Cap
AuditedVerifiedNewCap 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.
Active Risk Alerts
Live signals detected by Sentinel monitors across all five risk classes.
Unlock alert details with Pro
See each alert's affected component, root-cause analysis, and recommended action. Pro members get the full risk breakdown for every protocol.
Score history
This rating is re-checked every month. A point is recorded for every check, so a flat line means we looked and nothing moved. Hover anywhere on the chart to see what moved that month, and by how much.
The Problem
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.
The Solution
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.
Why it Matters
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.
Protocol Metrics
Related Research
View allFrequently asked questions about Cap
What is Cap?+
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.
How does Cap work?+
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.
Is Cap safe?+
DeFi Sentinel rates Cap A with a safety score of 76/100, 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. DeFi Sentinel's analysis flagged 6 medium, 3 low risk alerts across Economic Design & Market Risk, Governance & Centralization and Sustainability & Competitive Position. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Cap?+
Cap has a DeFi Sentinel safety score of 76/100 (rating A), last updated September 16, 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%).
Which chains does Cap support?+
Cap is deployed on Ethereum, MegaETH.
Has Cap been audited?+
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.