PT cap USD 23JUL2026 · by Cap · stable-PT
cUSD is Cap's stablecoin backed 1:1 by regulated stablecoins (USDC, USDT, pyUSD, BUIDL, BENJI). It is fully redeemable for reserve assets at any time and can be staked into stcUSD to earn yield from Cap's operator network.
Spiral Stake supplies PT-cUSD as collateral on Morpho, borrows a correlated asset against it, and recycles that back into more PT-cUSD — looping in a single transaction to amplify the underlying Operator Yield yield. Because the assets are price-correlated, the position targets a higher APY rather than a directional bet, with every cost and liquidation threshold shown upfront.
Leveraged PT-cUSD yield is a strategy that loops PT-cUSD on the Morpho lending protocol to multiply your exposure to its Operator Yield yield. Spiral Stake executes the whole loop in a single transaction.
PT-cUSD earns yield from Operator Yield, issued by Cap. Looping amplifies that base yield.
Leveraged positions carry liquidation risk if collateral value falls relative to the borrowed asset, plus smart-contract and market risk. Every cost and liquidation threshold is shown before you confirm.
Live APY, leverage multiplier and available liquidity are shown in the app.