Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies Benjamin Sarquis Peillard: Cap Labs – Insured Yield & the Future of Stablecoins
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Oct 3, 2025 Benjamin Sarquis Peillard, founder of CAP Labs, discusses the future of stablecoins and the innovative design of insured yield products like CUSD and stCUSD. He emphasizes the hidden risks of stablecoins, highlighting why users should be cautious. Benjamin explains how CAP's unique allocation engine leverages restakers to generate yield, significantly shifting risk away from end-users. He also touches on the importance of regulation, interoperability, and how the crypto landscape can evolve towards increased trust and safety.
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Restakers Backstop Operator Risk
- Operators borrow from CAP's reserve to generate yield but must be vouched for by restakers on restaking platforms.
- If an operator defaults, the restaker who vouched is slashed, shifting direct risk away from end users.
Let Restakers Manage Counterparty Risk
- Keep underwriting decisions with professional restakers, not retail users.
- Delegate legal and counterparty risk to projects with balance sheets and capacity to litigate or enforce guarantees.
Slash Based On On-Chain Ratios
- CAP tracks on-chain collateral-to-debt ratios and triggers liquidation when thresholds fall.
- Use objective smart-contract metrics (not off-chain mystery) to determine slashing and liquidations.