Cap Protocol ended its “Frontier” rewards phase on Wed, Feb. 4, by distributing 12 million cUSD, its dollar-pegged stablecoin, to early users. The project is calling the initiative crypto’s “first-ever stablecoin airdrop.”
In a post on X, Cap explained it chose to airdrop a stablecoin rather than a governance token to give users a fixed-value reward, instead of one that could fluctuate with market prices. cUSD currently has a market capitalization of over $282 million, per CoinGecko.
Cap is a stablecoin and yield protocol that programmatically routes capital to professional yield‑generating institutions, while enforcing strict, on‑chain risk controls. It has roughly $315 million in total value locked (TVL), according to DeFiLlama.
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