TokenLogic's October 15, 2026 Aave governance proposal details a permissioned GHO Stability Module on Avalanche for USAT stablecoins. The design enforces continuing approval for return swaps, allowing revocation that prevents participants from swapping waUSAT receipt tokens back into GHO. Exiting to U.S. dollars requires Aave V4 reserve withdrawals and direct redemption with issuer Anchorage Digital Bank under a 10 basis point fee. Crucial contract addresses and bridge parameters remain unspecified.
Governance proposal details and status
- ▪As of October 18, 2026, TokenLogic's public Aave proposal outlines a Snapshot vote followed by an implementation proposal as its next governance steps.
- ▪TokenLogic's October 15, 2026 proposal specifies zero swap fees for the module while leaving contract addresses for Avalanche USAT, waUSAT, reserve, commercial counterparties, and pricing strategies unspecified.
- ▪TokenLogic's proposal contains a discrepancy where a 66 million GHO outbound bridge capacity is labeled as 110% of initial funding.
- ▪TokenLogic submitted an October 15, 2026 governance proposal to introduce a permissioned GHO Stability Module for USAT on Aave V4 on Avalanche.
- ▪The initial whitelist for TokenLogic's proposed Aave module includes a commercial counterparty and an Aave DAO Safe controlled by the Aave Finance Committee.
GHO Stability module entry and exit mechanisms
- ▪TokenLogic's proposed module uses shared liquidity across participants without maintaining individual principal balances or requiring swaps to match past deposits.
- ▪TokenLogic's proposed Aave stability module requires approval for every swap, and revoking access prevents subsequent swaps, including attempts to recover previously deposited waUSAT receipt tokens after exchanging them for GHO.
- ▪Under TokenLogic's proposed entry route, an approved counterparty supplies USAT to Aave V4's Tokenization Spoke to receive waUSAT receipt tokens before swapping them for GHO.
- ▪Returning GHO through TokenLogic's proposed Aave stability module recovers waUSAT receipt tokens rather than directly delivering USAT stablecoins or U.S. dollars.
- ▪Under TokenLogic's proposal, an approved swap originator can designate another recipient or submit a signed swap via relayer without requiring separate participant approval.
Emergency controls and swap restrictions
- ▪TokenLogic stated that restrictions on reversing a swap would need to be reflected in counterparty agreements.
- ▪TokenLogic's proposal retains emergency controls for Aave, where freezing halts exchanges and asset seizure transfers module-held waUSAT to a designated treasury.
GHO token transferability and capacities
- ▪GHO tokens received through TokenLogic's proposed module remain freely transferable even if a participant's permissioned module access is revoked.
- ▪TokenLogic's proposal sets ongoing GHO module capacities after initial funding at 5 million tokens each way with a 1,000 GHO-per-second refill rate.
USAT redemption requirements and fees
- ▪An October 12, 2026 risk assessment by LlamaRisk reports a standard $1 million mint and burn minimum for USAT with Anchorage Digital Bank.
- ▪Obtaining USAT stablecoins after recovering waUSAT requires withdrawing from Aave V4, which depends on available reserve liquidity and an unpaused reserve.
- ▪Redeeming USAT stablecoins for U.S. dollars requires an active client account relationship under a written agreement with issuer Anchorage Digital Bank.
- ▪Anchorage Digital Bank charges a 10 basis point redemption fee for USAT stablecoins under a fee schedule effective October 9, 2026.
- ▪Anchorage Digital Bank excludes USAT minting and burning from its normal Convert interface, requiring separate onboarding to the Hadron platform.
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