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$CAP is an interesting RWA play hiding in plain sight. it connects stablecoin capital with real-world borrowers through private credit, with underwriters taking the first-loss layer. the numbers are worth watching: ~$272M TVL, ~$42M loans, ~5.5% stcUSD APY, and no cumulative lender losses reported. the catch? Only ~15.6% of supply is circulating, so dilution is the big concern. Strong narrative + real utility, but tokenomics need attention.