01 /
Brief
Covered Agent Protocol. Stablecoin and credit system that issues cUSD (backed by regulated stablecoins and tokenized MMFs) and stcUSD (yield-bearing variant). ~$500M TVL (Jan 2026), launched August 2025. 80%+ of cUSD reserves deployed on Aave V3 Core Ethereum market via Fractional Reserve contracts.
02 /
Snapshot
Key terms and identifiers.
- Asset classes
- Private credit, Treasuries
- Token standards
- erc-20, eip-4626
03 /
Connections
Who they build with, build on, integrate with.
Dependency
Where this player builds on, integrates, or relies on others.
