Franklin Templeton-Backed Onchain Credit Platform Cap (CAP) Lists on Upbit’s KRW Market

Cap (CAP), an onchain private credit platform, has been listed on Upbit’s KRW market. Backed by investments from traditional financial institutions including Franklin Templeton and Susquehanna International Group (SIG), Cap has recently drawn attention as an example of institutional adoption of onchain finance after a Euronext-listed trading firm borrowed stablecoins through the platform.

Upbit announced on August 6 that it would support CAP trading across its KRW, BTC and USDT markets, with trading scheduled to begin at 2 p.m. Deposits are currently supported only through the Ethereum network. Cap was previously listed on Bithumb’s KRW market on June 30.

Benjamin Sarquis Peillard, founder of Cap, said, “This listing comes at a significant time as institutional adoption of onchain credit is accelerating.”

On July 23, Cap joined the onchain credit strategy launched by Bitcoin financial protocol Lombard as its lending infrastructure provider. Flow Traders (Euronext: FLOW), a Euronext-listed trading firm and pilot partner of the strategy, has been borrowing stablecoins through Cap for use in digital asset market making. The structure does not require the borrowing company to post its own onchain collateral.

The model addresses one of the key factors that has limited institutional participation in onchain lending markets: the requirement for borrowers to provide onchain collateral.

Under Cap’s lending structure, a dedicated Underwriter is assigned to each loan. The Underwriter directly assumes the credit risk of the loan with its own capital. If the Borrower defaults, the Underwriter’s collateral is liquidated first, protecting the Lender’s funds until the Underwriter’s capital has been fully exhausted. Decisions on the allocation of lending capital are executed through smart contracts rather than by a specific operating team or committee.

According to Cap’s official materials, the platform has processed more than $5 billion in cumulative transaction volume, with deposits exceeding $325M. Dollar-denominated deposits offer annual yields of approximately 5% to 7%. Collateral assets used on the platform include WisdomTree’s tokenized money market fund WTGXX, BlackRock’s BUIDL and Franklin Templeton’s BENJI.

Peillard said, “We are seeing growing interest from institutions that want to leverage the efficiency of blockchain-based finance while maintaining the credit frameworks they are familiar with. Expanding access through Upbit, one of Asia’s leading exchanges, could bring more participants into the next phase of institution-focused DeFi.”

About Cap

Cap is a private credit platform that uses blockchain technology to address the core problems facing legacy private credit systems. Cap’s novel automated credit marketplace ensures every loan is backed by onchain principal protection. Each loan has a dedicated underwriter who puts their own capital behind the decision, making honest underwriting the dominant strategy. Dollar depositors then earn a secured yield that’s insured by underwriters. This innovative approach to private credit mitigates the issues of scalability, incentive alignment, fraud, and illiquidity facing traditional markets. Cap’s investors include Franklin Templeton, Susquehanna, IMC Trading, and other legacy financial institutions. Today, the platform has $4B+ in cumulative volume, over $350M in deposits, and 5–7% annualized yield on dollar deposits.

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Investing involves risk, including the potential loss of capital. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. You are solely responsible for your investment decisions and assume all associated risks. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.