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Jun 4, 2026 • 4 min read

Introducing Vaults

Piku Finance launches three tokenized vaults from Morini Capital on Ethereum: delta-neutral FX arbitrage (BMMF via Accountable), regulated leveraged TRY carry, and Borsa İstanbul equity basis trade The most material Piku Finance product expansion since USP.

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Introducing Vaults

Introducing the Morini Vault Suite on Piku Finance: Three Tokenized Yield Strategies, On-Chain

Reading time: ~8 minutes

What's launching

Piku Finance is launching three new tokenized vaults curated by Morini Capital, each giving direct on-chain access to a single yield strategy:

  1. Morini aFXArbUSDTRY - tokenized access to the Balsa Money Market Fund (BMMF), a delta-neutral USD/TRY arbitrage strategy. The same engine that has anchored USP since launch. Distributed via Accountable and piku.co.
  2. Morini StockMarketTRBasisTrade - tokenized access to a regulated delta-neutral basis-trade strategy on Borsa İstanbul equities. Permissionless via piku.co.
  3. Morini CarryTradeUSDTRYLeverage - tokenized access to a regulated Turkish leveraged carry strategy. Permissionless via piku.co.

Our goal is to make Piku Finance the institutional gateway to global yield opportunities. These three vaults are step one - more strategies will follow.

Why this matters

USP did one thing well. The Morini suite does something different.

USP has been live for over 200 days at 15.11% historic APY across 23 consecutive positive weeks, with ~$18.2M in TVL. The yield is real, generated primarily by BMMF - our proprietary delta-neutral USD/TRY arbitrage strategy run across Turkish crypto exchanges and fiat banking rails. USP has worked as both a savings product and a DeFi pillar.

BMMF, the strategy at the core of USP, has performed even better on its own. On certain days the strategy has captured returns above 80% by harvesting short-lived dislocations between Turkish stablecoin markets and the official USD/TRY rate. Several USP depositors asked for direct exposure to BMMF rather than the blended USP wrapper.

That conversation became the start of Piku Finance's next chapter: becoming the institutional gateway to global yield opportunities. The three vaults launching today are the first concrete products in that direction.

The global yield thesis

Turkish markets are Piku Finance's bread and butter. Deep crypto adoption, mature regulated investment infrastructure, and a domestic professional asset-management industry combine to produce a structurally rich set of yield strategies: regulated, market-structure-driven, executable at institutional scale.
The three vaults launching today are the first expression of that. They are also the start of a broader chapter: with these on-chain, Piku Finance moves from being the issuer of one yield-bearing stablecoin to being the access layer for similarly structural yield strategies - from Turkey first, and from other markets next - accessible through vaults on Piku.

How to think about choosing

We are launching three single-strategy vaults in addition to USP, not in place of it. USP remains Piku's main product - a diversified, governance-managed, yield-bearing stablecoin.

The simple framing:

  • If you want blended, diversified yield largely uncorrelated with crypto → hold USP.
  • If you want concentrated, single-strategy exposure to a specific yield engine → use one of the Morini vaults. Each has its own deep-dive post with mechanics, risks, and historical performance.

The partner stack

The vaults are deliberately built on specialized rails, and the architecture matters.

Morini Capital

Curator for all three vaults. Morini designs the vault structure, manages the tokenization layer, and maintains the relationship with each underlying fund. Allocators interact with the Morini-issued vault token at the on-chain layer.

Accountable

Tokenization rail and real-time Proof of Solvency dashboard provider for the aFXArbUSDTRY vault, the same infrastructure already in production for BMMF's on-chain verification at bmmf.accountable.capital.

Midas

White-label vault structure behind the two permissionless vaults, CarryTradeUSDTRYLeverage and StockMarketTRBasisTrade. Already a familiar partner across Piku Finance's broader backing surface.

PikuDAO

Governance layer. All three vaults sit inside the Piku Finance product surface, which is itself governed by PikuDAO via Snapshot.

What’s not changing

  • USP remains the flagship product. The new vaults complement it, they do not replace it. USP holders continue to earn from BMMF, alongside the rest of USP's governance-approved backing strategies.
  • PikuDAO continues to govern allocations. New strategies added to USP's backing still go through Snapshot. The vaults are separate products and do not change USP's governance process.
  • Brand architecture stays as established. Piku Protocol is the technical layer, PikuDAO is the governance layer, and Piku Finance is the product brand.

If you'd like to learn more, email [email protected] or reach out to us.

Frequently asked questions

Are these vaults replacing USP?

No. USP remains the flagship diversified yield-bearing stablecoin. The Morini vaults are single-strategy products for allocators who want concentrated exposure to a specific strategy. Different jobs.

Are all three vaults available to the same audience?

No. aFXArbUSDTRY is gated through Accountable with eligibility requirements applicable to qualified allocators. The other two are permissionless via piku.co with standard KYC where applicable.

Are these SPK-regulated funds?

Two of three. DLN (TRYTALP00127) and NIS (TRYVVGS00891) are SPK-registered Turkish funds with ISIN registration, KAP disclosure, TEFAS reporting, and annual independent audits. BMMF is a fund vehicle operated by Balsa with its own operational structure, and the Accountable wrapping adds on-chain Proof of Solvency on top of that fund-level rigor.

Why Turkey specifically?

Turkey combines a high-rate environment, mature regulated capital markets, licensed crypto exchanges, and a domestic professional asset-management industry with strategies that have been hard for outside allocators to access cleanly. The Morini suite exists to make those strategies accessible on-chain.

Are these tokens transferable?

Yes, the vault tokens are standard ERC-20 instruments on Ethereum. Secondary transfer and venue liquidity depend on each vault's specific eligibility model and any wrapper-level restrictions.

How is performance verified?

For aFXArbUSDTRY, through the real-time Proof of Solvency dashboard via Accountable. For DLN and NIS, NAV is published daily on TEFAS, Turkey's official fund-disclosure portal, with annual independent audit. Each vault token's NAV updates daily on Turkish business days.

How does this affect existing USP holders?

It doesn't, directly. USP continues to function as before, with BMMF as its largest backing allocation. USP holders who want concentrated exposure to BMMF can now access it via the aFXArbUSDTRY vault, and those who want the carry trade or basis trade can access them via the other vaults. Holding both is also valid, since they serve different roles.

Is the launch governance-approved?

The Piku Finance product surface and brand layer were approved via Snapshot Proposal 34. The specific vault products are issued by Morini Capital, not by PikuDAO directly, and are made available through the Piku Finance product layer. Read each vault's individual factsheet and risk disclosure before participating.

The bottom line

Three new single-strategy vaults on Piku Finance, each on its own point of the risk curve, behind one thesis: Piku Finance is the institutional gateway to global yield.

  • If you've held USP and want concentrated exposure to its anchor strategy → aFXArbUSDTRY.
  • If you want directional EM macro carry on a regulated wrapper → CarryTradeUSDTRYLeverage.
  • If you want market-neutral, USD-hedged equity arbitrage that doesn't correlate with the rest of your book → StockMarketTRBasisTrade.
  • If you want one product that does the job for you → USP.

Each vault has its own deep-dive post and its own risks. Read them before allocating.

Explore more

This article is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security or investment product. Returns are not guaranteed. Past performance does not guarantee future results. The Morini vaults provide exposure to strategies with distinct and material risk profiles, including emerging-market FX risk, leverage risk, regulatory risk, counterparty risk, and execution-technology risk. Always read each vault's full factsheet and consult qualified professionals before deploying capital.

Sources

  • Morini aFXArbUSDTRY, CarryTradeUSDTRYLeverage, and StockMarketTRBasisTrade vault factsheets — issued by Morini Capital
  • Accountable Proof of Solvency dashboard — bmmf.accountable.capital
  • Underlying fund disclosures on TEFAS — DLN, NIS
  • PikuDAO Snapshot Proposal 34 (Piku Finance product expansion)
  • Piku documentation — docs.piku.co

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