Cap USD (CUSD)

The cUSD reserve is made up of established stable and tokenised cash-like assets, including major stablecoins and regulated institutional products such as USDC, USDT, pyUSD, BUIDL, and BENJI. Holders can redeem cUSD on a one-to-one basis for available assets in the reserve, giving the token a practical mechanism for maintaining its dollar reference value. This reserve model is aimed at users who want stablecoin liquidity while retaining visibility into the quality and composition of backing assets.

Cap also issues stcUSD, a yield-bearing savings token created by staking cUSD. The product gives cUSD holders open access to protocol-generated yield without requiring them to manage individual strategies directly. Yield is produced through an autonomous operator layer in which operators enter or exit depending on the protocol’s hurdle rate. Cap’s design emphasises downside protection for users, with the risks associated with yield generation intended to be covered and verifiable through code. In the broader crypto market, Cap USD sits in the growing category of stablecoin systems that combine digital dollar payments, tokenised reserves, and on-chain yield products.