stcUSD, issued by Covered Agents S.A., is a yield-bearing tokenized fund interest that represents a proportional share of cUSD staked in Cap's reserve lending framework plus accrued yield from reserve rewards and over-collateralized institutional loans [S1][S2].

Each stcUSD represents staked cUSD, a U.S. dollar (USD) pegged stablecoin backed 1:1 plus protocol fees by a basket of whitelisted stablecoins and tokenized money market funds, with USDC named as a supported reserve asset [S1][S3]. Yield accrues through an increasing ERC-4626 share price rather than rebasing, sourced from rewards on idle reserves and interest from loans to whitelisted Operators clearing a dynamic hurdle rate [S1][S2]. Newly notified yield vests linearly over a lock duration [S1].

Cap 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 arbitration through CeCAP [S4]. The holder's claim is an ERC-4626 vault token representing cUSD plus accrued yield; protections are enforced exclusively by code-based adherence to protocol rules, without external custodians [S1][S5]. Users must certify they are at least 18 years of age and use the platform only for lawful purposes [S4]. Redemptions return underlying basket assets proportionally and may be delayed if reserves are fully utilized; on Borrower default, Underwriter collateral is liquidated first so cUSD stays backed 1:1 [S2][S5][S6].

stcUSD is an ERC-4626 vault token deployed on Ethereum Mainnet as primary, plus MegaETH Mainnet and Tempo Mainnet [S1][S7]. Staking calls the ERC-4626 deposit function to mint shares from cUSD, and unstaking calls redeem to return cUSD plus accrued yield, permissionless and immediate at the contract level subject to reserve liquidity [S1][S2][S5]. Cross-chain pricing relies on third-party oracles [S5].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.cap.app/developers/contracts/tokens.md" },
    { id: "S2", url: "https://docs.cap.app/overview/protocol-overview/stcusd-mechanics.md" },
    { id: "S3", url: "https://docs.cap.app/overview/why-cap.md" },
    { id: "S4", url: "https://docs.cap.app/resources/terms-and-conditions/platform-terms-of-use.md" },
    { id: "S5", url: "https://docs.cap.app/overview/risks.md" },
    { id: "S6", url: "https://docs.cap.app/overview/protocol-overview.md" },
    { id: "S7", url: "https://docs.cap.app/developers/addresses.md" },
  ]}
/>


Tokenized funds

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Cap Staked USD (stcUSD) is a tokenized fund share issued by Cap through Covered Agents S.A.

The fund is open-ended and invests in private credit and money market instruments.

Retail investors can subscribe and redeem in cUSD, and holders have a right to redeem at net asset value.

Covered Agents S.A. is incorporated in Panama.

stcUSD has been issued on Ethereum as an ERC-4626 and ERC-20 token since July 2025, with bridged versions on three more.

Cap Staked USDstcUSD

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