Benjamin Sarquis Peillard

Benjamin Sarquis Peillard is a finance and digital assets professional with experience spanning corporate and investment banking and blockchain-focused projects. He is currently Founder and CEO of CAP, having previously worked in a stablecoins-focused role and as a Corporate & Investment Banking Analyst at Citi. ^[5]

Education

Peillard graduated from Georgetown University with a Bachelor’s in Finance in 2020. ^[1]

Career

Peillard began his career at Citi as a Corporate & Investment Banking Summer Analyst in the Global Power and Utilities group before joining Hashing Systems as Finance Lead, where he worked on blockchain-related projects including a wrapped HBAR token on Ethereum, a Hedera Hashgraph IDE, a web-browser wallet, and the Hash Name Service. He later returned to Citi as a Corporate & Investment Banking Analyst in the Global Power and Utilities group and subsequently worked on stablecoins at a stealth company. Peillard is currently Founder and CEO of CAP, a role he has held since 2024. ^[1]

Interviews

Onchain Private Credit

In a June 2026 interview with Coinage, Peillard discussed the development of on-chain credit and the need to connect crypto-based lending with real-world debt markets. He described CAP as a credit platform designed to connect companies and lenders through smart contracts, with the goal of making credit markets more transparent and automated than traditional private credit structures. Peillard explained that CAP’s model would operate as a marketplace of borrowers and underwriters, using assets such as Bitcoin and gold as collateral while allocating risk and incentives through smart contracts. He also discussed CAP’s planned platform token, which would provide governance and revenue-sharing functions, and described the broader cryptocurrency market as moving toward greater institutional participation, regulatory clarity, and applications with direct economic utility. ^[2]

Yield and Stablecoins

In an October 2025 interview on the Epicenter Podcast, Peillard discussed stablecoin design, risk management, and the role of trust and regulation in the cryptocurrency industry. He described the evolution of stablecoins from algorithmic and collateralized-debt models toward yield-bearing and bank-backed structures, which he associated with greater emphasis on compliance and scalability. Peillard explained CAP’s two-product structure, consisting of CUSD as a non-yielding stablecoin and SDCUSD as a yield-generating product, and discussed the use of restaking, third-party risk assessment, and legal agreements as components of its risk-management framework. The conversation also covered stablecoin interoperability, the role of guarantees and trust in scaling blockchain systems, the potential development of restaking as a decentralized validation mechanism, and the impact of regulation and competition on stablecoin innovation. ^[3]

Presentations

NEXUS

At TOKEN2049 in October 2025, Peillard presented the CAP’s approach to generating insured yield through real-world credit and shared-security markets. He explained that CAP leverages networks such as EigenLayer, Babylon, and Symbiotic to underwrite risk, while combining U.S. dollar assets with unsecured institutional credit to generate potentially higher yields than traditional dollar-denominated assets. Peillard argued that CAP’s exposure to unsecured credit makes it less sensitive to declining interest rates and described the protocol’s goal of giving retail users simpler access to insured private credit alongside the marginal yield available from U.S. Treasuries. He identified smart-contract vulnerabilities and collateral quality as key risks, with major assets such as Bitcoin and ETH serving as important forms of collateral, and described liquidation mechanisms modeled on existing DeFi systems. Looking ahead, he outlined plans to connect CAP with additional liquidity sources, including restaking networks, DeFi protocols, and traditional asset managers, while emphasizing fixed real yields on Bitcoin and ETH as a core part of the platform’s positioning. He also described CAP’s pricing model as dynamic and automated, with borrowing costs determined by market benchmarks such as U.S. Treasury rates and utilization rather than discretionary human decisions. ^[4]