TLDR
Aave V4 has launched its first externally curated lending markets, managed by Sentora on Ethereum.
Users can borrow Ripple’s RLUSD, PayPal’s PYUSD and Origin’s OUSD against selected crypto assets.
A Bluechip market lets users borrow stablecoins against kBTC, a Bitcoin-backed asset.
Aave DAO keeps ownership of the contracts, and risk-raising changes face a 48-hour timelock.
Aave V4 deposits passed $1 billion in September, with $310 million in active loans.
Aave has launched its first externally curated lending markets on its V4 protocol. The markets are managed by Sentora, an institutional decentralized finance (DeFi) platform.
The three new markets run on Ethereum. They let users borrow three stablecoins against selected crypto assets.
The stablecoins are Ripple’s RLUSD, PayPal’s PYUSD and Origin’s OUSD. Users can access the markets through Aave Pro, the platform’s interface for curated lending products.
Sentora sets the risk rules for each market, including which assets can be used as collateral. Aave DAO keeps ownership of the underlying contracts.
The first externally curated markets on Aave V4 are now live, with strategy by @SentoraHQ .
Users can borrow RLUSD, PYUSD, and OUSD against yield-bearing and blue-chip collateral across three new markets on @ethereum . pic.twitter.com/zFD052SO19
— Aave (@aave) October 22, 2026
How the Sentora Markets Work
All three markets draw from a Sentora Liquidity Hub on Ethereum. The Hub holds the assets available for borrowing and supplies liquidity to each market.
The RLUSD Yield market lets users borrow RLUSD against USDe, PRIME, mWIN and PST. The OUSD Yield market accepts the same collateral but lends OUSD instead.
A third market, called Bluechip, supports borrowing RLUSD, PYUSD and OUSD against kBTC. kBTC is a Bitcoin-backed asset.
Each market has its own borrowing conditions. Sentora manages collateral settings, interest rate curves, price oracles and liquidation rules.
In an October 22 research article, Sentora called the launch the first governance-approved Hub and Spoke deployment run by an external curator on Ethereum. Its architecture diagram also lists a planned PYUSD Yield market, though its collateral has not been confirmed.
Sentora has worked on stablecoin lending before. In August, it approved FXRP as collateral in its RLUSD lending vault on Morpho.
How Aave V4 Manages Lending Risk
Aave V4 uses a Hub and Spoke design. Hubs hold funds and track supplied assets, while Spokes set borrowing rules and liquidation points.
Positions are tracked separately in each Spoke. This means a user’s collateral and debt in one market are not combined with positions in another.
Borrowing costs depend partly on how much of an asset’s liquidity is in use. V4 can also add a risk premium, so borrowers using riskier collateral may pay higher interest.
Any change that raises market risk must pass a 48-hour timelock. New collateral assets need Aave governance review before they can be listed.
Sentora says it has allocated more than $2 billion across onchain strategies. Its Risk Radar system tracks more than 40 DeFi protocols on over 12 blockchains and now covers Aave V4.
The V4 design already supports other products. In September, Aave opened an equities market on Base that accepts seven Coinbase tokenized stocks as collateral for USDC loans, with a $21 million initial borrowing cap.
Aave Labs reported that V4 deposits passed $1 billion in September, with $310 million in active loans.
Aave is also reviewing an October 14 proposal from Babylon Labs. It would allow stablecoin borrowing against native Bitcoin held in vaults on the Bitcoin blockchain, pending governance approval, final risk settings and security checks.
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