CAP：企業在鏈下借錢，鏈上誰扛違約？

5:18:33開場

5:18:33下一位講者是 CAP 的 Benjamin Sarquis Peillard，歡迎上台。大家好，我是 Benjamin，CAP 創辦人。CAP 是由 Franklin Templeton 支持的私人信貸 marketplace。今天 DeFi 處在關鍵時刻，我們花六年建可驗證、透明的基礎設施。And our speaker is Benjamin Sarquis Peillard, and he's from CAP. So come on up. Hi everyone, my name is Benjamin, and I'm the founder of CAP. CAP is a private credit marketplace backed by Franklin Templeton. Now, today we sit at a very pivotal time for DeFi. We've spent six years of DeFi building amazing infrastructure that is verifiable and transparent.

5:18:50但世界幾乎沒在用 DeFi。若 DeFi 要成為金融未來，我們沒有太多時間再把這些軌道接到真實經濟活動。CAP 專注其中一小塊：把債務市場接到參與實體經濟、而非交易套利的真實企業。But the world is not using DeFi at all. And so, if we want DeFi to be the future of finance, we don't have much more time to connect these rails to real economic activity. At CAP, we're focusing on a small sliver of that, which is connecting these debt markets to real-world businesses that are actually participating in the real economy instead of trading schemes.

5:19:14我們透過 private credit 接入實體經濟。private credit 是機構直接向公司放貸、不在公開市場交易；相對的是 public debt，例如公司債在公開市場交易。So the way that we're connecting into the real economy is through private credit. Now, private credit is when firms engage in direct lending to companies in a way that is not traded in public markets, the opposite being public debt, where you have bonds trading as representations of debt given to companies.

5:19:34但 private credit 問題很多，近期頭版常是詐欺、大規模詐欺。去年 JPMorgan、Apollo、Blue Owl 因 double pledging 損失數億美元，借款人把同一抵押品 pledge 給多家放款人。But they're having many issues. They've currently been in the headlines for fraud, large-scale fraud. Just last year, JPMorgan, Apollo, and Blue Owl lost hundreds of millions of dollars to double pledging, meaning a borrower pledging the same collateral to multiple lenders.

5:19:52違約時放款人得搶同一抵押品。簡述 private credit 怎麼運作：投資人想賺美元收益，把資金交給基金。And then when they default, the lenders have to fight over the same collateral. So let's go over a little bit about how private credit works. So you have your investors, obviously, that want to earn yield on the dollar, and they place capital with funds.

5:20:09私人信貸如何運作

5:20:09基金再把資金以貸款形式放給實體公司。價值在於相對可持續，任何市場環境都有產業在借，今天是 AI，明天可能是礦業，總有借款人，不像 Bitcoin 市場那麼循環。These funds then lend out that capital via loans to real economy companies. And the value of this is that it's very sustainable. At any market condition, there will be some industry borrowing. Today, it's AI; maybe tomorrow, it's mining. There's always a borrower willing to borrow, and so it's not cyclical like Bitcoin markets.

5:20:29但也有缺點：基金自己估收益、告訴投資人賺多少；借款人自行申報抵押；贖回由基金經理人工流程 gate。But there are some drawbacks, obviously. The fund is, you know, valuing their own yield. They're telling the investors what they're making. The borrowers are self- reporting their own collateral, and then all of the withdrawals are gated by fund managers in human processes.

5:20:47因此 private credit 像黑箱。我們用這張圖解釋不同投資載具：private credit 擅長接 real-world 貸款，公司向它們借款、產生可持續收益，但同時是黑箱，對吧？So there are a lot of issues here that make private credit a black box. So we devised this chart over here to explain how, you know, different investment vehicles work, and here we can see that private credit is great at connecting to real-world loans, right? Companies are borrowing from them; they're generating sustainable yield. But at the same time, it's a black box, right?

5:21:09幾乎零可驗證性，信任假設很多。連 Apollo、JPMorgan 這類受監管機構都因這套結構損失數億。那 gap 怎麼填？加密也不全壞，我們已建好可用的 plumbing。There's zero verifiability, and there's a lot of trust assumptions. And we've already seen, like I mentioned, even the most regulated companies like Apollo, like JPMorgan, they're losing hundreds of millions of dollars because of that setup. So how can we fill the gap? Well, crypto is not all that bad. We have built amazing plumbing that already works.

5:21:30DeFi 收益仍偏循環

5:21:30多謝 GENIUS Act，全球最大公司已在用穩定幣，資產也上鏈，RWA、黃金、private credit 等。我們已能改善 private credit，例如資產全上鏈就不可能 double pledge。Thanks to the GENIUS Act, the world's largest companies are already using stablecoins, and assets are coming on-chain. We have RWAs coming on-chain. Gold, private credit, etc. And so there is a lot that we can do to already improve private credit. For example, on the asset front, if all the assets are on-chain, it's impossible to double pledge them.

5:21:51但問題是收益仍偏循環。儘管我們建了很多，從我們平台借款的多是交易公司，做 Bitcoin 相關交易，Bitcoin 抵押放貸、basis trading、yield farming，與 Bitcoin 價格高度相關。But what's the problem? The problem is that the yield is still circular. For all that we've built, the people borrowing from our platforms are trading firms engaged in Bitcoin-related trading schemes, be it Bitcoin-backed lending, basis trading, and farming, yield farming, which is highly correlated to the price of Bitcoin.

5:22:12數字就是證據：Bitcoin 一跌 DeFi 跟著跌，這不合理。若 DeFi 是金融未來，為何還要看 Bitcoin 價格？熊市也該有鏈上活動。所以我們在轉捩點。And the proof is in the numbers. Every time Bitcoin goes down, it takes DeFi with it, which doesn't make sense. If DeFi is the future of finance, why does it matter what the price of Bitcoin is? Even when Bitcoin is in a bear market, we should be able to have on-chain activity. And so, like I said, we're in a pivotal point.

5:22:32基礎設施建好了，但幾乎沒人用。若真要成為未來，得有人填這個 gap；我們希望 CAP 同時可驗證、可持續，並連到真實世界。We've built all this infrastructure, but nobody's using it. And so if we really want to be the future, somebody has to build something in that gap. And we hope that CAP is going to fill that gap of being both verifiable, but also sustainable and connecting to the real world.

5:22:49高層次來說，CAP 是 private credit 平台，向 real-world 企業放貸。它們為何以前沒上鏈？抵押品不太適合代幣化；鏈上平台要可驗證、自動化，需要可清算、可互換的流動抵押。And so, at a high level, like I said, CAP is a private credit platform, and we're engaged in lending to real-world businesses. Why haven't they come on-chain before? The reason is that their collateral is not very suitable to tokenization, and on-chain platforms, in order to be verifiable and automatic, we need liquid and fungible collateral that's easy to liquidate in case of default.

5:23:13承保人角色與上線數據

5:23:13若抵押是應收帳款、稅務抵免等，因流動性或法規無法代幣化，就無法與我們平台互動。But if you have accounts receivables, tax credits, maybe other sorts of collateral that are not suitable for tokenization because of liquidity reasons or because of regulations, they're not going to be able to interact with our platforms.

5:23:27所以我們創造新角色 underwriter。underwriter 是 Bitcoin、ETH 等流動抵押持有者，工作是把 tax credits、應收帳款等鏈下抵押的風險轉上鏈。So we created this new type of user, which is called the underwriter. And these underwriters are Bitcoin holders, ETH holders, folks that have liquid collateral, and their job is to transform the risk of these off-chain collaterals like tax credits, like accounts receivables, and bring it on-chain.

5:23:45每位 underwriter 分析鏈下抵押、決定是否承擔風險，再代表借款人把 Bitcoin、ETH 存進我們平台，把鏈下風險留給自己，鏈上風險交給放款人。So each one of these underwriters will analyze the off-chain collateral, assess whether they want to take on that risk, and then on behalf of those borrowers, they will deposit, you know, the Bitcoin and ETH on our platform, thereby transferring the off-chain collateral risk to themselves, and then the on-chain collateral risk to our lenders.

5:24:05若判斷錯誤或違約，鏈上放款人仍可清算鏈上抵押；underwriter 再去追鏈下借款人。這不是概念，已上線運作，一年前正式上線，處理超過 60 億美元交易量。And if they make a mistake or if there's a default, then the on-chain lenders can liquidate on-chain, so that doesn't have to change. And then the underwriter, they have to pursue the off-chain borrower. And this already works. This is not just an idea. This is an idea that's live and it's working. We went live over a year ago, and we've processed over $6 billion in volume.

5:24:29已有大型公司借款，等等會舉例。約 22 家公司擔任 underwriter，用鏈上抵押處理貸款；約 30 位 borrower 使用平台。舉例：Flow Traders 是荷蘭上市公司，本身不是向區塊鏈借款。We have large companies borrowing from us already, which I'll go into. But we have around 22 companies that are underwriting, putting their on-chain collateral to process loans, and we have around 30 borrowers that are interacting with our platform. So I'll give you some examples. One of them is Flow Traders. Flow Traders is a publicly traded giant in the Netherlands, and they do not borrow from the blockchain.

5:24:54Flow Traders 與電影案例

5:24:54他們向 Citibank 借款。但今天透過 term loan 從我們平台借 3000 萬美元。他們有母公司 guarantee，但 guarantee 難代幣化，不可清算、不流動。They borrow from Citibank. But today they are borrowing $30 million from our platform via term loan. Now, what they had was a guarantee from their parent company. But that guarantee is very difficult to tokenize because it's not liquidatable, it's not liquid. And so they came to our platform and said, “We want to borrow $30 million.” At the same time, a project called Lombard wanted to get yield on their Bitcoin.

5:25:17他們來我們平台說要借 3000 萬。同時 Lombard 想為 Bitcoin 賺收益，與 Flow Traders 簽約承擔母公司 guarantee 風險，再把 Bitcoin 存上我們平台，cover 3000 萬信用額度。So they entered into an agreement with Flow Traders where they take the risk of the parent guarantee, and then they put Bitcoin on our platform so that they can cover their $30 million credit line.

5:25:28不只是金融服務。我們要讓 real-world 公司使用平台，已融資第一部電影《The Wake》，主演 Cole Sprouse，他們在融資 tax credit。But it's not just financial services. Like I said, we're trying to get real-world companies to interact with our platforms. And so we've already financed our first film. So this film is called The Wake, and it's starred by Cole Sprouse, who's a famous actor in America, and they're financing their tax credit.

5:25:46類似案例：Bitcoin 持有者承擔鏈下 tax credit 風險，電影就能完成融資。不久你會在戲院看到，片尾會有 CAP logo，這是我們觸及真實世界的好例子。流程大致如此。Similar case: a Bitcoin holder takes the risk of the off-chain collateral, in this case is a tax credit, and now this film gets to finance themselves. And so soon you'll see it in theaters, and you'll see CAP logo in the credits. So it's a real good use case of, you know, us actually touching the real world. And this is sort of what it looks like.

5:26:05每位 underwriter 有自己的專長與熟悉的產業，在這些產業承保；可能再擴到同產業多家公司。誰能借款不是我們決定，是 underwriter 用抵押表態。So every single underwriter will have their own expertise, their own, you know, type of industries that they're comfortable with. So they will underwrite loans in those industries. And then maybe they can expand within that industry to several companies, and so, but we are not deciding who gets to borrow. It's these underwriters that are putting up their collateral.

5:26:27利基產業與結語

5:26:27因此我們能進入更利基領域。private credit 裡表現最好的基金常專注利基產業，用專門知識在相同風險下拿更高收益。這裡是規模可持續擴張的 underwriter marketplace，各自帶利基知識，用程式擴展，對吧？And because of that, we can enter into more niche fields. If you know about private credit, you know that the best-performing funds are the ones that focus on niche industries and use their esoteric knowledge to get outsized yield for the same risk. And so here we're using a marketplace of potentially an unlimited amount of underwriters with their own niche knowledge, and this scales with code, right?

5:26:52全自動，不依賴我們。傳統 private credit 基金每筆貸款都要過每個員工，這裡是大量 underwriter 對大量 borrower。It's all automatic. It doesn't rely on us. So unlike a traditional private credit fund, where every loan goes through every you know, employee at that fund, here we have a virtually unlimited set of underwriters underwriting an unlimited set of borrowers.

5:27:07這才是 DeFi 該有的樣子，對吧？真正融資真實世界、創造真實經濟活動。數字上，鏈上約三兆美元資產沒被好好運用，用在交易、博弈、投機，而非實體經濟。And this is what DeFi should look like, right? Actually financing the real world and creating real economic activity. And here's sort of a little bit of the numbers of how it looks like. We have around three trillion dollars of assets on-chain that are not being put to good use. They're being put to use in, you know, trading schemes, in gambling, in speculation, and not in the real economy.

5:27:29我們希望 CAP 能橋接 private credit 與這些有價值資產。有興趣可掃 QR 填聯絡表，也可在 Twitter 追蹤我們。謝謝各位。So we're hoping that CAP can bridge the gap between private credit and these valuable assets. Now, if you're interested in chatting with us, here's a QR code for our contact form, and you can also follow us on Twitter. But thank you, guys.