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Benjamin Sarquis Peillard: Cap Labs – Insured Yield & the Future of Stablecoins

14 snips
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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ANECDOTE

Founder's Early Crypto Journey

  • Benjamin started in crypto building infrastructure and an early cross-chain stablecoin project called QiDao.
  • He conceived CAP after years in stablecoins and while living in Berlin, combining DeFi experience with institutional thinking.
INSIGHT

Stablecoins Are Riskier Than Perceived

  • Stablecoins are often riskier than users assume because cycles repeat past failures like over-trusting bridges and unsecured lending.
  • Benjamin urges caution: learn from past losses because only those burned remember what to watch for.
INSIGHT

Two Dominant Stablecoin Models Today

  • The stablecoin landscape has consolidated: algorithmic models collapsed and CDP-style systems shrank.
  • Most successful stablecoins today are redeemable for dollars or dollar-like assets, shifting the market toward fiat-backed designs.
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