Introduction Cap is a decentralized stablecoin protocol that separates yield generation from risk by using a modular operator layer. Instead of a DAO or treasury generating yield for stablecoin holders, independent agents borrow funds and deploy them into yield strategies, such as arbitrage, market making, or RWAs. These agents aren’t trusted by default, as they must first secure a guarantee from external stakers who lock up capital as a form of performance bond. This structure allows Cap t...
