Today we are excited to announce that Cap has been listed on Pendle with a pool for stcUSD, enabling users to have agency over their yield preference. Users will now have the option to opt into fixed yield with Principal Tokens (PT) or floating variable yield plus caps with Yield Tokens (YT). This listing comes in the first week of launch and is emblematic of the reception Cap has received. This will be the first of many Pendle markets listed for Cap.
Pendle has added its second co-hort of Cap markets, now allowing users to trade the PT and YT tokens of cUSD that accrue caps. In addition, users can earn additional caps on top standard rates by holding YT tokens and providing LP to both cUSD and stcUSD markets on the platform.
When Epoch 2 begins September 1st, cUSD holders will receive 10x Caps per cUSD for the next 6 weeks. On top of this, Pendle users who hold the following positions will get boosted multipliers on top of that:
YT-cUSD holders: 20x Caps
LP-cUSD holders: 20x Caps
YT-stcUSD holders: 5x Caps
LP-stcUSD holders: 5x Caps
Furthermore, PT-cUSD, PT-stcUSD, and stcUSD will also be listed on lending markets this week.
If you are unfamiliar with how Pendle and Cap work, please refer to our previous article about Pendle’s listing of its stcUSD market that goes into detail about both protocols.
PT-cUSD (Principal Token): Lock in fixed yield.
YT-cUSD (Yield Token): get caps-only exposure.
Maturity matters: PT redeems 1:1 for cUSD at maturity, while YT stops earning new Caps.
Slippage, gas, and incentives may vary — always double-check the Pendle UI before confirming trades.
Head to the cUSD market.
Swap into PT-cUSD (fixed yield) or YT-cUSD (floating Caps).
Hold until maturity or trade out anytime.
The listing of cUSD markets on Pendle lets users pick their preferred Caps strategy, yield or caps, while unlocking boosted multipliers in Epoch 2. If you have any questions regarding this, you are encouraged to ask them in Pendle’s Discord.
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