---
title: "Cap cUSD (CUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/cusd-cap/"
description: "Build-time stablecoin profile for Cap cUSD (CUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Cap cUSD (CUSD)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

cUSD is Cap's diversified basket of regulated stablecoins and tokenized T-bill funds; clever distribution if everything works, shared contagion if one fails. Cap's cUSD is a basket wrapper backed by 35% USDC, 25% USDT, 20% BlackRock's BUIDL, 10% WisdomTree's WTGXX, and 10% PayPal's PYUSD — five institutional-grade stablecoins blended into a single token with a maximum 40% concentration cap per asset. The dynamic-fee vault mechanism adjusts minting and {{term:redemption}}redemption{{/term}} costs in real-time to prevent full utilization, ensuring atomic redemptions remain available, while EigenLayer AVS provides the economic security layer. Redemptions return a proportional basket of all underlying assets rather than a single stablecoin, which socializes any individual reserve depeg across all redeemers — clever risk distribution if everything works, shared contagion if one component fails. Deployed on Ethereum and MegaETH with wrapper-classified governance, cUSD is less an independent stablecoin and more a diversification instrument for holders who want institutional {{term:rwa}}RWA{{/term}} exposure without choosing sides. The BUIDL and WTGXX slices are tokenized {{term:treasury}}Treasury{{/term}} {{term:money-market-fund}}money-market funds{{/term}}.

## 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 all underlying assets, socializing any reserve depeg across redeemers; dynamic interest rates prevent full utilization so redemptions remain atomic; secured by EigenLayer AVS

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xcccc62962d17b8914c62d74ffb843d73b2a3cccc` | 18 |
| megaeth | `0xcccc62962d17b8914c62d74ffb843d73b2a3cccc` | 18 |
| tempo | `0x20c0000000000000000000000520792dcccccccc` | 6 |

## Live Data

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