Aave v3 USDT is a lending pool on Ethereum for supplying and borrowing USDT. Yield comes from borrower interest payments on the Aave v3 protocol, with USDT-specific risk parameters managed by automated Risk Stewards.
AUM
$3b
Net APY
2.52%
Active Users
20k
Type
Lending
Network
Ethereum
BBB+
Elevated RiskCeiling AA-
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from BBB+ to AA- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security100
KMPKey Management Permissions91
MMarket87
LLiquidity85
CCollateral100
PMProtocol Mechanics85
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance93
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▲ 19.80%
$3b
Over the last 30 days, the total value of Aave v3 USDT has grown 19.80% with $476.49M in inflows.
Supply APY · 30D▼ 45.34%
2.52%
Over the last 30 days, the APY has decreased from 4.61% to 2.52%.
Active Users · 30D▼ 0.01%
20k
Over the last 30 days, active users have decreased by 0.01%, reaching 20.3K wallets.
Market Details
Component Ratings
Contract Addresses
Smart Contract0x2387...D4086a
ACLManager0xc2aa...eddd42
LendingPool0x8787...4fA4E2
PoolConfigurator0x64b7...9EbB27
PoolAddressesProvider0x2f39...d94E9e
Key Strengths
S1Extensive audit coverage from top security firms with continuous formal verification and a large bug bounty program
S2Battle-tested through multiple USDT-specific stress events including large whale withdrawals and record liquidation volumes, all resolved without bad debt
S3Dual 5-of-9 Guardian multisigs with diverse independent signers and timelocked governance execution
S4Dedicated aUSDT staking coverage via the Umbrella Safety Module with automated slashing mechanism
Key Risks
R1USDT issuer risk with S&P Global rating Tether stability as "weak", citing reserve composition concerns relative to overcollateralization buffer
R2MiCA non-compliance has led to USDT delistings across major European exchanges with no compliance plans announced
R3Single whale controls the majority of USDT liquidity on Aave, creating significant concentration and exit risk
R4Historical USDT depeg events during market stress periods demonstrate ongoing peg stability risk
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