Trade PTs and YTs Directly on the Cap App
Sep 19, 2025
Cap has updated our UI to allow users to directly trade Pendle PTs and YTs on the Cap App. Whether you are looking to lock in a fixed term by holding a PT or want to speculate on yield by holding a YT, this integration allows you to do so all without leaving our platform.
What is Pendle?
Pendle is a protocol that tokenizes yield into a trading layer for users to speculate and hedge on, letting anyone split a yield-bearing asset into two pieces, the PT & the YT, and trade them on their AMM.
PT (Principal Token)
YT (Yield Token)
To put it simply, PTs are for users who are risk averse (since its a fixed yield) while YTs are for users who have a higher risk appetite (because yields are floating).
What is Cap?
Cap is a stablecoin protocol powered by credible financial guarantees that has two core products: cUSD and stcUSD.
cUSD is a dollar-denominated stablecoin backed by a basket of regulated payment stablecoins such as USDC and redeemable 1:1 for any reserve asset.
stcUSD is the yield-accruing version of cUSD where yield is generated by an open market of operators made up of market makers, proprietary trading shops, etc. and underwritten by restakers.
Still confused? Imagine an Apple Tree..
Want an easier way to understand Pendle? Imagine you buy an apple tree that will grow for one season.
PT (Principal Token) is like owning the tree itself.
YT (Yield Token) is like owning the rights to the apples the tree produces.
In short:
PTs = Owning the tree → safe, fixed return.
YTs = Owning the apples → variable, higher-risk reward.
FAQ Expanded
With this new integration, we have updated our FAQ to anticipate further questions.
What is PT-stcUSD?
What is YT-stcUSD?
What is PT-cUSD?
What is YT-cUSD?
Why would someone want to hold PT-stcUSD or PT-cUSD? What are the risks?
Why would someone want to hold YT-stcUSD or YT-cUSD? What are the risks?
I’m still confused about PTs and YTs. What is an easier way to understand it?
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