what's cap?
Cap is a stablecoin protocol developed by DeFi veterans from projects like Beefy, Frax, and QiDao, focused on scaling yield for stablecoins while providing credible financial guarantees. It introduces cUSD as its flagship stablecoin, backed by USDC collateral and integrated with restaking protocols like Symbiotic for enhanced security and yield generation. The protocol features the Cap Stablecoin Network (CSN), partnering with entities such as PayPal USD and Circle's USDC to enable permissionless and open stablecoin issuance on Ethereum. Cap has achieved over $200M in total value locked, with integrations into major DeFi platforms including Pendle, MorphoLabs, Euler, and Curve for trading and yield optimization. It emphasizes institutional participation from firms like IMC Trading and Susquehanna Crypto, marking a milestone in bridging traditional finance with DeFi.
cap joins "Rise of DeFi" X Spaces today with OKX Ventures, Celo, Bancor, MC Squared.
contract
ethereum
Distributes Caps rewards to users who hold cUSD or utilize Cap integrations across partnered DeFi protocols.
Launched cUSD composite stablecoin that combines liquidity from multiple stablecoins (USDC, USDT, pyUSD, BUIDL, BENJI) into a single unified asset.
Integrated with Beefy Finance for automated yield optimization strategies and compounding returns on Cap products.
Premarket trading opened at $0.1902 on 2026-01-30 with current price around $0.13.
Raised $20M in seed funding from Dragonfly Capital.
Launched mainnet with 100,000 TPS target throughput and 10 millisecond block time.
Launched with Rabbithole as unified frontend providing intent-based interface for bridging, swaps, fiat on-ramps, and notifications.
Raised $49.9M in public ICO on Echo in October 2025 with total bids of $1.39 billion.
Confirmed listing on Coinbase exchange post-TGE.
Participates in "Rise of DeFi - Top Innovators" X Spaces discussion on 2026-01-28 at 17:00 UTC alongside OKX Ventures, Celo, Bancor, and MC Squared.
Conducts public sale on Uniswap via CCA on 2026-02-09.
Plans to airdrop stablecoin cUSD to Frontier Points holders instead of native tokens.
PT-cUSD/USDC looping powered by cross-chain PTs offers 70% APY, compared to 26% APY available on standard PT-cUSD max leverage looping.
Reaches new all-time high TVL with $317m cUSD in circulation and $35 million in cumulative deposits from Ether.fi and InfiniFi. stcUSD and cUSD proposed as supported assets on Aave's MegaETH deployment.
LiquidUSD vault curator now allocates to Cap as part of its strategy, providing a new deployment path for top DeFi allocators.
Integrated cUSD as collateral on Morpho protocol on Unichain.
Launched stcUSD on Equilibria as yield-bearing with built-in downside protection, featuring a vePENDLE boost, 5x Cap Points multiplier, and a double caps booster incentive program on Pendle that ends 2026-02-27.
RedStone stablecoin feeds deploy with a 0.05% deviation threshold, achieving the most precise stablecoin price feeds on Ethereum.
Offers double-digit yields through Pendle integration with money market amplification available for stablecoin farming.
Launches its own prediction market platform.
YieldNest's MAX LRT tokens integrate with Cap for the Flow Traders operator-restaker deployment, isolating operator risk into separate liquid tokens with cross-chain DeFi strategies.
Ranked in D Tier (second-lowest tier) in an Arbitrum projects ranking based on community sentiment, team developments, and evaluation/activity.
Flow Traders, one of the world's largest regulated market makers, is now live accessing USDC liquidity through the protocol as an AVS on EigenLayer, with the credit facility secured by operators including Yieldnest.
Launches as EigenLayer AVS on mainnet with full slashing and redistribution enabled, with Flow Traders (EURONEXT: FLOW) becoming the first publicly traded market maker to access USDC liquidity through the protocol.
Offers stcUSD 9% yield backed by restaked ETH, part of MegaMafia accelerator on MegaETH with a pre-deposit campaign, and listed in the MegaETH ecosystem landscape.
TGE expected by end of year with rumored/speculative likelihood rating (▓▓▒▒▒).
The protocol adds support for regulated money market fund.
Staking program launches with up to 5x multipliers and daily XP rewards. ACP adds native limit orders enabling Butler trades.
stcUSD holders can leverage on Ebisu Finance at 5% borrow rate to earn 10% in stablecoins with 6x Cap points boost, though ebUSD pools have low liquidity suitable for low 5-figure positions.
$230M USDC backs cUSD with 6% lent to operators at 3.4x over-collateralization ($50M in LBTC, WBTC, wstETH collateral), with protocol audited by Certora, Spearbit, Trail of Bits, Zellic, Sherlock, and Invariant. Most TVL comes from non-incentivized family office and institutional deposits rather than yield incentives.
Benjamin918_ represents the project as a panelist at StakingSummit in Buenos Aires on November 15, discussing "Beyond Payments: Stablecoins as an Appchain Standard" alongside representatives from TanssiNetwork and m0, moderated by MetaMask.
Lenders earn Cap points when lending against PT-CUSD, with 5.25% USDC available for lending against BTC-backed collateral.
Launched Homestead incentive program running 2026-01-29 through 2026-07-23. Frontier Program enters Season 3; TVL sits at $357M with Pendle holding 55% of TVL, yields at 14.76% IY versus 16.31% UY with 5x CAP Points on Pendle.
Lombard Finance onboards Cap as an institutional partner alongside Canton Network.
stcUSD offers 12-15% base APR, with the staking rate dropping to 32% during recent market volatility, concentrating yield among fewer stakers through yield passthrough mechanics.
Live as one of five Mafia apps on MegaETH.
A team representative speaks at Staking Summit in Buenos Aires on November 15th as part of a panel discussion on "Beyond Payments: Stablecoins as an Appchain Standard" alongside Tanssi Network and m0.
Jello Hardfork completes on Celo Sepolia testnet with zk security by SuccinctLabs Lite, mainnet deployment pending. Celo overtakes Base to lead in active addresses with 727K daily active users.
$165M USDC reserves sit in Aave, assets delegated exceed borrowed amounts by 3x, and cUSD burn/redeem operations work properly.
Rumors circulate about the project's potential insolvency, though the source explicitly notes uncertainty and lack of verification.
Cap launches innovative solutions at SmartCon as one of 12 key Chainlink ecosystem projects.
Cap users receive MegaETH allocations based on their Cap ranking, with top 20 users confirmed to receive distributions.
Boosted voter rewards launch on Celo with ~24% APY for USDT-cUSD pool, requiring SelfProtocol verification to access rewards.
WisdomTree's tokenized money market fund, from a firm with over $130B AUM, integrates as a core component of the protocol.
cUSD ranks 11th among the fastest growing RWAs on Ethereum by 30-day TVL growth, a decline from its previous 2nd place ranking.
cUSD ranks as the 2nd fastest growing RWA by 30-day TVL growth, outpacing established projects like Superstate's USCC, Tether's XAUT, and PayPal's PYUSD.
Adds Cap assets as collateral with dual points rewards (1x Cap + 1.5x Term) for lenders and fixed-rate borrowing for PT-cUSD holders. Added two long-dated principal tokens (PT-stcUSD-23JUL2026 and PT-cUSD-23JUL2026).
cUSD is featured in a16z's State of Crypto 2025 report alongside USDe as yield-bearing stablecoins redefining onchain dollars in the $300B+ stablecoin market.
A crypto VC publicly endorses Cap as passing their evaluation framework for quality stablecoin/DeFi projects, grouping it alongside established names like Ethena Labs and Morpho Labs out of hundreds of reviewed pitches.
cUSD YT trades on Pendle at 11% yield with 20x points multiplier; analysis projects 5% airdrop allocation and $168M FDV at launch based on 50% FDV/TVL ratio. Included in a list of 10 protocols for stablecoin yield and potential airdrops.
Price increases +36.5%, making it one of today's top three gainers in the x402 category.
Partners with Lombard Finance for institutional USD loans via LBTC restaking, integrated with EigenLayer and Symbiotic restaking infrastructure for collateral posting.
TGE expected Q4, unlocks when $500M USDm minted for 30 days, 10 applications hit 100,000 transactions, or 3 applications generate $500,000 fees.
Collaborates with Ethena Labs on native stablecoin.
Deploys as a yield-bearing stablecoin on Mega, offering pairing with non-yield bearing USDm, with a liquidity pool for CUSD token.
TVL reaches $328M. Cap depositors get prioritized allocation in the upcoming MegaETH public sale.
Liquidity pools on Celo offer voting incentives exclusively for SelfProtocol-verified users across four pairs including USDT-cUSD, USDT-USDC, USDT-WETH, and CELO-USDT.
Secures $11.1M funding round at $100M valuation.
TVL reaches $300M on Ethereum.
Developers identified as being from Russia in community discussion categorizing projects by team nationality.
Ranks #15 among top stablecoin issuers on Ethereum.
cUSD ranks #2 among new stablecoins by growth with +$222.48M increase from July 1 to October 16, 2025.
Current TVL reaches approximately 200M.
Listed as one of the top traded tokens last week in Zerion on both EVM and Solana chains.
Weekly mints of cUSD on Ethereum surge ~400% over the past week, showing significant acceleration in minting activity and demand.
Now verified on Moonshot platform.
cUSD supply on Ethereum increased by approximately 230% in the past month, indicating significant growth in adoption and demand for the stablecoin.
Cap wins TOKEN2049 NEXUS Startup Competition, receiving industry recognition after two days of pitching at the major crypto conference.
Selected as one of 5 finalists in the NEXUS Startup Competition, scheduled to pitch tomorrow at 3:00 PM on MEXC Official Stage with judges from Maelstrom Fund, Dragonfly, and Pantera Capital.
Participated in Ethereum Forward event focused on institutional finance infrastructure, listed among contributors alongside Ondo Finance, Consensys, MetaMask, Google Cloud, zkSync, and Optimism.
PT-stcUSD goes live on Contango as the longest-dated instrument available on the platform, marking a new integration for the stablecoin product.
Representative participates in Token2049 panel discussion with Synthetix and Mitosis on DeFi fundamentals, and the project is building its stablecoin protocol on MegaETH.
Cap Money is listed among stablecoin projects planning a Token Generation Event (TGE) in Q4, marking a significant upcoming milestone for the protocol's token launch.
$cUSD and $stcUSD are now live on Dolomite platform, expanding integration and availability of the stablecoins on the DeFi protocol.
cUSD supply on Ethereum increased by ~60% in the past three weeks, and the project is building on restaking networks including Symbiotic and EigenLayer.
Integration with Euler Finance launches cUSD markets with bonus reward incentives for USDC/USDT suppliers running through October 13 (end of Epoch 2).
Cap Money was part of MegaETH's Mega Mafia 1.0 accelerator program, with the cohort of ~15 teams collectively raising over $40M in funding.
Cap Money has begun delegating TVL to HFT firms, expected to generate yields exceeding Aave's 4.4% benchmark and increase returns for stcUSD holders.
USDm will be integrated as collateral in the Cap system and lent out through the protocol, with Cap Money positioning itself as a layer on top of USDm stablecoin infrastructure.
Partnership with MorphoLabs launches new Ethereum markets for stcUSD and PT-stcUSD on Gauntlet USDC Core and Frontier platforms.
The cUSD pool on Pendle Finance reaches $1.26M in total value locked from user deposits.
$pzETH becomes the #1 asset on the platform with delegated stake to ConcreteXYZ, indicating a new partnership collaboration.
Boosted cUSD pool launches on Penpie platform offering 17% APY and 20x Cap Points for LP token deposits.
stcUSD offers 14.47% Implied APY with 10% underlying yield rate.
Whale PT purchases trigger orderbook clearing while 20x point boost launches for first two weeks of yield farming.
New yield farming campaign launches with 5-month duration as TVL reaches $70M+ in first 15 days without looping.
New yield structure reveals 11% APY for stcUSD holders and varying cap multipliers: 5x for YT-stcUSD, 10x for cUSD, and 20x for YT-cUSD.
cUSD January 2026 product launches with 20x yield multiplier for Pendies
New yield multipliers announced: stcUSD earns 5x caps on Pendle (vs 0x normally) and cUSD earns 20x caps (vs 10x normally).
New stablecoin reaches $67M circulation in first week, backed by PYUSD, BUIDL, and BENJI assets.
New lending protocol features 97.5% LTV, 40X+ leverage, and $1B limit with direct ERC-4626 integration.
New institutional lending protocol launches with 97.5% LTV ratio, 40X+ leverage capability, and $1B limit, enabling direct ERC-4626 contract leverage without DEX fees.
stcUSD launches on Equilibria platform with 250% vePENDLE yield boost.
Achieves top 10 USDC depositor status on Aave V3 within 4 days of launch
stcUSD LP tokens now integrated with Penpie platform, offering 48% APY in PENDLE rewards
cUSD reaches $60M minting volume within first week of launch.
New liquidity pools launch on Pendle Finance offering 120-220% LP APY and 13-15% APY on PTs.
stcUSD launches on Pendle with January 2026 maturity, expanding yield opportunities.
New stablecoin protocol launches, accelerating deployment timeline ahead of previous 2025 target.
New institutional partnerships established with Pendle.fi, FTI Global, and MegaETH Labs ecosystem. USDC funds now actively deployed through Aave lending contract 0x7D7F72d393F242DA6e22D3b970491C06742984Ff.