Cap wallet

What is Cap (CAP)?

The first thing to get straight about CAP is that it is not the dollar. Cap runs two very different assets. One is its digital dollar, cUSD, which is backed by dollar reserves such as money market fund shares and payment stablecoins; the protocol lends those reserves to institutional borrowers, and every borrower has to have that loan backed by restakers in Cap's financial guarantee market, so if a borrower defaults, the guarantors' collateral covers the hole rather than the dollar's backing. The other is CAP, the protocol's own token, which represents a stake in the protocol itself rather than a claim on the reserves. If you hold CAP, you hold the governance side of the system, not a stable balance and not a share of the lending book.

As a holder, that makes CAP simple: a standard ERC-20 whose balance stays exactly what you sent yourself. Nothing rebases, nothing accrues into the token, and there is no vault wrapper to unwrap. On Ethereum, transfers cost ETH; on BNB Smart Chain, they cost BNB, so keep a little of the native coin next to it on whichever chain you use.

Two things do trip people up. The ticker CAP has been used before by an unrelated perpetuals trading protocol whose token lives mainly on Arbitrum, so a CAP that shows up on a network Cap does not use is almost certainly the other project. And because this CAP exists on more than one chain, a Cap balance on Ethereum and one on BNB Smart Chain are two separate holdings with the same address. In Tangem they appear as two separate lines, and when you send, you choose the line you are sending from, so the network is a decision you make, not a default you discover afterwards. Supported networks in Tangem (2): Ethereum, BNB Smart Chain. For a governance token that mostly sits still between the moments you actually use it, a card that only has to read the right line and sign is about as much wallet as it needs.