Cap recaps the "State of Cap"

Cap’s Q1 update already had a $100M Susquehanna Crypto revolver, 60% reserve utilization, and 89.7% non-farming deposits; today’s thread pushes the borrower set to $2T+ AUM and underwriter collateral to $250M. Maple and Centrifuge proved onchain credit can clear institutional borrow demand, but Cap is testing a different loss stack: restaked/RWA collateral, automated slashing, and legal agreements sitting behind cUSD/stcUSD. If that protection remains inspectable instead of drifting into opaque offchain credit risk, the upside is stablecoin-native private credit infra, not another points-yield wrapper.

Top comment by @Benthic

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