DeFi
Cap's cUSD Stablecoin Reaches $67M in Circulation in First Week
The rapid growth of the Ethereum-based stablecoin highlights the continued demand for new decentralized financial products.
August 26, 2025
Companies mentioned:
• Cap's new stablecoin, cUSD, reached over $67 million in circulation within its first week.
• The Ethereum-based stablecoin is backed by a portfolio of other stablecoins, including USDC, USDT, and PYUSD.
• The protocol also offers a yield-generating token, stcUSD, by staking cUSD.
Cap's new stablecoin, cUSD, has quickly gained traction, with its circulation surpassing $67 million just one week after its launch on the Ethereum mainnet. This rapid adoption signals strong market interest in new stablecoin offerings, particularly those with novel features or backing mechanisms.
The protocol, developed by Cap Labs, officially launched on August 19th. cUSD is designed as a 1:1 redeemable stablecoin backed by a basket of established stablecoins including USDC, USDT, and PayPal's PYUSD. The immediate success of cUSD indicates that there is still significant appetite for well-designed stablecoin protocols, and that the market is receptive to new entrants that can offer compelling value propositions.
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