A decentralized covered credit protocol powering a yield-bearing stablecoin ecosystem with on-chain governance.

Cap is a decentralized stablecoin and covered credit protocol that issues cUSD (a dollar-backed stablecoin) and stcUSD (a yield-bearing version of cUSD). The protocol connects institutional borrowers, financial guarantee providers, and stablecoin depositors through an on-chain credit marketplace designed to generate sustainable yield while providing verifiable financial guarantees. The CAP token is the governance token that manages protocol parameters, collateral policies, operator onboarding, and future protocol incentives.