Been following a ton of protocols, and I'll share more about the projects I'm tracking later: CAP is a decentralized stablecoin protocol that hasn’t issued a token yet. CAP’s business model = Users deposit USDC → Mint stablecoin cUSD → Professional institutions execute diversified strategies to generate returns → Re-stakers provide collateral → Everyone shares the profits. The collateral here is to prevent institutions from messing around. The system introduces a re-staking collateral mechanism through Symbiotic/EigenLayer, delegating ETH to operators as collateral, earning up to 4% APR in USDC fees plus PoS rewards. This way, regular users can get stablecoins, while institutions and stakers can earn returns through a secure, structured approach. 1. Raised a total of about $13.9M, led by Franklin Templeton and Triton Capital. 2. Currently in Phase 3, starting October 13, 2025, with a TVL of $280M. 3. Core components: Minting mechanism: Users deposit USDC/USDT 1:1 to mint cUSD, fully redeemable. The stcUSD variant allows staking for enhanced yields. 4. The two main asset highlights are cUSD + stcUSD: cUSD: A digital dollar asset backed by blue-chip stablecoins. stcUSD: The yield-bearing version of cUSD. cUSD holders continue to enjoy 10x Caps, and the rest is the usual PT YT setup, with rewards up to 20x. Currently, CAP @capmoney_ is focused on stabilizing demand for Pendle and Morpho, integrating more blue-chip DeFi to drive cUSD demand, expanding the market for cUSD and stcUSD, and enhancing user stickiness through extended participation periods, wallet integrations, and delegation mechanisms. https://cap.app/swap