Cap

Cap is an on-chain credit marketplace with a dollar token (cUSD) and its yield version (stcUSD); CAP is its governance and utility token.

Cap is a lending marketplace on Ethereum built by Cap Labs. Lenders deposit stablecoins and tokenized money market funds and receive cUSD, a dollar token. They can stake cUSD for stcUSD, which earns yield from loans to institutions. Borrowers, which Cap says are whitelisted regulated financial firms, draw these dollars and repay principal and interest. Underwriters put up their own collateral for a specific borrower and earn a fixed premium; if the borrower defaults, the underwriter loses first.

CAP is not the stablecoin. It is the governance and utility token of the protocol, with a fixed supply of 10 billion. Governance rights are to be phased in over time, and the documentation says protocol revenue will be used for discretionary buybacks of CAP. About 15.6% of the supply was in circulation on 2 October 2026. Team, private investor and community sale tokens begin to unlock 12 months after launch and vest over 3 more years.

CAP started trading on 26 June 2026 after a public auction that cleared at $0.011. On 2 October 2026 DefiLlama showed about $277 million locked in the protocol and about $57 million borrowed.