% LTV, a 92% liquidation threshold, and a 4% liquidation bonus.
• The E-mode table identifies syrupUSDC as collateral and USDC and GHO as borrowable assets.
• The proposal says a successful ARFC would require a later AIP for final confirmation and enforcement.

Still open

• The ARFC vote result and any subsequent AIP or execution are not established.
• The top-level specification says collateral is disabled while the E-mode table says syrupUSDC is collateral, leaving the intended configuration ambiguous.
• No executed oracle, cap, liquidity, or liquidation configuration is supplied.

What it means for an advisor

• Review the Aave v3 memo for rejected Maple credit exposure entering through syrupUSDC collateral.
• Do not treat the existing Aave approval as covering syrupUSDC without asset-specific custody, credit, oracle, liquidity, and withdrawal review.
• Require the final payload to resolve the proposal's contradictory collateral specification.