USP Yield: Earn up to 36% APY on USP/USDC

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

13.31%

Net borrow APY

9.28%

Max leverage

7.0x

Default leverage

6.7x → 36.28% APY

Leverage ladder

1x 13.31% · 2x 17.34% · 3x 21.37% · 4x 25.40% · 5x 29.43% · 6x 33.46% · 7x(max) 37.49%

Oracle type

market

Exit slippage

$100k 0.68% · $500k 58.31% · $1M 78.71% · $5M 95.67% · $10M 97.83%

as-of 2026-08-20T09:34:34.372Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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