# \[Proposal\] Integrate PT-cUSD-29Jan2026 and PT-stcUSD-29Jan2026 on Euler Yield
**URL:** https://forum.euler.finance/t/proposal-integrate-pt-cusd-29jan2026-and-pt-stcusd-29jan2026-on-euler-yield/1684
**Category:** Euler DAO
**Created:** [October 18, 2025, 2:50am UTC](https://forum.euler.finance/t/proposal-integrate-pt-cusd-29jan2026-and-pt-stcusd-29jan2026-on-euler-yield/1684 "2025-10-18T02:50:05Z")
**Posts on this page:** 3
**Page:** 1
### Author:  [@daffy](https://forum.euler.finance/u/daffy)
#### Post date: [October 18, 2025, 2:50am UTC](https://forum.euler.finance/t/proposal-integrate-pt-cusd-29jan2026-and-pt-stcusd-29jan2026-on-euler-yield/1684/1 "2025-10-18T02:50:05Z")
## **Summary**
This proposal seeks approval to integrate [PT-cUSD-29Jan2026](https://app.pendle.finance/trade/markets/0x307c15f808914df5a5dbe17e5608f84953ffa023) and [PT-stcUSD-29Jan2026](https://app.pendle.finance/trade/markets/0xcc781b043933c10a04409b22aada3a3d1a7f29d4) 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.
- 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.
- 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.
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### Author:  [@Gauntlet](https://forum.euler.finance/u/Gauntlet)
#### Post date: [October 21, 2025, 1:52pm UTC](https://forum.euler.finance/t/proposal-integrate-pt-cusd-29jan2026-and-pt-stcusd-29jan2026-on-euler-yield/1684/2 "2025-10-21T13:52:07Z")
# **[Gauntlet] Integrate** PT-cUSD-29Jan2026 and PT-stcUSD-29Jan2026 **on Euler Yield**
# Summary
Gauntlet recommends integrating PT-cUSD-29Jan2026 and PT-stcUSD-29Jan2026 as collateral-only assets on Euler Yield with the following parameters.
# Fundamentals
cUSD is a stablecoin issued by the [Cap](https://cap.app/), backed through a restaked credit model.
In this system, Operators (borrowers) access liquidity from the vault, while Restakers (guarantors) provide 150–200% on-chain overcollateralization using assets such as restaked ETH. This collateral protects cUSD holders in case of default, with additional off-chain credit agreements allowing Restakers to recover losses legally if needed.
By shifting collateral responsibility from borrowers to guarantors, Cap enables more flexible liquidity access while maintaining strong, verifiable backing and on-chain transparency.
## Caps
| **Asset** | **Supply Cap** | **Borrow Cap** |
| --- | --- | --- |
| PT-cUSD-29Jan2026 | 12M | - |
| PT-stcUSD-29Jan2026 | 5M | - |
Pendle liquidity is ~$35M for PT-cUSD-29Jan2026 and ~$11M for PT-stcUSD-29Jan2026.
## LTVs
Gauntlet recommends the following LLTVs :
| Collateral | Debt | LLTV |
| --- | --- | --- |
| PT-cUSD-29Jan2026 | AUSD | 0.82 |
| PT-cUSD-29Jan2026 | mUSD | 0.82 |
| PT-cUSD-29Jan2026 | frxUSD | 0.82 |
| PT-cUSD-29Jan2026 | USD1 | 0.82 |
| PT-cUSD-29Jan2026 | USDe | 0.85 |
| PT-cUSD-29Jan2026 | USDtb | 0.85 |
| PT-cUSD-29Jan2026 | PYUSD | 0.85 |
| PT-cUSD-29Jan2026 | RLUSD | 0.85 |
| PT-cUSD-29Jan2026 | USDT | 0.85 |
| PT-cUSD-29Jan2026 | USDC | 0.85 |
| PT-cUSD-29Jan2026 | wM | 0.85 |
| PT-cUSD-29Jan2026 | rUSD | 0.85 |
| PT-cUSD-29Jan2026 | eUSDe | 0.85 |
| PT-stcUSD-29Jan2026 | AUSD | 0.82 |
| PT-stcUSD-29Jan2026 | mUSD | 0.82 |
| PT-stcUSD-29Jan2026 | frxUSD | 0.82 |
| PT-stcUSD-29Jan2026 | USD1 | 0.82 |
| PT-stcUSD-29Jan2026 | USDe | 0.85 |
| PT-stcUSD-29Jan2026 | USDtb | 0.85 |
| PT-stcUSD-29Jan2026 | PYUSD | 0.85 |
| PT-stcUSD-29Jan2026 | RLUSD | 0.85 |
| PT-stcUSD-29Jan2026 | USDT | 0.85 |
| PT-stcUSD-29Jan2026 | USDC | 0.85 |
| PT-stcUSD-29Jan2026 | wM | 0.85 |
| PT-stcUSD-29Jan2026 | rUSD | 0.85 |
| PT-stcUSD-29Jan2026 | eUSDe | 0.85 |
Borrow LTV is recommended to be 2% below LLTV
# Oracle
We recommend using Pendle TWAP oracles for PT-cUSD-29Jan2026 and PT-stcUSD-29Jan2026, crossed with the fixed rate oracle for cUSD.
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### Author:  [@Objective](https://forum.euler.finance/u/Objective)
#### Post date: [October 22, 2025, 12:25pm UTC](https://forum.euler.finance/t/proposal-integrate-pt-cusd-29jan2026-and-pt-stcusd-29jan2026-on-euler-yield/1684/3 "2025-10-22T12:25:28Z")
Objective Labs is aligned with Gauntlet’s proposal to integrate PT-cUSD-29Jan2026 and PT-stcUSD-29Jan2026 on Euler Yield. The proposed integration expands support for stablecoin yield markets and maintains consistency with existing Pendle PT listings. Objective Labs also supports the risk assessment and parameter recommendations outlined by Gauntlet.