Cygnus Finance Global USD (cgUSD) is a fiat-backed US dollar stablecoin. It has about $75.7M in circulation, ranking #61 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is cgUSD?
Cygnus Finance Global USD (cgUSD) is a fiat-backed US dollar stablecoin. It has about $75.7M in circulation, ranking #61 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: The cgUSD token, an ERC20 rebasing token, is backed by US Treasury bills. Every New York banking day, the total issuance of cgUSD aligns with the net value of its asset portfolio, encompassing on-chain stablecoins, the market value of U.S. Treasury Bills, and accrued interest.
cgUSD supply history
cgUSD supply grew 0.1% over the past 30 days, to $75.7M. It is at or near its all-time high.
Is cgUSD holding its peg?
cgUSD is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where cgUSD lives: supply by blockchain
Supply is concentrated: Base holds 100% of all cgUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How cgUSD is backed
Each cgUSD is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: Users can mint cgUSD by using assets from multiple chains USDT, USDC. Users can use our Withdrawals Request and Claim tabs to withdraw cgUSD and receive USDC at a 1:1 ratio. Under normal circumstances, withdrawal periods can take anywhere between 5-7 days. After that, you can claim your cgUSD using the Claim tab.
cgUSD risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
At the last update cgUSD traded at $0.9922 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
cgUSD vs USDT and USDC
Similar fiat-backed stablecoins
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cgUSD FAQ
What is cgUSD?
Cygnus Finance Global USD (cgUSD) is a fiat-backed US dollar stablecoin. It has about $75.7M in circulation, ranking #61 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is cgUSD pegged 1:1 to the US dollar?
cgUSD targets 1 USD. At the last update it traded at $0.9922, a deviation of -0.78%, which we classify as "slightly off peg".
What backs cgUSD?
cgUSD is a fiat-backed stablecoin. Each cgUSD is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is cgUSD on?
cgUSD is live on 1 blockchain. The largest by supply are Base ($76.3M).
How much cgUSD is in circulation?
About $75.7M of cgUSD was in circulation at the last update, +0.1% over 30 days. That makes it the #61 stablecoin by supply among those we track.
Is cgUSD safe?
No stablecoin is risk-free. As a fiat-backed design, cgUSD's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "slightly off peg" on our peg monitor. This page is information, not investment advice.