cUSD, issued by Covered Agents S.A., is a U.S. dollar (USD) pegged stablecoin that is backed 1:1, plus protocol fees, by a basket of whitelisted backing assets held in the cUSD vault [S1][S2].

Holders receive a token pegged to the U.S. dollar (USD) and backed by a basket of whitelisted stablecoins and tokenized money market funds, with USDC named as a supported reserve asset [S2][S3]. cUSD itself does not accrue yield unless staked into stcUSD [S4]. Minting bears a dynamic fee with a minimum of 10 bps capped at 5%, while redemption bears a percentage fee, waived to 0% for whitelisted users [S2].

cap.app is published, owned and operated by Covered Agents S.A., a corporation incorporated under the laws of the Republic of Panama, with Platform Terms governed by Panama law and mandatory individual arbitration through CeCAP [S1]. cUSD is a standard ERC-20 token whose protections are stated to be enforced exclusively by code-based adherence to Cap's protocol rules, operating without external custodians [S5][S2]. Users must certify they are at least 18 years of age and use the platform only for lawful purposes [S1]. Redemptions are guaranteed at all times, returning underlying basket assets proportionally minus any redeem fee, though they may be delayed if reserve assets are fully utilized [S4][S5].

cUSD is an ERC-20 token deployed on Ethereum Mainnet, described as primary, with availability on MegaETH Mainnet and Tempo Mainnet; cross-chain use relies on third-party bridges and oracles [S6][S5]. Minting calls the vault mint function with an approved asset; redeeming calls the vault redeem function, returning underlying assets proportionally. Settlement is permissionless and immediate at the contract level, subject to reserve liquidity [S2][S5].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.cap.app/resources/terms-and-conditions/platform-terms-of-use.md" },
    { id: "S2", url: "https://docs.cap.app/developers/contracts/tokens.md" },
    { id: "S3", url: "https://docs.cap.app/overview/why-cap.md" },
    { id: "S4", url: "https://docs.cap.app/overview/protocol-overview/stcusd-mechanics.md" },
    { id: "S5", url: "https://docs.cap.app/overview/risks.md" },
    { id: "S6", url: "https://docs.cap.app/developers/addresses.md" },
  ]}
/>


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Cap USD (cUSD) is a U.S. dollar stablecoin issued by Cap through Covered Agents S.A.

Each token is redeemable one-for-one for U.S. dollars and is a direct claim on the issuer.

Retail investors can mint and redeem directly with Cap in USDC and USDT, and holders have a contractual right to redeem at par.

Covered Agents S.A. is incorporated in Panama.

cUSD has been issued on Ethereum as an ERC-20 and other token since July 2025, with bridged versions on three more.

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