Cap Secures $11 Million Funding to Develop Yield-Bearing Stablecoin Engine

Cap, a yield-bearing stablecoin protocol, has raised $11 million in funding from institutions including Franklin Templeton and Triton Capital. This amount concludes an $8 million seed round and is on top of a previous $3 million raise.

The funds will be used to develop Cap's stablecoin engine, expected to launch later this year.
Cap aims to provide users with the ability to generate passive interest on tokens.
The protocol utilizes traditional financial expertise alongside crypto-native sources for yield generation.
Users will have opportunities to earn yield through restaking protocols like EigenLayer.
Stablecoins are gaining popularity, with various entities such as Fidelity and World-Liberty Financial planning their own versions.
The U.S. Congress is working on stablecoin legislation.