diff --git a/tests/foundry/fork/VTUSDOLDRateCap.t.sol b/tests/foundry/fork/VTUSDOLDRateCap.t.sol
new file mode 100644
index 000000000..7aa98a3f9
--- /dev/null
+++ b/tests/foundry/fork/VTUSDOLDRateCap.t.sol
@@ -0,0 +1,131 @@
+// SPDX-License-Identifier: BSD-3-Clause
+pragma solidity 0.8.25;
+
+import { Test, console2 } from "forge-std/Test.sol";
+
+interface IVTokenLike {
+    function accrueInterest() external returns (uint256);
+    function repayBorrow(uint256 repayAmount) external returns (uint256);
+    function _setInterestRateModel(address newInterestRateModel) external returns (uint256);
+    function totalBorrows() external view returns (uint256);
+    function totalReserves() external view returns (uint256);
+    function reserveFactorMantissa() external view returns (uint256);
+    function interestRateModel() external view returns (address);
+}
+
+interface IInterestRateModelLike {
+    function getBorrowRate(uint256 cash, uint256 borrows, uint256 reserves) external view returns (uint256);
+}
+
+/// @notice vTUSDOLD on BSC mainnet: zero cash and a 100% reserve factor keep borrows minus reserves
+///  constant, so utilization and the borrow rate climb with the debt until accrueInterest reverts on
+///  the VToken's borrow rate cap. Past that point every call that accrues interest reverts, including
+///  the governance call that would swap the rate model.
+/// @dev Needs ARCHIVE_NODE_bscmainnet. Without it every test is skipped.
+contract VTUSDOLDRateCapForkTest is Test {
+    IVTokenLike internal constant VTUSDOLD = IVTokenLike(0x08CEB3F4a7ed3500cA0982bcd0FC7816688084c3);
+    address internal constant NORMAL_TIMELOCK = 0x939bD8d64c0A9583A7Dcea9933f7b21697ab6396;
+    address internal constant FAST_TRACK_TIMELOCK = 0x555ba73dB1b006F3f2C7dB7126d6e4343aDBce02;
+
+    uint256 internal constant FORK_BLOCK = 125_064_000; // 1 Oct 2026, about 08:00 UTC
+    uint256 internal constant BLOCKS_PER_DAY = 192_000;
+    uint256 internal constant STEP = 20_000;
+
+    // Same value as borrowRateMaxMantissa in VTokenInterfaces.sol.
+    uint256 internal constant BORROW_RATE_MAX = 0.0005e16;
+
+    function setUp() public {
+        if (bytes(vm.envOr("ARCHIVE_NODE_bscmainnet", string(""))).length == 0) {
+            vm.skip(true);
+        }
+        vm.createSelectFork("bscmainnet", FORK_BLOCK);
+    }
+
+    function _rate() internal view returns (uint256) {
+        return
+            IInterestRateModelLike(VTUSDOLD.interestRateModel()).getBorrowRate(
+                0,
+                VTUSDOLD.totalBorrows(),
+                VTUSDOLD.totalReserves()
+            );
+    }
+
+    /// @dev Rolls forward STEP blocks at a time and accrues, until the rate model returns a rate
+    ///  above the cap. Returns the number of blocks rolled.
+    function _rollUntilCapped() internal returns (uint256 rolled) {
+        while (_rate() <= BORROW_RATE_MAX) {
+            vm.roll(block.number + STEP);
+            rolled += STEP;
+            VTUSDOLD.accrueInterest();
+        }
+    }
+
+    function test_debtGrowsWhileBorrowsMinusReservesStayFixed() public {
+        assertEq(VTUSDOLD.reserveFactorMantissa(), 1e18);
+
+        uint256 borrowsBefore = VTUSDOLD.totalBorrows();
+        uint256 gapBefore = borrowsBefore - VTUSDOLD.totalReserves();
+        uint256 rateBefore = _rate();
+
+        vm.roll(block.number + BLOCKS_PER_DAY);
+        VTUSDOLD.accrueInterest();
+
+        uint256 borrowsAfter = VTUSDOLD.totalBorrows();
+        console2.log("borrows before (TUSDOLD)", borrowsBefore / 1e18);
+        console2.log("borrows after 1 day     ", borrowsAfter / 1e18);
+
+        assertEq(borrowsAfter - VTUSDOLD.totalReserves(), gapBefore);
+        assertGt(borrowsAfter, (borrowsBefore * 125) / 100);
+        assertGt(_rate(), rateBefore);
+    }
+
+    function test_marketFreezesOnceRateCapIsReached() public {
+        uint256 rolled = _rollUntilCapped();
+        console2.log("days until cap", rolled / BLOCKS_PER_DAY);
+        console2.log("borrows at cap (TUSDOLD)", VTUSDOLD.totalBorrows() / 1e18);
+
+        vm.roll(block.number + 1);
+
+        vm.expectRevert(bytes("borrow rate is absurdly high"));
+        VTUSDOLD.accrueInterest();
+
+        vm.expectRevert(bytes("borrow rate is absurdly high"));
+        VTUSDOLD.repayBorrow(1);
+
+        address zeroRateModel = _deployZeroRateModel();
+
+        vm.prank(NORMAL_TIMELOCK);
+        vm.expectRevert(bytes("borrow rate is absurdly high"));
+        VTUSDOLD._setInterestRateModel(zeroRateModel);
+
+        vm.prank(FAST_TRACK_TIMELOCK);
+        vm.expectRevert(bytes("borrow rate is absurdly high"));
+        VTUSDOLD._setInterestRateModel(zeroRateModel);
+    }
+
+    function test_zeroRateModelStopsAccrualWhenSetBeforeCap() public {
+        address zeroRateModel = _deployZeroRateModel();
+
+        vm.roll(block.number + 1);
+        vm.prank(FAST_TRACK_TIMELOCK);
+        assertEq(VTUSDOLD._setInterestRateModel(zeroRateModel), 0);
+        assertEq(VTUSDOLD.interestRateModel(), zeroRateModel);
+
+        uint256 borrows = VTUSDOLD.totalBorrows();
+        uint256 reserves = VTUSDOLD.totalReserves();
+
+        vm.roll(block.number + 30 * BLOCKS_PER_DAY);
+        assertEq(VTUSDOLD.accrueInterest(), 0);
+
+        assertEq(VTUSDOLD.totalBorrows(), borrows);
+        assertEq(VTUSDOLD.totalReserves(), reserves);
+    }
+
+    function _deployZeroRateModel() internal returns (address) {
+        return
+            deployCode(
+                "JumpRateModel.sol:JumpRateModel",
+                abi.encode(uint256(0), uint256(0), uint256(0), uint256(1e18), uint256(70_080_000))
+            );
+    }
+}