Cap Labs’ EigenLayer-Backed Stablecoin cUSD Sees Rapid Adoption

Cap Labs' newly launched stablecoin cUSD has surged to $67.85 million in circulation within a week, with 2,735 holders recorded on Etherscan. The rapid growth underscores strong demand for its yield-layered model, which combines regulated reserves with EigenLayer-powered credit underwriting.

The stablecoin is backed 1:1 by assets including PayPal's PYUSD, BlackRock's BUIDL, and Franklin Templeton's BENJI. Its yield-bearing variant, stcUSD, offers lenders a floating yield currently around 12%, enabled by a tripartite system of operators, restakers, and lenders.

Unlike traditional interest-bearing tokens, Cap's structure complies with the GENIUS Act by separating payment and yield functions. Restakers collateralize operator credit risk, while lenders remain exposed to yield fluctuations—a carefully calibrated approach to regulatory constraints.