Cap (Covered Agent Protocol)
Cap is a stablecoin protocol on Ethereum providing credible financial guarantees through two products: cUSD, a dollar-backed stablecoin collateralised by regulated stablecoins and tokenised money market funds (USDC, PYUSD, BUIDL, BENJI), and stcUSD, a yield-bearing savings token. Yield is generated through a covered credit marketplace where institutional operators borrow and restakers underwrite risk via EigenLayer and Symbiotic.
Total Value lock 
$0
Tokens issued
1Blockchains
1Exchanges
-Partners
-Licenses
-Founded
2024Total Value Locked by Chains
| # | Chain name | % | Distribution |
|---|---|---|---|
 Not found Sorry, there are no related tokens. | |||
Token List
| # | Name | Price | 7D% | Market Cap(24h) | Volume(24h) | Price Changes |
|---|---|---|---|---|---|---|
1 |  Celo Dollar | 0 |  0.00% | $0 | 0 |
Platform Profile
Type
stableCoinWebsite
https://cap.app
Issuer
Cap LabsAddress
Documentation
https://docs.cap.appJurisdiction
United StatesAPI available
trueStatus
UnregulatedAbout Cap (Covered Agent Protocol)Founded by Benjamin Sarquis Peillard (also known as Benjamin Lens) in 2024, Cap has grown to over $500M TVL since its August 2025 Ethereum mainnet launch. The protocol's three-sided model connects depositors (cUSD/stcUSD holders), operators (institutional borrowers like IMC Trading, Susquehanna, Flow Traders), and delegators/restakers who underwrite credit risk. Over 80% of cUSD reserves are deployed on Aave V3, making Cap one of Aave's largest depositors. Cap raised $11M from Franklin Templeton, Triton Capital, Susquehanna, and others. The protocol is designed to comply with the GENIUS Act by separating yield from the stablecoin itself. The Cap Stablecoin Network (CSN) launched with PayPal (PYUSD) as a partner, and reserve assets include BlackRock BUIDL and Franklin Templeton BENJI tokenised money market funds.