Cap USD wallet

What is Cap USD (CUSD)?

A dollar token whose reserve is made of other dollar tokens. Cap USD (CUSD) is the stablecoin of the Cap protocol on Ethereum, and behind it sits a basket of established stablecoins such as USDC, USDT and PYUSD plus tokenized money market fund shares. A holder can redeem cUSD for the assets in that basket at roughly one to one, less a fee, so the peg rests on redeemable reserves rather than on a market maker keeping the price in line.

For someone holding it, the important thing is what cUSD does not do. It is a plain ERC-20: the balance does not rebase, nothing accrues to it, and the number in your wallet is the number you put there. The protocol's second product, stcUSD, is a separate token you receive by staking cUSD into the protocol's vault, and that is where the operator and yield mechanics live, not in cUSD itself. If you want the plain dollar, you hold cUSD; if you stake, you hold a different asset with a different symbol. Transfers cost gas in ETH, so a little ETH needs to sit next to it.

The ticker has a twin

"cUSD" was used for years by Celo Dollar, the native stablecoin of the Celo network, and that token still turns up under the same symbol in explorers and price lists. Cap's cUSD lives on Ethereum, Celo's lives on Celo, and they have nothing in common besides four letters. In Tangem the two never share a line: each token is listed under its own network, and the network you are sending from is on the screen when you sign, so which cUSD you are moving is a choice you see, not something you find out afterwards. For a token that shares its name with an unrelated coin, that visibility is the reason to keep it here.

Supported networks in Tangem (1): Ethereum.