Cap Labs has closed its public CAP token auction with 1,002 unique bids, $16.4 million in total commitments, and a 5.5x oversubscription rate, the EigenLayer-backed stablecoin protocol announced Wednesday night.
The auction opened June 8 and drew a final clearing price of $0.011 across a total supply of 10 billion CAP tokens, yielding the $106 million FDV figure. Per Cap's published tokenomics, the ICO allocation represents 5% of total supply, or 500 million tokens. At the clearing price, that tranche raised approximately $5.5 million.
Cap is a covered credit protocol that issues cUSD, a synthetic dollar backed by a basket of regulated stablecoins including USDC, PYUSD, BlackRock's BUIDL, and Franklin Templeton's BENJI. Users who stake cUSD receive stcUSD, a yield-bearing version that earns returns from Cap's operator network.
The protocol separates yield generation from risk management through three participant groups. Operators, typically institutional trading firms and market makers, borrow from Cap's reserve to deploy yield strategies. Restakers, who lock capital via EigenLayer or Symbiotic, underwrite those operators and face slashing if an operator defaults. cUSD and stcUSD holders sit above the risk stack, insulated from losses by the restaker layer.
