New York, NY, Aug. 18, 2026 (GLOBE NEWSWIRE) — Cap, a credit platform backed by financial guarantees, today marks one year since mainnet launch. Over twelve months that included two of the most severe stress events in recent onchain credit history, the platform did not gate redemptions, did not break its peg, and consistently beat its peers in yield, holding an average of roughly 6.82% on USD deposits across the full period.
The anniversary caps a year that divides cleanly in half. In the first six months, the majority of Cap’s total value locked was USDC backing cUSD that sat idle only earning the risk free rate onchain and underwriter delegations were only $39.6M on average. In the second six months, underwriter delegations rose to an average of $209.6M, a 430% increase. In addition, in the second 6 months, utilized borrow liquidity increased from $12.65M to $55.26M, a 4.3x increase. These borrowers include firms such as Susquehanna Crypto and Flow Traders which is a publicly traded company based in Amsterdam.
Built for the stress case, then stress-tested twice
Cap’s architecture separates the party that borrows from the party that guarantees the loan. Every loan on the platform is underwritten by a dedicated underwriter who escrows their own capital against it – solving the principal-agent problem that lets originators book growth while lenders carry the risk. Enforcement runs through smart contracts that settle in seconds rather than courts that can take years.
That design was tested early. During the October 10, 2025 liquidation cascade and again during the Stream Finance contagion weeks later – events that froze redemptions and impaired principal across several yield-bearing dollar products – Cap continued to operate normally, processing all redemptions. Cap reiterated that reserves are allocated by market dynamics rather than a human treasury desk, and let depositors verify backing onchain.
The platform reinforced the same posture on the security side with a multi-dimensional holistic approach, completing its sixth audit with no critical or high-severity findings, integrating Hypernative for 24/7 monitoring as well as Octane for code reviews. Furthermore, depositors have the option to choose OpenCover protection with Nexus Mutual whenever they mint Cap USD.
The design constraint nobody else builds for
Most yield-bearing dollars degrade as more of their supply is staked. The yield is spread across a growing staked base while the unstaked float subsidizes it, so a high staking ratio quietly becomes a solvency problem.
Cap was engineered for the opposite condition. Today over 88% of cUSD supply sits in stcUSD – a staking ratio well above its peers – and the platform continues to deliver 5.11%+ to stakers, against a peer average of 3.29%. Underwriter Deposits stand at 66% of TVL, the buffer that makes that ratio safe.
“The fundamental problem in credit has never been a lack of capital. It’s been how risk is priced, who is accountable for underwriting it, and what happens when that underwriting is wrong. Cap was designed around those questions. A year of real market activity and real stress has given us evidence that aligning those incentives at the protocol level can produce a more resilient credit market,” said Benjamin Sarquis Peillard, Founder & CEO of Cap.
From Speculation to Institutions
Cap’s second half was defined by counterparties who do not chase incentives. Susquehanna Crypto and Flow Traders opened credit lines through the platform. ether.fi participates as both depositor and underwriter. M11 Credit, the underwriting arm of Maven 11, and prime brokerage FalconX both rely on Cap for scalable financing. Franklin Templeton’s tokenized money market fund BENJI and WisdomTree’s WTGXX were onboarded as supported assets, each requiring Cap to clear a full institutional compliance review.
In July 2026, stcUSD was listed on Aave’s MegaETH instance following a DAO vote, and hit its supply cap within hours – then twice more inside the same week.
Institutions with more than $2 trillion in collective assets under management now touch the platform as investors, borrowers or integration partners.
“The biggest change over the past six months has been the type of institutions coming onchain and what they’re coming here to do. Firms like Susquehanna Crypto, Flow Traders, FalconX, M11 Credit and ether.fi aren’t participating because of short-term incentives – they’re using Cap as credit infrastructure. Growing average underwriter delegations by 430% in six months is a strong signal that onchain credit is moving from experimentation toward real institutional adoption,” said DeFi Dave, Head of Growth, Cap.
By the numbers – Year One
| Metric | Year One |
| cUSD supply staked in stcUSD | 88% |
| Underwriter delegations | $240M |
| Average USD APY, trailing twelve months | 6.82% (peer average: 3.29%) |
| Cumulative volume | $5B |
| Total assets deposited | $344M |
What’s next
Cap enters year two focused on expanding its financial guarantee approach to credit to new frontiers ranging from traditional industries such as media to cutting edge ones such as robotics. Fulfilling the credit needs of these industries will show how Cap’s model is flexible enough to meet demand all while maintaining its integrity as a platform.
About Cap
Cap is a private credit platform that uses blockchain technology to address the core problems facing legacy private credit systems. Cap’s novel automated credit marketplace ensures every loan is backed by onchain principal protection. Each loan has a dedicated underwriter who puts their own capital behind the decision, making honest underwriting the dominant strategy. Dollar depositors then earn a secured yield that’s insured by underwriters. This innovative approach to private credit mitigates the issues of scalability, incentive alignment, fraud, and illiquidity facing traditional markets. Cap’s investors include Franklin Templeton, Susquehanna, IMC Trading, and other legacy financial institutions. Today, the platform has $5B+ in cumulative volume, over $350M in deposits, and 5–7% annualized yield on dollar deposits.
Learn more at cap.app or follow @CapApp.
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