The proposed USAT-to-GHO route would check permission in both directions. Recovering USAT and redeeming it for dollars would require separate steps.
Aave’s proposed USAT gateway would require approval for every return swap, allowing access to be revoked after an institution had exchanged its deposit receipts for GHO.
TokenLogic’s Oct. 15 governance proposal would introduce a permissioned GHO Stability Module, or GSM, on Avalanche. It would let approved counterparties exchange waUSAT, a receipt for the dollar stablecoin USAT supplied to Aave V4, for GHO. Approval would apply in both directions, so revocation could prevent a participant from returning GHO to recover waUSAT.
That creates three separate conditions on the route back to dollars: access to the return swap, the ability to withdraw underlying USAT from lending, and eligibility to redeem USAT with its issuer, Anchorage Digital Bank.
As of Oct. 18, the public proposal still describes a Snapshot vote followed, if approved, by an implementation proposal as its next steps. Important addresses and contracts remain unspecified.
The proposed entry route involves two transactions. An approved counterparty would supply USAT to Aave V4’s Tokenization Spoke and receive waUSAT. It would then exchange those receipt tokens for GHO through the GSM, which would hold the waUSAT while the USAT remained supplied to Aave.
The return swap would therefore recover a receipt token. It would not directly deliver USAT or dollars.
The permission check would apply to the swap originator every time. TokenLogic explicitly says that revoking approval would prevent further swaps, including exchanges intended to recover previously deposited assets.
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