Congrats on the scaling！ Cap’s design - stablecoin + underwriters + institutional borrowers - is a strong innovation addressing real pain points: institutional credit expansion, organic yields on blue-chip assets, and stablecoin depeg risk, and so on. The risk: underwriter capital still needs to trust institutional borrowers. The challenge: borrowers must generate sustainable returns to support yields across all parties. Its further success looks like stablecoins, borrower demand, and underwriter capital scaling in parallel. Note: Personal views only. Open to corrections if I’m wrong.
