USDt (Plus hub) on Aave V4 Ethereum Ethena Ecosystem

Live Tether USD (USDt) rates on the Aave V4 Ethena Ecosystem spoke on Ethereum. On V4 every borrower pays the hub's base rate, and a personal risk premium can be added depending on the collateral behind the loan.

Data from Aave's V4 API · updated 2026-11-08 04:27 UTC

Supply APY

3.73%

earned by suppliers

Base borrow rate

4.80%

before any risk premium

Supplied here

$4.33M

4.33M USDt

Borrowed here

$3.98M

3.99M USDt

Hub utilization

91.9%

Plus hub, all spokes

Available to borrow

$354K

price $0.9988

USDt supply and borrow rate history

Averages published by Aave's V4 API

Risk settings on this spoke

Can be used as collateral	No
Collateral factor	–
Collateral risk score	0.00%
Max liquidation bonus	–
Liquidation fee	0.00%
Supply cap used	4.33M of 12.00M USDt (36.1%)
Borrow cap used	3.99M of 12.00M USDt (33.2%)

The collateral factor decides how much you can borrow against this asset. The risk score feeds the borrower's risk premium: the safer the collateral, the lower the premium. How V4 works.

Where the liquidity comes from

Hub	Plus hub
Supplied across the hub	$4.33M
Borrowed across the hub	$3.98M
Spokes sharing it	1
Liquidity fee	15.00%
USDt token	0xdAC1…1ec7
Spoke contract	0xba1B…08AF
Hub contract	0x0600…536A

USDt utilization and interest rate curve

Hub utilization is 91.9% right now. Set by the Plus hub: how the base rate responds as more of the supply gets borrowed.

Base borrow rate Supply rate

Up to 92% utilization the base rate climbs gently from 0.00% to 4.70%. Past that point it climbs steeply, reaching 24.70% when everything is lent out.

About USDt (Plus hub) on the Ethena Ecosystem spoke

Tether USD (USDt) is listed on the Aave V4 Ethena Ecosystem spoke on Ethereum, which draws its liquidity from the Plus hub. On this spoke $4.33M is supplied and $3.98M borrowed, nearly all of the USDt in the hub, which is shared by 1 spoke. $354K is available to borrow.

Suppliers earn 3.73% a year, and borrowers pay the hub's base rate of 4.80% plus a personal risk premium that depends on the collateral behind their loan. The hub is 91.9% borrowed. Up to 92% the base rate rises gently from 0.00% to 4.70%; above that it climbs steeply to 24.70% when everything is lent out.

USDt cannot be used as collateral on this spoke. The best USDT supply rate elsewhere on Aave is 4.68% on the Ethereum Bluechip spoke (V4). The cheapest place to borrow it is Celo at 1.84%. Compare USDT rates on every Aave market.

Among the 17 Aave markets with at least $1M of USDT supplied, this one pays the 6th highest supply rate. Its base borrow rate is the 15th lowest of the 17 markets with at least $250K of USDT to lend. A week ago suppliers earned 3.72% and the base borrow rate was 4.80%, with the hub 91.8% lent out. Over the past 30 days, the supply rate ranged from 2.67% to 6.02%, and the base borrow rate from 4.01% to 7.66% (one reading a day).

USDt (Plus hub) on Aave V4 Ethena Ecosystem: quick answers

What is the USDt supply APY on Aave V4 Ethena Ecosystem?

3.73% a year right now. It is paid out of what borrowers across the Plus hub pay and changes with every deposit, loan and repayment.

What does it cost to borrow USDt on Aave V4 Ethena Ecosystem?

The base borrow rate is 4.80%. On Aave V4 each borrower also pays a risk premium on top, set by the collateral behind their loan, so the rate you pay can be higher.

Can I use USDt as collateral on Aave V4 Ethena Ecosystem?

No, USDt is not accepted as collateral on this spoke, although it can be supplied to earn interest.

Where else can I supply or borrow USDT on Aave?

The best supply rate is 4.68% on the Ethereum Bluechip spoke (V4). The cheapest borrow rate is 1.84% on Celo. Only markets with real liquidity are counted.

USDt elsewhere on Aave

V3 markets and other V4 spokes

USDT rates on every Aave market →

Market	Total supplied	Supply APY	Total borrowed	Borrow APY	Utilization
Ethereum CoreUSDT · $2.57B	$2.57B2.58B USDT	3.86%	$2.41B2.41B USDT	4.59%	93.7%
PlasmaUSDT0 · $709.2M	$709.2M710.05M USDT0	4.15%	$666.9M667.68M USDT0	4.66%	94.0%
MantleUSDT0 · $154.1M	$154.1M154.32M USDT0	3.11%	$134.8M135.00M USDT0	3.96%	87.5%
Avalanche MainV4USDT · $92.19M	$92.19M92.30M USDT	2.68%	$2.71M2.71M USDT	3.70%base rate	69.8%
MonadUSDT0 · $68.59M	$68.59M68.68M USDT0	4.16%	$62.63M62.72M USDT0	5.09%	91.3%
BNB ChainUSDT · $61.20M	$61.20M61.29M USDT	3.42%	$52.90M52.97M USDT	4.42%	86.4%
ArbitrumUSD₮0 · $43.73M	$43.73M43.79M USD₮0	3.57%	$38.62M38.67M USD₮0	4.52%	88.4%
X LayerUSD₮0 · $37.30M	$37.30M37.34M USD₮0	2.92%	$29.83M29.86M USD₮0	4.08%	80.0%