Cap x Morpho x Gauntlet Team Up To Launch stcUSD and PT-stcUSD Markets

We're excited to announce that Cap has partnered with Gauntlet to launch new markets on Ethereum for stcUSD and PT-stcUSD on Morpho.

This integration expands access and liquidity for Cap assets while offering new opportunities for suppliers to earn optimized returns through Gauntlet’s risk-managed vault strategies.

Details of the Markets

As of now, only stcUSD and PT-stcUSD will be listed as collateral on Morpho and users will have the ability to loop their positions 9x.

You can now access the new markets and vaults live on Ethereum:

• stcUSD market:

Morpho | stcUSD/USDC market

Morpho stcUSD/USDC market. Lend and borrow using the most secure, efficient, flexible lending protocol on Ethereum.

Morpho Interface

• PT-stcUSD market:

Morpho | PT-stcUSD-29JAN2026/USDC market

Morpho PT-stcUSD-29JAN2026/USDC market. Lend and borrow using the most secure, efficient, flexible lending protocol on Ethereum.

Morpho Interface

What is Cap?

Cap is a stablecoin protocol powered by credible financial guarantees. It offers two core products:

• cUSD – a dollar-denominated stablecoin backed 1:1 by a basket of payment stablecoins including USDC. Holders can redeem cUSD for any reserve asset in the basket.
• stcUSD – a yield-bearing stablecoin minted by staking cUSD. It generates returns from operator activity underwritten by restaker delegations.

Additionally, PT-stcUSD (Pendle Principal Token) is a fixed yield token that represents a claim on stcUSD at maturity.

What is Morpho?

Morpho is the most trusted onchain lending network with $11B+ in deposits. Businesses can connect to Morpho's open infrastructure to power any lending or borrowing use case at scale, including embedded crypto-backed loans and custom yield solutions.

What is Gauntlet?

Gauntlet is a leading risk management platform in DeFi, focused on optimizing capital allocation across lending markets. By continuously simulating liquidity, volatility, and market dynamics, Gauntlet helps protocols strike the balance between safety and yield.

With this launch, stcUSD and PT-stcUSD are now included in Gauntlet’s curation efforts.

Morpho | Gauntlet USDC Core vault

Morpho x Gauntlet USDC Core vault. The USDC Core Vault will whitelist a range of liquid collateral markets and continuously optimize risk-adjusted yield across those markets. This vault targets a higher risk level than Gauntlet’s Prime Vaults.

Morpho Interface

Morpho | Gauntlet USDC Frontier vault

Morpho x Gauntlet USDC Frontier vault. The Gauntlet USDC Frontier Vault targets maximum yield by allocating to potentially higher volatility markets that may face liquidity risks in exchange for greater supplier returns.

Morpho Interface

Closing Thoughts

The integration of Cap assets with Gauntlet-curated vaults on Morpho marks another milestone in our roadmap. By tapping into Morpho's network effect and Gauntlet’s risk expertise, we are empowering users to get the most out of stcUSD in a safe and efficient manner.