USP Max APY Yield Strategy

USP is Piku Finance's yield-optimized stablecoin that appreciates in value through a diversified backing strategy including FX arbitrage and DeFi protocols, rather than maintaining a fixed $1 peg.

How the strategy works

This is a max-APY yield loop: USP is supplied as collateral and USDC is borrowed against it on Morpho, then recycled back into USP to multiply the underlying FX Arbitrage + DeFi yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

USP Yield Optimized Stablecoin (USP)

Borrowed asset

USDC

Issuer

Piku

Yield source

FX Arbitrage + DeFi

Underlying

USD

Category

stable

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

10.36%

Net borrow APY

7.54%

Max leverage

7.0x

Default leverage

6.7x → 26.43% APY

Leverage ladder

1x 10.36% · 2x 13.18% · 3x 16.00% · 4x 18.82% · 5x 21.64% · 6x 24.46% · 7x(max) 27.28%

Oracle type

market

Exit slippage

$100k 0.66% · $500k 63.17% · $1M 81.44% · $5M 96.27% · $10M 98.13%

as-of 2026-08-14T07:18:50.132Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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