3h ago
I have followed up on a large number of protocols, and I will share more ongoing projects later:
CAP is a decentralized stablecoin protocol that has not yet issued a token.
The business model of CAP = users deposit USDC → mint stablecoin cUSD → professional institutions execute diversified strategies to earn returns → collateral provided by stakers → everyone shares the profits.
The collateral here is to prevent institutions from misbehaving. The system introduces a re-staking collateral mechanism that uses Symbiotic/EigenLayer to delegate ETH to provide collateral for operators, earning up to 4% APR in USDC fees plus PoS rewards.
This allows ordinary people to obtain stablecoins while enabling institutions and stakers to earn returns through a secure structured approach.
1. A total of approximately $13.9 million has been raised. Franklin Templeton and Triton Capital are the lead investors.
2. Currently in phase 3, starting on October 13, 2025, with a TVL of $280 million.
3. The core components are:
Minting mechanism: Users deposit USDC/USDT 1:1 to mint cUSD, which is fully redeemable. The stcUSD variant allows staking for enhanced returns.
4. The two main highlight assets of the product are cUSD + stcUSD.
cUSD: A digital dollar asset backed by blue-chip stablecoins.
stcUSD: The yield version of cUSD.
cUSD holders continue to enjoy 10x Caps, while others follow the PT YT model, with points up to 20x.
Currently, cap @capmoney_ focuses on stabilizing the demand for Pendle and Morpho, integrating more blue-chip DeFi to drive the demand for cUSD, maintaining the market expansion of cUSD and stcUSD, while enhancing user stickiness through extended participation time, wallet integration, and delegation mechanisms.
5h ago
The time has come to upgrade the global credit system.
The time has come for Cap.
Listen to @Benjamin918_'s winning pitch at @token2049 where he explains how Cap unlocks novel ways to safely scale dollar-denominated yields.
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