Cap Labs closed its public CAP token public sale with 1,002 distinctive bids, $16.4 million in whole commitments, and a 5.5x oversubscription price, the EigenLayer-backed stablecoin protocol introduced Wednesday night time.
The public sale started on June eighth with a closing liquidation worth of $0.011 for a complete provide of 10 billion CAP tokens, leading to an FDV of $106 million. In line with the tokenomics printed by Cap, the ICO allocation represents 5% of the overall provide, or 500 million tokens. At liquidation worth, that tranche raised roughly $5.5 million.
Cap is a coated credit score protocol that points cUSD, an artificial greenback backed by a basket of regulated stablecoins. $USDCPYUSD, BlackRock’s BUIDL, and Franklin Templeton’s BENJI. Customers who stake cUSD obtain stcUSD, a yielding model that earns income from Cap’s operator community.
The protocol separates income era and threat administration via three participant teams. Usually, operators akin to institutional buying and selling corporations and market makers deploy yield methods by borrowing from cap reserves. Re-stakers lock up capital via EigenLayer or Symbiotic, underwrite these operators, and face a cut-off if the operator defaults. Holders of cUSD and stcUSD sit on the prime of the danger stack and are insulated from losses by a layer of stakers.
If the operator defaults, Cap will conduct a Dutch public sale on the diminished collateral of the restakers to replenish its reserves. Idle reserve capital not borrowed by operators is deployed into Aave or Morpho to generate a base yield flooring for stcUSD holders.
backing and traction
Cap raised $11 million in seed funding in April 2025 from Franklin Templeton, Susquehanna, Triton Capital, market makers Stream Merchants, Nomura’s Laser Digital, GSR, and IMC Buying and selling.
In its Q1 2026 investor replace, Cap reported the creation of a $100 million revolving credit score facility in Susquehanna Crypto, describing it as the most important on-chain credit score facility of its sort. Borrower adoption elevated 175% within the quarter, and whole mortgage balances elevated greater than 300%.
The staff initially deliberate a token public sale within the first quarter of 2026, however postponed it after ETH fell greater than 30% over the previous yr.
Cap’s cUSD is deployed on Ethereum mainnet and MegaETH. The protocol can be built-in with Pendle and Morpho, permitting stcUSD positions with yield to be traded as time period merchandise or used as collateral.
The entire stablecoin market is roughly $270 billion in whole provide, USDT is $185.9 billion, $USDC 74.6 billion, based on DefiLlama. Ethena’s USDe is the very best yielding stablecoin in circulation with $4.51 billion in holdings.
Token construction
The CAP token offers holders governance rights over core protocol parameters akin to reserve asset composition, eligible operator collateral, liquidation thresholds, minting charges, borrower whitelist, and most compensation limits. In line with Cap tokenomics, 47.97% of the provision will go to the ecosystem and neighborhood, with personal traders and undertaking groups capped at 20% every. The ICO tranche was 5%. Cliffgate-style allocations for particular person traders, groups, and Echo neighborhood gross sales will start to unlock 12 months after TGE.
5.5x oversubscription means dedicated capital exceeds out there provide by greater than 5x. Complete commitments of $16.4 million on roughly $5.5 million raised imply that the liquidation mechanism returned a big portion of the dedicated capital to the shedding bidder. The batch public sale format, the place all successful bids are gained at a single worth, concentrates true demand and avoids the fuel struggle dynamics of first-come-first-served gross sales.
