Cap cUSD (CUSD) is a crypto-backed US dollar stablecoin. It has about $79.9M in circulation, ranking #58 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
What is CUSD?
Cap cUSD (CUSD) is a crypto-backed US dollar stablecoin. It has about $79.9M in circulation, ranking #58 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
In the issuer's words: Cap is a stablecoin protocol that provides credible financial guarantees via two products: the dollar-denominated cUSD and the yield-bearing stcUSD.
CUSD supply history
CUSD supply fell 5.9% over the past 30 days, to $79.9M. Its peak was $443M in January 2026, and supply is 82% below that high.
Is CUSD holding its peg?
CUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where CUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all CUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How CUSD is backed
CUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Users deposit reserve assets to mint cUSD at oracle value. cUSD's reserve is backed by blue chip stablecoins such as USDC, USDT, pyUSD, BUIDL, and BENJI, i.e. issued by regulated institutions with transparent attestations. It is 1:1 redeemable for any of the available reserve assets.
Reserve reports and audits: docs.cap.app
CUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
CUSD vs USDT and USDC
Similar crypto-backed stablecoins
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CUSD FAQ
What is CUSD?
Cap cUSD (CUSD) is a crypto-backed US dollar stablecoin. It has about $79.9M in circulation, ranking #58 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
Is CUSD pegged 1:1 to the US dollar?
CUSD targets 1 USD. At the last update it traded at $0.9998, a deviation of -0.02%, which we classify as "on peg".
What backs CUSD?
CUSD is a crypto-backed stablecoin. CUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is CUSD on?
CUSD is live on 3 blockchains. The largest by supply are Ethereum ($79.7M), Tempo ($50K), MegaETH ($23K).
How much CUSD is in circulation?
About $79.9M of CUSD was in circulation at the last update, -5.9% over 30 days. That makes it the #58 stablecoin by supply among those we track.
Is CUSD safe?
No stablecoin is risk-free. As a crypto-backed design, CUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.