The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About
Analysis of 16 Feb 2026Staked Cap USD (stcUSD) is a yield-bearing stablecoin issued by Cap Protocol, an EigenLayer-backed institutional credit protocol launched on Ethereum in August 2025. As of February 2026, Cap Protocol has grown to $500 million in TVL, with over 80% of cUSD reserves ($360M+) deployed on Aave V3.
Full overviewShow less
Users stake cUSD to receive stcUSD, which has generated $4 million in cumulative yield for holders. The protocol recently completed its $12 million cUSD airdrop on February 4th and launched the Homestead rewards phase (January 29 to July 23, 2026) offering 10 caps points per cUSD per day.
Over half of all cUSD is staked for stcUSD, with Aave accounting for 90%+ of yield generation.