Private credit grew from roughly $2 trillion in 2020 to $3.5 trillion today, the fastest growing asset class of the cycle. Banks retreated from middle market lending after 2008, and private credit funds filled a real gap: businesses needed capital, investors needed yield, and no adequate market existed to connect them.

Flow Traders, one of the world's leading global trading firms, is now borrowing stablecoins through Cap to facilitate its digital asset market-making operations.

Quarterly Investor Report

Cap investor update for Q1 2026

Bedrock is one of Cap's most active delegators as well as one of its operators. CEO Zhuling Chen explains why covered credit is the yield infrastructure Bitcoin capital has been waiting for.

Cap's institutional restaking partnership with EtherFi, Symbiotic, M11 Credit, and FalconX brings real, non-inflationary yield from dollar-denominated institutional lending to ETH holders — marking a milestone for programmable credit and insured private credit onchain.