Cap USD
CUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Cap USD (cUSD) is an RWA and restaking-backed stablecoin protocol issued by Cap Labs with an estimated market cap of ~$88.35M. Across evaluated dimensions, the protocol demonstrates significant structural and market-based challenges. Development activity is mid-range (5.0/10) with positive holder growth and peg stability, but lacks verifiable engineering and reserve attestation documentation. Community support is minimal (2.0/10), evidenced by a lack of public channels and a 77.5% drop in active addresses. Tokenomics (5.0/10) and Market & Use Case (3.0/10) reflect severe liquidity issues, with 24-hour trading volume dropping to zero and trading halting on tracked exchanges. Governance (5.0/10) relies on centralized controls with only first-name team disclosures, while Security & Audit History (4.5/10) shows no verified public audit reports, offset partly by clean incident history and institutional asset management backing (Franklin Templeton). No qualifying red-flag events were established.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Cap USD (CUSD)
Cap USD (cUSD) is a United States dollar stablecoin protocol developed by Cap Labs. Deployed primarily on the Ethereum blockchain, the token operates as a covered credit platform combining Real-World Asset (RWA) backing associated with institutional asset managers such as Franklin Templeton with restaked collateral deployed on shared security marketplaces like EigenLayer. The protocol utilizes a mint and burn mechanism to maintain its peg near $1.00 and includes related asset representations such as stcUSD across supported networks.
Governance and administrative controls within the protocol maintain a centralized structure. Issuance and risk administration are governed by protocol smart contracts that include issuer admin freeze capabilities. The founding team is publicly identified primarily by first names, Benjamin and Jae, without detailed public professional histories or credentials verified in protocol documentation.
The project faces notable structural and market-level challenges. Available sources identify no verifiable third-party security audits or regular public reserve attestation schedules. Furthermore, the token experiences severe secondary market liquidity constraints, with 24-hour trading volumes dropping to zero and trading activity halting across tracked exchanges. While the protocol has not experienced recorded security exploits, depeg events, or insolvencies, its reliance on restaked collateral exposes it to protocol and slashing risks distinct from purely cash- or treasury-backed stablecoin designs.