Cap, a yielded stablecoin protocol, shared on Monday that it has raised $ 11 million in financing from financing big names, including Franklin Templeton and Triton Capital.
The total financing – announced at the end of a recent $ 8 million round – will be used to develop CAP’s stableecoin engine, which is intended to launch later this year. Cap raised $ 3 million in a previous financing round.
Stableecoins are a type of cryptocurrency whose value is directly tied to another asset, like the US dollar. CAP’s system is built so users can generate passive interest – or yield – on tokens.
CAP “utilizes a collective of operators with specialized skills in yield generation to democratize dividends previously unused by the masses,” Cap Labs explained in a press release.
“This yield is not only dependent on crypto-native sources such as financing rate arbitrage and token agriculture, but also on the expertise of traditional institutions such as HFT companies, private credit funds and other companies capable of capturing large scale yield.”
According to the statement, CAP will allow users to earn extra benefits through recovery protocols such as Eigenlayer. Recovery protocols allow people to enter into – or unlock – security to secure blockchain protocols in exchange for rewards.
Caps Funding News comes at a time when stableecoins are becoming extremely popular, with the Bank giant’s allegiance, President Trump’s World Liberity Economic and the state of Wyoming, sharing their intentions to create their own stableecoins and the US congress, focusing his efforts to adopt stableecoin law.
Read more: StableCOin Market Cap Tops $ 200B as the US sees the industry help maintain dollar -dominance
