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

The onchain private credit platform Cap has expanded its market presence by listing its native token on the South Korean exchange Upbit, following a previous listing on Bithumb. Backed by major financial institutions including Franklin Templeton and Susquehanna International Group, Cap facilitates institutional onchain lending by removing the requirement for borrowers to post onchain collateral. Instead, the platform utilizes a dedicated underwriter model where risk is assumed by third parties who provide capital to protect lenders. This structure has already attracted institutional participants like Flow Traders, which borrows stablecoins for market-making activities. With over $5 billion in cumulative transaction volume and more than $325 million in deposits, the platform offers yields between 5% and 7% on dollar-denominated assets. By integrating tokenized money market funds like BlackRock’s BUIDL and Franklin Templeton’s BENJI, Cap bridges traditional credit frameworks with blockchain efficiency. This expansion into major Asian exchanges signals a growing trend of institutional adoption for decentralized credit infrastructure.