Capa

Capa is a Latin America-focused financial infrastructure company that routes local fiat currencies through stablecoin rails to enable fast, low-cost cross-border payments and crypto on/off-ramps — with its Solana presence anchored by a live integration of Ondo Finance's USDY tokenized Treasury product.

Core Mechanism

Capa operates as an API-first layer that sits between local payment systems (SPEI in Mexico, ACH, SEPA) and global crypto liquidity. Its platform exposes three primary transaction modes:

• On-ramp — Users deposit local fiat (MXN, DOP, EUR) and receive stablecoins (USDC, USDT) or yield-bearing assets in a crypto wallet.
• Off-ramp — Crypto holdings convert back to fiat and settle into local bank accounts.
• Cross-ramp — Direct fiat-to-fiat conversion that routes through stablecoin liquidity internally, skipping the need for users to hold crypto.

All transactions require KYC/KYB verification before production access. The REST API authenticates partners via API keys, enforces rate limits of ten requests per second, and delivers event notifications through a webhook system with up to five retry attempts and HMAC signature validation. Quote locks expire in ten seconds, and the platform operates 24/7 — a contrast to traditional correspondent-banking windows.

Stablecoin and Solana Integration

Capa's most direct connection to the Solana ecosystem is its integration of USDY, a yield-bearing token issued by Ondo Finance and backed by short-term US Treasury securities. The integration, announced in May 2025, allows users in Mexico to deposit pesos via their local bank accounts through Capa, which then converts the funds to USDY on Solana. Users earn daily compounding yield without active portfolio management, can exit to pesos at any time through Capa's off-ramp, and hold an asset denominated in dollars rather than a depreciating local currency.

Ondo Finance describes USDY as the largest tokenized treasury product on Solana, reporting over $170 million in total value locked at the time of the integration announcement. Capa's rationale for choosing Solana centers on the network's transaction throughput, low fees, and settlement finality — properties that matter when the underlying user need is liquid, instantly redeemable savings rather than long-term locked positions.

Beyond USDY, Capa supports USDC and USDT across its standard on/off-ramp flows, giving partners flexibility in which stablecoins they settle in.

Key Features and Target Customers

Capa targets fintechs, payment companies, financial institutions, and corporates that need to move money in or out of Latin American markets without building local banking relationships from scratch. Its platform offers:

• Same-day settlement and real-time FX conversion
• Competitive foreign exchange rates on USD/MXN and USD/DOP corridors
• Dashboard access alongside the API for non-technical teams
• Onboarding within 24 hours for new partners
• Regulatory compliance and local adherence across supported markets

Partner case studies illustrate the performance claims. Conduit Pay reported cutting payout time from 48 hours to 10 minutes and reducing FX costs by more than 60 percent after switching to Capa. WalaPay cited competitive FX rates and responsive support. In April 2025, Borderless.xyz — a global stablecoin orchestration network — added Capa to its partner infrastructure, specifically to strengthen liquidity and settlement speed on the US-Mexico remittance corridor, one of the highest-volume remittance routes in the world.

Capa also reports a partnership with a major Mexican bank, though the institution is not publicly named, and working relationships with Coinbase, Arbitrum, and Circle.

Team

Capa was founded in 2022 and is headquartered in San Francisco. The founding team is led by CEO Juan Diego Oliva Heinsen, a graduate of Tecnológico de Monterrey from the Dominican Republic who built early infrastructure for crypto access in the Caribbean before co-founding Capa. The team also includes Juan David Torres (CTO), Levit Salcedo (CFO), and Daniel Forero (CMO).

Funding and Investors

Capa raised a pre-seed round of $2.5 million. Institutional backers include Morgan Creek Digital, Better Tomorrow Ventures, Boost VC, Alter Global, and Reverie. The round also included angel investors with backgrounds at Coinbase, Ripple, Polygon Labs, and Ondo Finance, reflecting a network well-positioned to support stablecoin and on-chain payment infrastructure.

Security and Compliance

Capa does not operate smart contracts in the traditional DeFi sense — its core product is an API platform with custody and compliance handled off-chain. Security measures include HMAC signature validation for webhooks, OAuth 2.0-based API authentication, and mandatory KYC/KYB verification gating all production transactions. No third-party smart contract audits are listed in Capa's public documentation, which is consistent with its fintech-infrastructure model rather than an autonomous on-chain protocol.

Solana Ecosystem Fit

Capa's role in the Solana ecosystem is primarily as an access layer rather than a native DeFi protocol. It brings fiat-denominated demand from Latin American users onto Solana-based assets, particularly USDY, and provides the off-ramp liquidity that makes holding Solana-native yield products practical for users who need pesos in their bank accounts. For the broader ecosystem, Capa represents a route for real-world retail and institutional flows to enter Solana through a regulated, KYC-compliant gateway focused on an underserved geographic market where stablecoin demand is driven by inflation hedging and remittance use cases rather than speculation.