What is PT-stcUSD?
PT-stcUSD-29JAN2026 is a Principal Token for Staked cap USD (stcUSD), redeemable 1:1 for stcUSD at maturity on January 29, 2026.
Staked vs Non-Staked cap USD
- cUSD: Base cap USD stablecoin
- stcUSD: Staked version that earns yield
This PT provides fixed yield exposure to the staked version, which itself generates variable yield.
How Fixed Yield Works
Principal Tokens convert variable yield into fixed:
Variable (stcUSD): Yield fluctuates based on protocol performance Fixed (PT-stcUSD): Buy at discount, redeem at face value for guaranteed returnThis is valuable when:
- You expect yields to decline
- You prefer certainty over speculation
- You want to lock in current rates
Maturity: January 29, 2026
At maturity:
- Each PT-stcUSD redeems for 1 stcUSD
- The stcUSD can then be unstaked for cUSD
- Or continue holding for ongoing yield
Redemption is straightforward via Pendle's interface.
Investment Profile
Best For:- Fixed income seekers
- Those wanting stablecoin exposure with locked returns
- Conservative DeFi strategies
- Those expecting significant yield increases
- Short-term traders
- Those unfamiliar with yield tokenization
Risks
- Underlying Risk: cap USD protocol stability
- Smart Contract Risk: Pendle + cap USD layers
- Staking Risk: stcUSD unstaking mechanics
- Opportunity Cost: Cannot benefit from yield increases
- Liquidity Risk: May vary near maturity