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
$2b
Net APY
3.5%
Active Users
24k
Type
Lending
Network
Ethereum
A-
Qualified GradeCeiling 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 A- 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
MMarket100
LLiquidity85
CCollateral100
PMProtocol Mechanics93
ICEInfra Counterparty Exposures92
PCEProtocol Counterparty Exposures100
GGovernance100
FRFinancial Resilience87
TLCTeam Legal Compliance93
DTDocumentation Transparency100
Performance
Assets Under Management · 30D▼ 0.11%
$2b
Over the last 30 days, the total value of Aave v3 USDC has dropped 0.11% with $2.29M in outflows.
Supply APY · 30D▼ 23.58%
3.5%
Over the last 30 days, the APY has decreased from 4.58% to 3.50%.
Active Users · 30D▲ 0.42%
24k
Over the last 30 days, active users have increased by 0.42%, reaching 24.2K wallets.
Market Details
ChainEthereum
Treasury$388.00M
Code AuditsOpenZeppelin ↗Trail of Bits ↗Sigma Prime ↗Certora ↗PeckShield ↗Sherlock ↗MixBytes ↗Pashov ↗
Oracles UsedChainlink Price Feeds ↗Chainlink CAPO ↗
Stated Withdrawal TimeInstant
Component Ratings
Contract Addresses
Smart Contract0x98C2...e16F5c
USDCToken0xa0b8...06eb48
ACLManager0xc2aa...4f4e60
LendingPool0x8787...4fa4e2
PoolConfigurator0x64b7...9EbB27
PoolAddressesProvider0x2f39...d94E9e
Key Strengths
S1Extensive audit coverage from top firms with continuous formal verification and a active bug bounty program
S2Fully organic USDC yield from overcollateralized borrower interest with no emissions dependency, backed by strong protocol revenue
S3High-quality stablecoin with strong issuer profile, S&P "Strong" stability rating and BlackRock-managed Treasury reserves
S4Battle-tested through major stress events including record liquidation volumes with zero bad debt to lenders
Key Risks
R1USDC issuer counterparty risk with Circle's address freeze capability and demonstrated depeg during March 2023 SVB crisis
R2Inherent lending pool bank-run risk where high utilization could temporarily constrain exits during severe stress
R3Combined backstop reserves at approximately 1% of TVL, below the optimal threshold relative to the protocol's scale
R4Ongoing DAO-Labs governance tension over fee allocation creates potential conflict of interest
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