Private credit is a $1.7 trillion market — and it's broken. Cap's founder on how to fix it onchain
Private credit has a trust problem. Borrowers, lenders, and underwriters operate in silos, incentives are misaligned, and most of the $1.7 trillion sitting in TradFi private credit markets is inaccessible to anyone outside institutional finance. ONCHAIN CREDIT changes that — and Cap is building the infrastructure to make it work.Benjamin Sarquis Peillard, Founder and CEO of Cap, joins Ashton Addison to break down how Cap brings private credit markets onchain with principal protection backed by Franklin Templeton. Benjamin previously scaled QiDAO from $0 to $400M in TVL and started his career in investment banking at Citi — a rare combination of TradFi credibility and DeFi execution. We cover how Cap's three-party model aligns borrowers, lenders, and underwriters in a way neither TradFi nor DeFi lending has managed, why this is structurally different from Celsius and the platforms that collapsed, and what happens at the protocol level when a borrower defaults.
You'll learn:
- How Cap's borrower-lender-underwriter model works and why principal protection changes the risk equation for lenders
- Why Celsius, BlockFi, and Voyager collapsed — and the specific structural differences that make Cap's approach fundamentally different
- What it took to bring Franklin Templeton in as the principal protection backer, and what that signals about institutional DeFi in 2026
- How onchain credit can sit alongside traditional fixed income at institutional scale — and what has to be true for that to happen
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