Yield From the Real Economy: stcUSD

Name: Where stcUSD yield comes from
Uploaded: 2026-07-14T14:00:00Z
Channel: Benjamin Peillard
Description: Benjamin Peillard takes Cap's covered credit model apart on the whiteboard: where the real-economy yield comes from, how the underwriter layer absorbs first loss, and what the protection stack does when a borrower defaults.

Benjamin PeillardCEO of Cap

Live data

stcUSD · Cap

Total value locked

$74M

Savings rate APY · 30d

5.16%

current 5.22 · 7d 4.58

Yield paid · all time

$6M

Yield paid · 30d

$285K

TVL · since launch

Yield paid out · cumulative

Live · updated 13 Jul 2026

Episode context · .md

Take the episode to your LLM

Collateral & risk

Yield source

Real-economy lending, not crypto markets

Borrowers

Manufacturing, trade finance, inventory, film, trading desks

Underwriters

ETH restakers, BTC miners, credit funds

First loss

Underwriters absorb it, depositors are protected

Recovery waterfall

Protection stack

Borrower agreementLegal obligation to repay

Underwriter collateralFirst loss on default

DepositorsProtected, last to take loss

Recovery

Onchain insurance per loan

Collateral liquidated on default

How it got here

2024

Cap founded; $1.9M pre-seed backed by Kraken Ventures and Robot Ventures

2025

$8M seed led by Franklin Templeton, with Susquehanna, Triton Capital and market makers

2025

cUSD goes live on Ethereum mainnet in August

2026

Protocol TVL peaks near $484M

2026

CAP public token auction closes 5.5x oversubscribed at $106M FDV