Summary
This proposal seeks approval to integrate PT-cUSD-29Jan2026 and PT-stcUSD-29Jan2026 on Euler Yield as collateral-only assets. Cap focuses on providing “verifiable money” through compliant, yield-generating stablecoins, using EigenLayer restaking for credit mechanisms and risk protection. The protocol outsources yield generation to operators while ensuring principal safety via restakers and slashing incentives, making it “blow-up-proof” compared to traditional yield-bearing stables.
Fundamentals
scUSD and stcUSD are core tokens of the Cap Protocol, a stablecoin system leveraging decentralized operators and restakers for yield generation and risk coverage.
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cUSD is a compliant, dollar-denominated stablecoin backed by regulated blue-chip reserves, 1:1 redeemable stablecoin pegged to USDC. It maintains stability through over-collateralized operator loans and slashing mechanisms via EigenLayer restaking, ensuring full backing at all times. Idle reserves are deployed to Aave for base yield accrual.
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stcUSD is a staked version of cUSD, functioning as a yield-bearing token. Users stake cUSD to mint stcUSD, earning yields from operator deployments (after a hurdle rate deduction). Yields are distributed autonomously, with slashing protections redistributing funds to maintain cUSD parity.
Liquidity
PT-cUSD-29Jan2026 currently maintains around $36.2M in liquidity while PT-stcUSD-29Jan2026 holds approximately $11M in liquidity.
Risk Parameters
Caps
| Asset | Supply Cap | Borrow Cap |
|---|---|---|
| PT-cUSD-29Jan2026 | 10M | - |
| PT-stcUSD-29Jan2026 | 5M | - |
IRM
No IRM necessary for collateral only assets.
LTVs
| Collateral | Debt Asset | LLTV |
|---|---|---|
| PT-cUSD-29Jan2026 | USDC | 87% |
| PT-cUSD-29Jan2026 | USDT | 87% |
| PT-cUSD-29Jan2026 | PYUSD | 87% |
| PT-cUSD-29Jan2026 | RLUSD | 87% |
| PT-cUSD-29Jan2026 | USDe | 85% |
| PT-cUSD-29Jan2026 | eUSDe | 85% |
| PT-cUSD-29Jan2026 | USDtb | 85% |
| PT-cUSD-29Jan2026 | rUSD | 85% |
| PT-cUSD-29Jan2026 | AUSD | 82% |
| PT-cUSD-29Jan2026 | frxUSD | 82% |
| PT-cUSD-29Jan2026 | USD1 | 82% |
| PT-cUSD-29Jan2026 | mUSD | 82% |
| PT-cUSD-29Jan2026 | wM | 82% |
| Collateral | Debt Asset | LLTV |
|---|---|---|
| PT-stcUSD-29Jan2026 | USDC | 87% |
| PT-stcUSD-29Jan2026 | USDT | 87% |
| PT-stcUSD-29Jan2026 | PYUSD | 87% |
| PT-stcUSD-29Jan2026 | RLUSD | 87% |
| PT-stcUSD-29Jan2026 | USDe | 85% |
| PT-stcUSD-29Jan2026 | eUSDe | 85% |
| PT-stcUSD-29Jan2026 | USDtb | 85% |
| PT-stcUSD-29Jan2026 | rUSD | 85% |
| PT-stcUSD-29Jan2026 | AUSD | 82% |
| PT-stcUSD-29Jan2026 | frxUSD | 82% |
| PT-stcUSD-29Jan2026 | USD1 | 82% |
| PT-stcUSD-29Jan2026 | mUSD | 82% |
| PT-stcUSD-29Jan2026 | wM | 82% |
Oracle
Pendle TWAP oracles for PT-cUSD-29Jan2026 and PT-stcUSD-29Jan2026, crossed with the fixed rate oracle for cUSD.