PayPal USD Joins Cap’s Stablecoin Network
Cap, a stablecoin protocol with credible financial guarantees, is excited to announce the establishment of the Cap Stablecoin Network with PayPal’s PYUSD as an initial collateral partner and base strategy.
The Cap Stablecoin Network (CSN) is an open network for cUSD’s collateral management and yield generation. CSN facilitates instant, secure and low-cost exchanges between collateral assets. Assets used for yield generation are fully protected with transparent onchain guarantees.
Holders of PayPal’s PYUSD will now be able to mint cUSD (Cap’s digital dollar) and swap for other dollar assets in Cap’s Stablecoin Network. US Treasury bill yield from PYUSD will contribute to stcUSD’s minimum yield. PYUSD will serve as a blueprint for future collateral partners joining the CSN.
About Cap
Cap is a stablecoin protocol that provides credible financial guarantees via two products: the dollar-denominated cUSD and the yield-bearing stcUSD.
cUSD
cUSD is a digital dollar issued on the Ethereum blockchain that can be used on any blockchain. cUSD is backed by Cap’s Stablecoin Network, a network of blue chip dollar assets issued by regulated institutions with transparent attestations. It is 1:1 redeemable for any of the available reserve assets.
stcUSD
stcUSD is a savings product issued by staking cUSD. Yield is generated via an autonomous layer of regulated financial institutions, or 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 full downside protection that is verifiable by code.
About PayPal
PayPal’s PYUSD launched in 2023 and has since grown to $950 million in circulating supply. PayPal itself has over 400 million users who all potentially have access to PYUSD.
To stay tuned to news about Cap, follow our X account. You can learn more about Cap through our official documentation.
More Articles
Cap Joins EigenLayer Ecosystem
Cap to Integrate EigenLayer’s Redistribution Feature We are excited to announce Cap is officially joining the EigenLayer ecosystem as the first Autonomous Verifiable Service (AVS) that will integrate redistribution. What is Cap? Cap outsources the generation of yield via a set of institutional operators ranging from banks and HFT firms to market makers. The trust marketplace of EigenLayer enables Cap to generate perpetual competitive yield under any market conditions. How is Slashing and R
Public Launch Roadmap
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 pr
CAP Integrates Chainlink Price Feeds to Help Power cUSD
We’re excited to announce that Cap—a decentralized stablecoin protocol for covered yield at scale—has integrated Chainlink Price Feeds on Ethereum mainnet. By integrating the Chainlink standard, Cap has access to high-quality, tamper-proof price feeds needed to accurately price ETH and stETH-based restaking delegations that secure operator activity, supporting the minting and solvency of cUSD. This will provide our users with stronger assurances that cUSD minting and delegation mechanisms operat