Key Takeaways:
Upbit opened CAP trading across Korean won, Bitcoin and Tether markets on Aug. 6, adding a second South Korean venue for the credit token.
"This listing comes at a significant time as institutional adoption of onchain credit is accelerating," Benjamin Sarquis Peillard, founder of Cap, said.
CAP traded near $0.02735, up 15.3% over 24 hours, with a market value around $42.5 million, CoinGecko data shows. The token surged 34% in one minute on Bithumb after Upbit's announcement at 10:55 a.m. KST, hitting an intraday high of 53.1 won before profit-taking trimmed gains. Upbit applied temporary controls: buy orders were blocked for about five minutes after trading began, sell orders priced more than 10% below the previous day's close were restricted, and only limit orders were accepted for the first two hours.
The listing gives CAP access to Korea's active retail market roughly five weeks after Bithumb opened its own CAP/KRW pair on June 30. With a circulating supply of 1.56 billion tokens against a total of 10 billion, CAP's fully diluted value stands near $273 million, meaning future token unlocks could shift available supply. The platform has processed more than $5 billion in cumulative transaction volume with deposits exceeding $325 million, according to Cap's official materials.
Upbit identified the supported Ethereum contract as 0x99991c6aabba5a096f24f250b73580f5179b9999 and warned that transfers through other networks would not be credited normally. The exchange also cautioned that transfers from virtual asset service providers outside its approved Travel Rule network might not be credited and could require a lengthy return process. Deposits involving personal wallets require ownership verification.
Cap operates a covered credit protocol on Ethereum that combines cUSD, a dollar-backed stablecoin, and stcUSD, a yield-bearing version created by staking cUSD. Borrowers must secure backing from delegated collateral before accessing reserve assets. If a borrower defaults, liquidators can sell delegated collateral and return assets to the reserve. The project says this structure offers "full downside protection" for stablecoin holders, though the claim does not eliminate smart contract, collateral, liquidity, governance or liquidation risks.
CAP serves as the protocol's governance token, with 46.72% of supply allocated to ecosystem development, up to 20% each for team and investors, 10% to a community offering and 3.28% to an Echo community sale.
The listing follows Cap's July 23 integration with Lombard's onchain credit strategy as lending infrastructure provider. Flow Traders, a Euronext-listed trading firm and pilot partner, has been borrowing stablecoins through Cap for digital asset market making. Cap's investors include Franklin Templeton, Susquehanna International Group and IMC Trading. Collateral assets on the platform include WisdomTree's WTGXX, BlackRock's BUIDL and Franklin Templeton's BENJI.
Past Upbit listings have produced mixed results. Venice Token traded lower after receiving KRW, BTC and USDT markets, while other tokens recorded sharp early rallies. CAP continues trading on Bithumb, Coinbase and Bybit, with Bithumb listed as CAP's largest tracked market at the time of research. Traders will watch won-denominated volume, domestic and international price differentials, deposit availability and further Upbit notices.
This article is for informational purposes only and does not constitute investment advice.
