{"podcast":{"title":"Epicenter - Learn about Crypto, Blockchain, Ethereum, Bitcoin and Distributed Technologies","slug":"epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755","podcast_index_feed_id":918755,"rss_url":"https://anchor.fm/s/10901e500/podcast/rss","website_url":"https://epicenter.tv","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/staging/podcast_uploaded_nologo/44360864/0371a674fc039595.jpg","author":"Epicenter Media Ltd.","episode_count":671,"summary":"Epicenter brings you in-depth conversations about the technical, economic and social implications of cryptocurrencies and blockchain technologies. Every week, we interview business leaders, engineers academics and entrepreneurs, and bring you a diverse spectrum of opinions and points of view. Epicenter is hosted by Sebastien Couture, Brian Fabian Crain, Friederike Ernst, Meher Roy and Felix Lutsch. Since 2014, our episodes have been downloaded over 8 million times.","last_synced_at":"2026-07-03T20:19:20.862625+00:00","page_url":"https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755"},"episode":{"title":"Benjamin Sarquis Peillard: Cap Labs – Insured Yield & the Future of Stablecoins","slug":"benjamin-sarquis-peillard-cap-labs-insured-yield-the-future-of-stablecoins","published_at":"2025-10-03T03:34:46+00:00","page_url":"https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/benjamin-sarquis-peillard-cap-labs-insured-yield-the-future-of-stablecoins","show_page_url":"https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755","url":"https://podcasters.spotify.com/pod/show/epicenterpodcast/episodes/Benjamin-Sarquis-Peillard-Cap-Labs--Insured-Yield--the-Future-of-Stablecoins-e390ecm","audio_url":"https://anchor.fm/s/10901e500/podcast/play/109115222/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-9-3%2F408581615-44100-2-69615bf19b238.mp3","summary":"In this episode, Sebastien Couture is joined by Benjamin, the founder of CAP, a stablecoin protocol designed to provide insured yield. The protocol features two main products: CUSD, a digital dollar, and stCUSD, its staked, yield-bearing version. Yield is generated through an "allocation engine" where third-party operators borrow from the protocol's reserve to execute yield strategies. To ensure user deposits, these operators must be vouched for by restakers on protocols like Symbiotic. If an operator defaults, the restakers who vouched for them are slashed, protecting the stablecoin holders' funds. This model shifts risk from the end-user to the restakers, who have a bilateral relationship with the operators they underwrite, often backed by legal agreements. Topics covered in this episode: Benjamin's background and perspective on China Journey into crypto and stablecoins Hot Take: Stablecoins are not as safe as you think The evolution of stablecoin models Has DeFi forgotten about decentralization? CAP's design: CUSD and stCUSD How CAP generates yield with operators and restakers The role of restakers and legal agreements Integrating with Symbiotic and views on EigenLayer The best use cases for shared security Navigating the Genius Act and global regulations Rebuilding trust in the DeFi ecosystem Why the stablecoin space is not too crowded Episode links: Benjamin on X Cap Money Sponsors: Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.io This episode is hosted by Sebastien Couture. Show notes and listening options: epicenter.tv/618","meta_description":"In this episode, Sebastien Couture is joined by Benjamin, the founder of CAP, a stablecoin protocol designed to provide insured yield. The protocol featur…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3482,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/episodes/benjamin-sarquis-peillard-cap-labs-insured-yield-the-future-of-stablecoins/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/epicenter-learn-about-crypto-blockchain-ethereum-bitcoin-and-distributed-technologies-918755/benjamin-sarquis-peillard-cap-labs-insured-yield-the-future-of-stablecoins.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}