Cap USD

Cap USD (CUSD) is a dollar-denominated stablecoin issued on the Ethereum blockchain and usable across other networks, designed for anyone who wants to hold or transact in a digital representation of the US dollar without leaving the on-chain environment. The protocol behind it also offers stcUSD, a yield-bearing version created by staking CUSD, aimed at users who want their digital dollars to generate a return. Cap claims to address the trust problem in stablecoins by backing CUSD one-to-one with reserves held in regulated, transparently attested instruments such as USDC, USDT, pyUSD, BUIDL, and BENJI.

CUSD is issued on Ethereum and its reserve is composed entirely of other established stablecoins and regulated on-chain instruments, making it redeemable one-to-one for any available reserve asset at any time. The yield product, stcUSD, is generated through a layer of operators who self-select into and out of the protocol based on a current hurdle rate, with the protocol's code designed to cover downside risk so that CUSD holders converting to stcUSD retain full principal protection according to the protocol's design. No consensus algorithm or block time is recorded for CUSD itself, as it is a token that settles on Ethereum's underlying infrastructure rather than a standalone chain.

The data stored for CUSD does not include a protocol fee stream, so fee-based measures such as revenue, fee yield, or fee-to-market-cap ratios are not available on this site for this asset. The yield distributed through stcUSD is described as coming from the operators who deploy capital against the protocol's hurdle rate, but no specific fee figures are recorded here. The circulating supply stood at approximately 77,354,246 units at the point-in-time reading, and the 30-day stablecoin supply change was negative 8.38 percent, indicating the outstanding supply contracted over that period.