---
title: "Cygnus Finance Global USD (cgUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/cgusd-cygnus-finance/"
description: "Build-time stablecoin profile for Cygnus Finance Global USD (cgUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Cygnus Finance Global USD (cgUSD)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

cgUSD is Cygnus Finance's daily-rebasing T-bill dollar on Base; NAV-vs-price arbitrage friction produced hundreds of depeg events. Cygnus Finance's cgUSD rebases daily on New York banking days to reflect its portfolio NAV — 80% off-chain {{term:treasury}}T-bills{{/term}} with 15% in on-chain USDC/USDT and 5% accrued interest — and a Transmuter enables instant 1:1 conversion to USDC for holders who need immediate exit. The 422 depeg events and a worst deviation of nearly 2,800 basis points below peg tell a different story than the clean treasury-wrapper pitch: the gap between off-chain NAV and on-chain price creates persistent arbitrage friction that the rebase mechanism doesn't fully close. Institutional-unregulated {{term:custody}}custody{{/term}} with no published jurisdiction or proof of reserves means the trust assumptions sit entirely with the Cygnus team. Base-only deployment is a pragmatic choice for a chain that hosts USDC's issuer, but the peg score of 77 and 5-7 day settlement windows for non-Transmuter withdrawals suggest cgUSD's convenience premium is narrower than it appears. The reserve is a {{term:rwa}}RWA{{/term}} basket and {{term:redemption}}redemption{{/term}} outside the Transmuter requires a 5–7 day settlement window.

## Collateral

Short-term U.S. Treasury bills held off-chain, supplemented by on-chain stablecoins (USDC/USDT); supply rebases daily on New York banking days to match portfolio net asset value including accrued interest

## Peg Mechanism

Daily rebase on NYC banking days aligning total supply with portfolio NAV; 1:1 USDC redemption via two-step withdrawal (request + claim, 5–7 day settlement); Transmuter enables instant 1:1 conversion between cgUSD and USDC; Elixir AMO manages on-chain liquidity

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| United States | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| base | `0xca72827a3d211cfd8f6b00ac98824872b72cab49` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/cgusd-cygnus-finance.