Lending protocols were forced a choice between two problems:
→ Pooled design: shared liquidity per market/chain. Capital efficiency is high within a market, but risk isolation is partial. Isolation Mode and debt ceilings are a workaround on top of a fundamentally shared pool. Each new deployment still starts liquidity from zero, since pools don't share depth across chains.
→ Isolated design: fully separate markets, permissionless to create. Each market is isolated at the protocol level, but liquidity is siloed with no sharing between markets. In practice, curated vaults that allocate deposits across several isolated markets can still transmit stress between them and a bad debt event in one market a vault is exposed to can trigger withdrawal pressure across the other markets that same vault allocates to.
@aave V4 uses another design system, Hub + Spoke: a unified Liquidity Hub with modular Spokes drawing from it via credit lines and caps. Isolation is structural at the Spoke level while the Hub keeps liquidity shared, so fragmentation stays low without collapsing risk boundaries.
The
@global_dollar Hub is the first new Hub since Aave V4 launched, built for USDG-correlated strategies.
PT-USDG-24SEP2026 is the first supported collateral. USDC, USDT, and USDG are borrowable. USDC and USDT sit in the new Hub but USDG is drawn from the Core Hub through a cross-hub credit line.
A new Hub for a single stablecoin strategy launches with access to Core Hub depth on day one, rather than siloing liquidity or diluting a shared pool's risk parameters.
The thesis around this design is that every new Spoke on Aave V4 compounds the network instead of fragmenting liquidity.
The Global Dollar Hub is now live on Aave V4.
It's the first new Liquidity Hub since V4's launch, live on
@ethereum and built for
@global_dollar USDG-correlated assets.