Cap USD(CUSD)

Overview

Cap USD (cUSD) is a dollar-denominated stablecoin issued by the Cap protocol on the Ethereum blockchain and designed to be usable across other networks. Its reserve is backed by established stablecoins such as USDC, USDT, pyUSD, BUIDL, BENJI, which are issued by regulated institutions that publish attestations. Holders can redeem cUSD 1:1 for any of the available reserve assets.

Alongside cUSD, the Cap protocol offers stcUSD, a savings product minted by staking cUSD and open to any cUSD holder. Yield for stcUSD is generated through an autonomous layer of operators that opt in and out based on the protocol's current hurdle rate. According to the protocol, the risk of that yield generation is covered, with the downside protection verifiable in code.