New York, NY, USA, July 07, 2026 (GLOBE NEWSWIRE) — The governance token of Cap ($CAP) began trading to strong market demand, recording nearly $900 million in volume during its first 10 days and closing day one at a $325 million fully diluted valuation. For the protocol’s earliest participants, that marks more than a 4x increase over their entry valuation and roughly 3x the $106 million valuation at which the public auction cleared just days earlier.
The debut caps a token launch that was oversubscribed well before a single token hit the open market, signaling that demand for Cap’s covered credit model extends from institutional backers through to the broader market.
That demand was matched by exceptional market access. CAP launched simultaneously across many of the industry’s largest venues: spot trading went live on Coinbase, Binance Alpha, Kraken, Bybit, Bithumb, Crypto.com, Bitvavo, HTX, MEXC, and Bitmart, while perpetual futures opened on Binance, OKX, Bybit, Bitget, Lighter, and Aster. Listing on tier-one exchanges across both spot and derivatives at once gave CAP deep liquidity from the first hour of trading, a level of day-one distribution few token launches achieve.
A Heavily Oversubscribed Auction
Cap’s batch auction, which opened June 8 and closed the night of June 18, drew 1,002 bids and $16.4 million in total commitments, a 5.5x oversubscription. The auction cleared at approximately $.0106 per token, setting a $106 million fully diluted valuation across a total supply of 10 billion CAP.
The batch-auction format clears every winning bid at a single price, concentrating genuine demand and avoiding the first-come-first-served gas wars that have plagued other token sales. With commitments far exceeding the available allocation, the ICO tranche represented 4% of supply, or 400 million tokens, followed by an additional 1% IDO through Binance. The mechanism returned the majority of committed capital to bidders who cleared at the margin while establishing a clearing price that the open market then repriced significantly higher.
A Strong Open
When CAP began trading, the market quickly repriced the token well above the auction’s clearing valuation, closing its first day at a $325 million FDV. The first-day reception reflected what the auction had already signaled: strong appetite for Cap’s covered credit infrastructure and for yield backed by real financial guarantees rather than token emissions.
Why the Demand
Cap is a credit platform that enables lenders to earn secured yield on USD loans. All risk coverage is backed by escrowed collateral and enforced transparently by smart contracts.
What distinguishes the model is how it allocates credit lines to companies. The platform features a marketplace of Underwriters that source and underwrite individual loans to companies in the real economy. Underwriters must place collateral as guarantee for their credit decisions. If borrowers repay, underwriters earn a credit premium. If borrowers default, the platform liquidates guarantee collateral from underwriters. This mechanism ties decision makers with the outcomes of their decisions, better aligning incentives in credit underwriting and protecting USD lenders from default.
That design has translated into real traction. In its most recent quarter, Cap originated a $100 million revolving credit facility to Susquehanna Crypto, which it described as the largest on-chain credit facility of its kind. Over the same period, borrower adoption rose 175% and total loans outstanding climbed more than 300%. The protocol counts Franklin Templeton, Susquehanna, Triton Capital, Flow Traders, Nomura’s Laser Digital, GSR, and IMC Trading among its seed backers following an $11 million round in April 2025.
“We believe that private credit is overdue for innovation, and that onchain markets are in real need of sustainable yield. Cap is addressing both concerns via its credit allocation mechanism. The response to the launch reinforced our conviction that we’re building critical infrastructure for the next generation of credit,” said Benjamin Sarquis Peillard, Founder & CEO of Cap.
What Comes Next
With the token live, the public will play a stronger role on the platform, helping steer limited governance decisions and gaining exposure to the platform’s fee generation engine via buybacks. Cliff-gated allocations for private investors, the team, and the Echo community sale begin unlocking 12 months post-TGE. The launch closes one chapter and opens the next: scaling covered credit from a proven model into a category.
About Cap
Cap is a private credit platform that uses blockchain technology to address the core problems facing legacy private credit systems. Cap’s automated credit marketplace powered by financial guarantees ensures every deposit has onchain principal protection. Each loan has a dedicated underwriter who puts their own capital behind the decision, making honest underwriting the dominant strategy. Dollar depositors earn secured yield that is backstopped by underwriters. This approach addresses the scalability, incentive alignment, fraud, and illiquidity challenges facing traditional private credit markets. Cap’s investors include Franklin Templeton, Susquehanna, IMC Trading, and other leading financial institutions. Today, the platform has processed more than $5 billion in cumulative volume, holds over $260 million in deposits, and offers 5–7% annualized yield on dollar deposits.
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