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.
This is a max-APY yield loop: PT-cUSD is supplied as collateral and USDT is borrowed against it on Morpho, then recycled back into PT-cUSD to multiply the underlying Operator Yield yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.
Live APY, leverage multiplier and available liquidity are shown in the app.