Aave

Aave v3 USDC

Aave v3 USDC is a lending pool on Ethereum for supplying and borrowing USDC. Yield comes from borrower interest payments on the battle-tested Aave v3 protocol, governed by AAVE tokenholders with timelocked on-chain execution.

AUM

$1.92b-41.99%

Supply APY

4.49%+106.91%

A-Rated Protocol

Updated Apr 2, 2026

Risk Rating

A-

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This rating is based solely on publicly available information. The range from A- to AA+ reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.

SCS: Smart Contract Security

KMP: Key Management Permissions

M: Market

L: Liquidity

C: Collateral

PM: Protocol Mechanics

ICE: Infra Counterparty Exposures

PCE: Protocol Counterparty Exposures

G: Governance

FR: Financial Resilience

TLC: Team Legal Compliance

DT: Documentation Transparency

Potential Score

Provider risk assessed across Business, Operations, Reliability, and Security.

View the detailed scoring breakdown

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Contract Addresses

aEthUSDC

0x98C2...6F5c

USDCToken

0xa0b8...eb48

ACLManager

0xc2aa...4e60

LendingPool

0x8787...a4e2

PoolConfigurator

0x64b7...bB27

PoolAddressesProvider

0x2f39...4E9e

Key Strengths

Extensive audit coverage from top firms with continuous formal verification and a active bug bounty program
Fully organic USDC yield from overcollateralized borrower interest with no emissions dependency, backed by strong protocol revenue
High-quality stablecoin with strong issuer profile, S&P "Strong" stability rating and BlackRock-managed Treasury reserves
Battle-tested through major stress events including record liquidation volumes with zero bad debt to lenders
Robust governance with diverse Guardian multisigs, timelocked execution, and full on-chain DAO governance

Key Risks

USDC issuer counterparty risk with Circle's address freeze capability and demonstrated depeg during March 2023 SVB crisis
Inherent lending pool bank-run risk where high utilization could temporarily constrain exits during severe stress
Combined backstop reserves at approximately 1% of TVL, below the optimal threshold relative to the protocol's scale
Ongoing DAO-Labs governance tension over fee allocation creates potential conflict of interest
No publicly documented incident response playbook for key rotation or signer replacement despite demonstrated emergency capability
Infrastructure providers lack disclosed SOC 2/ISO27001 certifications