Staked Cap USD
STCUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
STCUSD (Staked Cap USD) functions as the yield-bearing ERC-4626 savings token for the Cap protocol, backed by underlying stablecoin reserves including RWA-backed institutional tokens. On the positive side, the token exhibits sound non-inflationary tokenomics (7.0/10) with yield sourced from real lending and underwriting, alongside active deployment across Ethereum and MegaETH L2 (6.5/10). However, substantial risks persist across governance, market adoption, and security. The project displays centralized control with UUPS upgradeability and lacks an active DAO or public team leadership (4.0/10). Community engagement is minimal with a whale-concentrated holder base of ~300 holders and dormant secondary market trading (1.5/10). In terms of security (5.5/10), while no exploits or insolvencies have occurred and a minor historical depeg to $0.96 fully recovered, there is a notable absence of publicly verifiable third-party smart contract audits for a protocol managing over $70M in TVL. Across all weighted categories, STCUSD scores 4.95/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Staked Cap USD (STCUSD)
Staked Cap USD (STCUSD or stcUSD) is the yield-bearing ERC-4626 savings share token of the Cap stablecoin protocol. Operating on the Ethereum mainnet and deployed as a Layer 2 token on MegaETH, STCUSD is minted by staking cUSD, the protocol's digital dollar backed by stablecoins and tokenized real-world assets such as USDC, USDT, PYUSD, BUIDL, and BENJI. The token has no fixed maximum supply, dynamically minting and burning in direct response to cUSD deposits and redemptions.
The yield for STCUSD is generated through protocol lending activities and underwriting premiums rather than programmatic token inflation. It incorporates profit-locking mechanisms intended to prevent flash-loan manipulation. STCUSD also functions as collateral within decentralized lending markets, including deployments across Aave V3, Morpho V1, and Euler V2.
The protocol exhibits several structural and market risks. In April 2026, STCUSD experienced a brief, mild depeg event, falling to an all-time low of $0.96 before fully recovering. Secondary market activity is limited, with CoinGecko flagging that secondary trading has largely ceased, and on-chain ownership is heavily concentrated among roughly 300 holders. Additionally, the smart contracts utilize a UUPS-upgradeable architecture managed under centralized controls without a decentralized governance framework or publicly available third-party audit reports.