CUSD Cap USD Rank #302

Cap is a stablecoin protocol that issues dollar-denominated digital assets backed by reserves held in regulated, blue-chip instruments. Its primary product, cUSD, is a USD-pegged token issued on the Ethereum blockchain and designed for use across multiple networks. The reserve backing cUSD is composed of established stablecoins and tokenized money-market assets, including USDC, USDT, pyUSD, BUIDL, and BENJI, each issued by institutions that provide regular attestations. cUSD is redeemable on a one-to-one basis for any of the underlying reserve assets. In addition to the core stablecoin, the protocol offers stcUSD, a yield-bearing savings instrument created by staking cUSD. Yield on stcUSD is produced through a network of operators that participate based on the protocol's current hurdle rate, with the risk layer structured to provide full downside protection that can be verified on-chain. The protocol is categorized within the stablecoin and Ethereum ecosystem segments, with a presence also noted in the MegaETH ecosystem.