aUSDCStablecoin

Aave Interest bearing USDC

Circulating supply: $1.5B
0D change: -
Yield · 30-day trailing APY: 4.50%
NAV: 1.0000
Management fees: 0.00%
Minimum: $0
Redemption: Daily
Launched: 01 Jan 2020

Field coverage 100%Primary-source or on-chain verified 50% of tracked metrics0/1 source documents analyst-verifiedLast reconciled 13 Nov 2026

Overview

What this product is

Yield-bearing USDC deposited in the Aave lending protocol.

Underlying asset: USDC
Asset class: Stablecoin
Product structure: Tokenized Fund
Legal structure: BVI Professional Fund
Issuer jurisdiction: United States
Fund domicile: United States
Base currency: USD
Launched: 01 Jan 2020

Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.


USDT	0.00%	0.00%	$0	$90.67B
USDC	0.00%	0.00%	$0	$61.58B
USDS	0.00%	0.00%	$1	$5.38B
USDe	10.50%	0.00%	$0	$5.27B
DAI	0.00%	0.00%	$0	$4.95B
sUSDS	6.00%	0.00%	$0	$3.39B
PYUSD	0.00%	0.00%	$0	$2.64B

Issuer

Who runs it

AaveDecentralized

A decentralized non-custodial liquidity protocol.

Portfolio

Composition

USDC Loans100.0%

Weighted average maturity

0 days

Reserves

Attestation

Reserve composition

What actually backs the float, from the most recent independent attestation.

Attestation

Verification history

Attesting firm: on_chain
Frequency: daily
Last attestation: 01 Jan 2023
Reserve WAM: 0 days

An attestation confirms the reserve existed on a reporting date. It is not an audit, and it says nothing about what a holder legally owns if the issuer fails, that question is answered by the legal structure, not the reserve report.

Risk

Reserve profile

Who holds the reserves, and whether the yield they earn reaches you or stays with the issuer.

Held as bank deposits-

Deposits are unsecured claims on a bank; government securities are not. A higher share means more bank credit exposure inside a product marketed as cash.

Backing type: crypto backed
Yield to holders: Passed through
Peg currency: USD

Par redemption access

Open access via smart contracts

No on-chain history has been recorded for this product yet. Its value outstanding comes from issuer disclosure rather than a contract read.

AUM

$1.5B

Assets under management

No on-chain history recorded for this series yet.

Yield

4.50%

Yield history. 30-day trailing APY

No on-chain history recorded for this series yet.

NAV

1.0000

NAV per token (stable $1.00)

This fund maintains a constant NAV of USD 1.00 and distributes yield through token supply rather than price. NAV history is therefore flat by construction; monitor supply and yield instead.

No on-chain history recorded for this series yet.

Movement

Recent daily movement

No on-chain history recorded for this product yet.

Redemption

Terms

Contractual terms

Redemption frequency: Daily
Dealing cut-off: 24/7
Settlement: T+0
Redemption fee: None
Secondary venues: Uniswap
Transfer restrictions: None

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption

Daily · T+0

Off-hours exit

Available continuously

Secondary market

Uniswap

Transferability

Freely transferable after compliance period

Exit fee

No redemption fee

Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Issued byAaveDecentralizedderived Administered byAaveDecentralizedderived Transfer agent of recordSmart ContractsDecentralizedderived

Custody

Where the backing assets actually sit.

Custodied bySmart ContractsDecentralizedderived

Markets & settlement

Where it trades and how value moves between venues and chains.

Deployed onEthereumpublic l1 · 100% of supplyderived

Look-through

Other tracked products this one holds.

HoldsUSD CoinUSDC · 100% of portfolioderived

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments

Registry

Networks and contracts

		Contract / asset id
EthereumPrimary	public l1	0x98C23E9d8f…bd050541	100.0%

Counterparties

Service providers

If any of these has a problem, this product is affected.

Custodian: Smart Contracts· Decentralized
Administrator: Aave· Decentralized
Transfer agent: Smart Contracts· Decentralized
Tokenization platform: Aave· Decentralized
Oracle / attestation: chainlink

Access

Classification

Who may hold this

RetailEligible

AccreditedNot eligible

ProfessionalNot eligible

InstitutionalEligible

Minimum investment: $0
Allow-list required: No
Transfer restrictions: None

Geography

Where it is available

United StatesAvailable

European UnionNot available

SingaporeAvailable

United KingdomAvailable

SwitzerlandAvailable

Hong Kong SARAvailable

United Arab EmiratesAvailable

Explicit prohibitions

Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

Structure

Legal and regulatory

Legal structure: BVI Professional Fund
Product structure: Tokenized Fund
Fund domicile: United States
Issuer jurisdiction: United States
Transfer agent: Smart Contracts

The domicile of the fund and the jurisdiction of its manager are frequently different. Both are recorded separately because they drive different questions: tax and insolvency follow the domicile, supervision follows the manager.

Source documents

Offering documentation

The documents behind the figures on this page. Anything marked verified has been checked by an analyst.

Aave Interest bearing USDC Prospectus & Termsprospectus · 01 Jan 2023Queued↗

On-chain activity

Daily value outstanding

Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.

No on-chain history recorded for this product yet.

Related intelligence

2 events reference this product

07 Nov 2026Adoption

Pendle’s syrupUSDC and syrupUSDT Yield Up to 12.8% with Aave

Pendle integrates Maple Finance's syrupUSDC and syrupUSDT yield-bearing tokens, enabling yields up to 12.8% through Aave integration.

The integration of Maple's syrup-tokens into Pendle and Aave expands the composability and secondary liquidity of institutional private credit assets. This allows institutional allocators to optimize yield strategies and derivatives pricing on-chain, effectively bridging high-yield private credit with decentralized liquidity primitives.

03 Nov 2026Regulation

Aave Wins MiCA Approval for Euro Stablecoin Ramps

Aave secures regulatory compliance under the Markets in Crypto-Assets (MiCA) framework to enable institutional Euro stablecoin ramps and lending markets.

Achieving MiCA compliance removes a critical regulatory bottleneck for European institutional capital entering decentralized liquidity pools, positioning Aave as a compliant venue for institutional yield generation. This precedent establishes a clear compliance blueprint for other decentralized liquidity protocols seeking traditional financial integration.