Cap is a stablecoin protocol created by DeFi veterans from Beefy Finance, Frax Finance, and QiDao Protocol. The project is backed by financial giants, such as Franklin Templeton, IMC Trading, SCB, and Flow Traders.

Its goal is to scale yield for stablecoins while maintaining credible financial guarantees for users. Cap has made immense strides this year as we prepare to fully launch. Ahead of our deployment, we’re excited to release this public roadmap for the broader community to follow our progress.

Products

cUSD is a digital dollar issued on the Ethereum blockchain and permissionless to use. cUSD is backed by payment stablecoins such as USDC, pyUSD, USDB, BENJI and BUIDL, etc. that are issued by regulated institutions with transparent attestations. It is 1:1 redeemable for any of the reserve assets.

stcUSD is a savings product issued by staking cUSD. Any cUSD holder has open access to stcUSD. Yield is generated via an autonomous layer of operators, who self-select in and out based on the current hurdle rate of the protocol. The risk of yield generation is covered, meaning users have downside protection that is verifiable by code.

Upcoming Releases

The release of cUSD and stcUSD will happen gradually. We’re working with our operators, restakers, and collateral partners to kickstart the system.

cUSD’s reserve will be launched first, with a single asset as backing. Within the span of a month, we will add the rest of the initial collateral assets. Future collateral listings will happen on a rolling basis, following the methodology described in our documentation.

While the entire codebase is ready and fully audited, our allocation engine will not be live immediately. Once the initial reserve assets have been added, we will slowly introduce the initial operator set to launch borrowing. Cap’s operator set is primarily consisted of regulated financial institutions, trading firms, and established crypto brands. Our initial set of partners will test the product for the 1-2 months. Prior to full launch, a wider set of operators will added to service the larger amount of liquidity expected at that time.

2025 Launch Roadmap

The following is our initial roadmap which has documented our progress at Cap and what our broader community should look forward to in the future.

✅ Feb: Finish MVP

✅ March - May: Complete Audits

• Zellic Audit

• Trail of Bits Audit

• Spearbit Lead Security Researchers Audit

• Code review by shared security market teams

✅ April: Seed Announcement

✅ May: Onboard initial cUSD settlement network members

✅ May: Begin operator-restaker matchmaking

⏳ MegaETH and LayerZero mainnet-testnet product release

⏳ Announce cUSD settlement network members

⏳ Reveal initial operator set

⏳ Operator-Restaker trial

• Restakers delegate a small amount of stake

• Operators borrow small amounts to test

⏳ Announce full operator set

⏳ Full launch: cUSD and stcUSD

⏳ Launch public incentives campaign

How To Participate

As Cap gradually launches components for its full product, users will have the chance to test out these components. This includes minting cUSD, staking for stcUSD, restaking with one of our partner LRTs, and using bcUSD (to be announced soon).

Questions and feedback are encouraged. Long-form questions and feedback should be posted on our community forum. Discussions may be had on our Telegram and Discord communities.

Links and Resources

Website: https://cap.app

X/Twitter: https://x.com/capmoney_

Discord: https://discord.gg/capmoney

Documentation: docs.cap.app

Knowledge Base: https://cap.app/knowledge-base