Profile
CUSD profile facts
Cap cUSD (CUSD) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar.
- Collateral
- Governance-whitelisted basket of regulated dollar-denominated crypto assets: regulated stablecoins (e.g. USDC) and tokenized government money-market funds (e.g. wrapped WisdomTree Government MMF, wWTGXX); idle reserve capital is deployed into US T-bill yield and crypto lending strategies via the protocol's fractional-reserve module. The accepted assets are governance-controlled rather than a fixed list.
- Peg mechanism
- Dynamic-fee vault: users deposit whitelisted reserve assets to mint cUSD at oracle-determined value; redemptions return a proportional basket of underlying assets, socializing reserve depegs across redeemers. Borrowers obtain underwriting through shared security networks such as Symbiotic and EigenLayer; redemption remains subject to available assets, strategy divestment and protocol pause controls.
- Jurisdiction
- Not disclosed in the static profile.
- Proof of reserves
- Real-Time PoR by Cap Labs reserves dashboard (issuer-operated, not a third party) Reserve source
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
CUSD quick answers
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What is Cap cUSD (CUSD)?
CUSD is Cap's USD stablecoin minted against regulated stablecoins and tokenized money-market funds, with borrower guarantees via shared security networks. The static profile records its US Dollar peg mechanism as: Dynamic-fee vault: users deposit whitelisted reserve assets to mint cUSD at oracle-determined value; redemptions return a proportional basket of underlying assets, socializing reserve depegs across redeemers.
Is CUSD safe?
As of Oct 24, 2026, Pharos grades CUSD C+ (61/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs CUSD?
Pharos records CUSD's reserves as of Oct 20, 2026 as 100% USDC and under 0.1% WTGXX. Reserve evidence: Real-Time PoR by Cap Labs reserves dashboard (issuer-operated, not a third party). Pharos classifies the backing as Real-World Asset Backed.
Can CUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.
How do you redeem CUSD?
Under the route Pharos reviewed on Mar 23, 2026, any holder can redeem CUSD for USDC and WTGXX. Redemption settles atomically on-chain. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.
