Onboarding verification briefAave governance #25927

USAT (Tether America / Anchorage): control-plane state at Ethereum Mainnet block 26,408,330

Read-only verification of who can change USAT (Tether America / Anchorage) and the Aave (USAT assessments) · Ethereum canonical token it is proposed for, pinned to a canonical block and reproducible on any archive node. Forum thread: Tether America USD (USAT) on Aave Avalanche Assessments ↗.

Asset: USAT (Tether America / Anchorage)
Venue: Aave (USAT assessments) · Ethereum canonical token
Pinned block: Ethereum Mainnet #26,408,330 · 2026-11-13 20:07:23 UTC Canonical (EIP-1898)
Block hash: 0x8efc8256…979f4d
Data: /api/v1/onboarding.json · slug tether-usat-eth

Upgrade path

ProxyAdmin

EIP-1967

Controller

3-of-5 MultiSig

Legacy MultiSigWallet

Timelock

none

Executes on 3rd confirmation

Supply

179,317,574.50 USAT

6 decimals

1. Findings

USAT 0x0704…8b68 is an EIP-1967 proxy: implementation 0x8B98…4d0e, ProxyAdmin 0x3e4C…d9C7 whose owner() is 0x62b3…c5Cb. USAT.owner() is the same address.
That controller is a legacy MultiSigWallet (submit / confirm / execute; 5,705 bytes), required() = 3 of 5 owners. It is not a TimelockController: an upgrade or owner action executes as soon as the third confirmation lands.
Linked queue: Ethena timelock 0xE8Dc…7c94 (86,400s delay) holds two pending operations (isOperationPending = true / true) that add RLUSD and USAT to EthenaMinting; the USAT operation becomes executable at 2026-11-14 10:22:23 UTC. See the Ethena pre-execution brief.
The forum thread assesses the bridged USAT on Avalanche; this brief covers the canonical Ethereum token whose redemption and credit exposure that bridged asset inherits.

2. Observed state at block 26,408,330

Block hash 0x8efc8256…979f4d; every read below used EIP-1898 {blockHash, requireCanonical: true} and returned byte-identical results on 2 independent RPC endpoints.

Check	Contract	Value
USAT totalSupply()	0x0704…8b68	`179317574500000`
USAT decimals()	0x0704…8b68	`6`
EIP-1967 implementation slot	0x0704…8b68	`0x8B98Bcd9b1F8ae112FB2b58b45c3Bc9a75CC4d0e`
EIP-1967 admin slot (ProxyAdmin)	0x0704…8b68	`0x3e4C6460aa00c11C81e3C5b95b15d612F5F2d9C7`
USAT owner()	0x0704…8b68	`0x62b3a0f6ffc5efd7692053A9040fE44F9AC8c5Cb`
Controller multisig required()	0x62b3…c5Cb	`3`
Controller multisig getOwners()	0x62b3…c5Cb	`[5] 0x6744A526C21015f46559083CBc1984CC23138aF2, 0x106743fDe530388d0e4963d28189e8868F151511, 0xD3Fc71bDE8a7E6c6F8b5665C2398e5DCA025c680, 0x682986313e971e197d1aFe75F07c54C0e0f8dbc9, 0x1e1Ed3720091Fbe7F3Ee178fe63E9633641fD58D`
Controller multisig eth_getCode	0x62b3…c5Cb	`5,705 bytes`
Ethena timelock getMinDelay()	0xE8Dc…7c94	`86400`
Ethena op 0x1fe5 isOperationPending()	0xE8Dc…7c94	`true`
Ethena op 0x0ca0 isOperationPending()	0xE8Dc…7c94	`true`
Ethena op 0x0ca0 getTimestamp()	0xE8Dc…7c94	`1794651743`

3. Reproduce

Reproduce every value on any archive node

# Ethereum Mainnet block 26408330
cast block 26408330 --field hash --rpc-url "$ETH_RPC_URL"
# expect 0x8efc8256deb932e65b5117f040db264dc8200850636d90eecd5daccb99979f4d

# USAT totalSupply()
cast call 0x07041776f5007ACa2A54844F50503a18A72A8b68 "totalSupply()" --block 26408330 --rpc-url "$ETH_RPC_URL"
# USAT decimals()
cast call 0x07041776f5007ACa2A54844F50503a18A72A8b68 "decimals()" --block 26408330 --rpc-url "$ETH_RPC_URL"
# EIP-1967 implementation slot
cast storage 0x07041776f5007ACa2A54844F50503a18A72A8b68 0x360894a13ba1a3210667c828492db98dca3e2076cc3735a920a3ca505d382bbc --block 26408330 --rpc-url "$ETH_RPC_URL"
# EIP-1967 admin slot (ProxyAdmin)
cast storage 0x07041776f5007ACa2A54844F50503a18A72A8b68 0xb53127684a568b3173ae13b9f8a6016e243e63b6e8ee1178d6a717850b5d6103 --block 26408330 --rpc-url "$ETH_RPC_URL"
# USAT owner()
cast call 0x07041776f5007ACa2A54844F50503a18A72A8b68 "owner()" --block 26408330 --rpc-url "$ETH_RPC_URL"
# Controller multisig required()
cast call 0x62b3a0f6ffc5efd7692053A9040fE44F9AC8c5Cb "required()" --block 26408330 --rpc-url "$ETH_RPC_URL"
# Controller multisig getOwners()
cast call 0x62b3a0f6ffc5efd7692053A9040fE44F9AC8c5Cb "getOwners()" --block 26408330 --rpc-url "$ETH_RPC_URL"
# Controller multisig eth_getCode
cast code 0x62b3a0f6ffc5efd7692053A9040fE44F9AC8c5Cb --block 26408330 --rpc-url "$ETH_RPC_URL"
# Ethena timelock getMinDelay()
cast call 0xE8Dc0Fab349EA169283C48Ccfd09d797E6DB7c94 "getMinDelay()" --block 26408330 --rpc-url "$ETH_RPC_URL"
# Ethena op 0x1fe5 isOperationPending()
cast call 0xE8Dc0Fab349EA169283C48Ccfd09d797E6DB7c94 "isOperationPending(bytes32)" 0x1fe5e3e892708310bbfcf50efc03a1b8e21e0d0042035d7e8315e0cd5f26d85b --block 26408330 --rpc-url "$ETH_RPC_URL"
# Ethena op 0x0ca0 isOperationPending()
cast call 0xE8Dc0Fab349EA169283C48Ccfd09d797E6DB7c94 "isOperationPending(bytes32)" 0x0ca0fcc4856b87f3df9a74532bd60db58d1310c27c17e7d9bfa8a56846f57a90 --block 26408330 --rpc-url "$ETH_RPC_URL"
# Ethena op 0x0ca0 getTimestamp()
cast call 0xE8Dc0Fab349EA169283C48Ccfd09d797E6DB7c94 "getTimestamp(bytes32)" 0x0ca0fcc4856b87f3df9a74532bd60db58d1310c27c17e7d9bfa8a56846f57a90 --block 26408330 --rpc-url "$ETH_RPC_URL"

4. Scope

Observations of on-chain state only. They do not assess code correctness, reserves, legal structure or off-chain key custody, and they are not investment advice.
Issuers can clear or document these findings with a 24h Collateral Onboarding & Delta Clearance Attestation ($5,000 USDC flat): block-pinned audit, docs / config reconciliation PR, Base EAS Aligned attestation and a Curator Diligence Dossier for the forum thread.

For issuers

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