Cap is a covered credit / yield-bearing stablecoin protocol on Ethereum, issuing cUSD (1:1 redeemable against regulated dollar reserves) and stcUSD (yield-bearing) backed by restaking-based underwriter coverage.
Regulated dollar reserves are pooled into the Vault.
Minted 1:1 against the reserve basket, fully redeemable.
Live signals detected by Sentinel monitors across all five risk classes.
See each alert's affected component, root-cause analysis, and recommended action. Pro members get the full risk breakdown for every protocol.
Existing yield-bearing stablecoins either expose holders to perp-funding risk (Ethena) or to opaque off-chain lending (USDS strategies). Institutional credit allocation in DeFi lacks programmatic, auditable underwriter coverage.
Cap separates issuance (cUSD, 1:1 against regulated dollar reserves) from yield generation (stcUSD), routing reserves to a Lender contract that lends to whitelisted institutional Borrowers, each backed by restaking-collateralised Underwriter coverage delegated through Symbiotic and EigenLayer.
First production deployment of restaking-as-underwriter-insurance for stablecoin lending. Underwriters — not stcUSD holders — bear default risk. Reserves earn the Aave benchmark rate while Borrower spread accrues to stakers.
Cap is a Lending protocol operating on Ethereum, MegaETH. Cap is a covered credit / yield-bearing stablecoin protocol on Ethereum, issuing cUSD (1:1 redeemable against regulated dollar reserves) and stcUSD (yield-bearing) backed by restaking-based underwriter coverage.
DeFi Sentinel rates Cap A with a safety score of 74/100, indicating low-to-moderate risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Cap has 8 audits on record. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
Cap has a DeFi Sentinel safety score of 74/100 (rating A), last updated May 21, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Cap is deployed on Ethereum, MegaETH.
Yes. Cap has 8 audit reports on record from firms including Zellic, Trail of Bits, Electisec. Audit reports and dates are linked under the Resources tab on this page.
