Cap Labs
Issuer of cUSD and stcUSD verifiable-yield stablecoin
About
Cap is a stablecoin protocol on MegaETH issuing cUSD and its yield-bearing staked version stcUSD, which earns returns from an operator network of vetted yield strategies with restaking-backed financial guarantees. Integrates with Aave to deploy idle capital.
Stablecoins
Key products
Chains
- Founded
- 2024
- Stage
- Token
- Funding
- Token auction at ~$106M FDV (5.5x oversubscribed)
Related companies
Aave
Largest DeFi lending protocol
Aave is the largest decentralized money market, where users supply and borrow assets across multiple chains. Stablecoins (USDC, USDT, USDS, DAI) dominate its borrow markets, and Aave also issues its own overcollateralized stablecoin GHO. Aave V3 holds roughly $19B+ TVL as of 2026, making it the deepest source of onchain stablecoin liquidity. Its V4 architecture and Horizon RWA markets extend lending to institutional and tokenized assets.
Aegis
Bitcoin-backed yield-bearing dollar (YUSD)
Aegis issues YUSD, a decentralized, Bitcoin-backed yield-bearing stablecoin pegged 1:1 to the US dollar. BTC collateral is held with institutional custodians (Fireblocks, Copper, CEFFU) and kept off centralized exchanges, while a delta-neutral hedging strategy using BTC-margined perpetuals keeps the peg stable. YUSD earns yield from perpetual funding-rate capture and basis trading, distributed to holders without staking or lockups, with full proof-of-reserves transparency. Aegis also offers a Yield-as-a-Service product for wallets and exchanges.
Avalon Labs
Bitcoin-backed stablecoin USDa
Avalon Labs is a Bitcoin-focused DeFi protocol that issues USDa, an overcollateralized stablecoin minted against Bitcoin and BTC liquid staking assets, with a fixed borrowing rate. It is a leading BTCFi credit and stablecoin platform.
Avant Protocol
Issuer of avUSD stable-value token on Avalanche
Avant Protocol is an Avalanche-based DeFi platform issuing avUSD, a stable-value token backed by USDC/USDT deposits managed via market-neutral strategies, with savUSD as the staked yield-bearing version. Launched in 2024.
Bracket
Institutional yield vault infrastructure (bsUSD)
Bracket (Bracket Labs) is institutional-grade vault infrastructure for digital assets, securely scaling on- and off-chain yield. Originating as a DeFi derivatives protocol in 2021-2022, the team was an overall runner-up in the Binance Labs Incubator's Build-the-Block competition in 2023. Bracket offers strategy vaults such as brUSDC (risk-adjusted USDC yields) and brktETH (a composite of liquid staking tokens), and powers stablecoin products including bsUSD for issuers and strategy managers seeking yield.
Elixir
Issuer of deUSD synthetic dollar
Elixir is a network whose deUSD is a fully collateralized, yield-bearing synthetic dollar minted from stETH and sDAI with delta-neutral hedging, designed for decentralized liquidity across exchanges. sdeUSD is the staked yield-bearing version. Elixir also operates decentralized market-making infrastructure.