Cap USD

Cap USD (CUSD) is a US dollar-denominated stablecoin issued on the Ethereum blockchain and usable across any compatible network. It is designed for people who want a digital representation of one US dollar that can be redeemed one-for-one against regulated, reserve-backed assets such as USDC, USDT, pyUSD, BUIDL, and BENJI. The protocol also offers stcUSD, a savings product built on top of CUSD that generates yield through a network of operators, with downside protection claimed to be verifiable by code.

CUSD is minted and redeemed against a reserve of established stablecoins issued by regulated institutions, maintaining a 1:1 redemption guarantee with any available reserve asset. The token lives on Ethereum but is designed to be portable to other networks. stcUSD is obtained by staking CUSD; yield is produced by an autonomous layer of operators who enter and exit based on the protocol's current hurdle rate, with the protocol itself absorbing the risk of yield generation rather than passing it to depositors.

The data provided does not contain a fee stream or protocol revenue figure for CUSD, so no fee-based measures are available on this page. The protocol's economic model centers on reserve management and the operator-driven yield mechanism of stcUSD rather than on transaction or issuance fees charged to users. The circulating supply stood at approximately 89,439,584 CUSD at the point of measurement, and the 30-day stablecoin supply change of 0.471058 indicates the pace at which that supply has grown recently.