Can you verify cap USD (cUSD) reserves yourself?
You can read part of cUSD's backing on-chain yourself; the rest rests on an off-chain layer you take on an attestation.
Minted against a basket of regulated dollar tokens (USDC, PYUSD, Franklin Templeton's BENJI and BlackRock's BUIDL among others, per third-party reporting; Cap's docs say "regulated dollar-denominated crypto assets") held in the Cap vault contract on Ethereum, with reserves partly deployed into lending strategies and operator credit covered by restaker collateral on EigenLayer and Symbiotic. Cap brands this "Verifiable Money": there is no reserve attestor, and the vault composition and coverage genuinely are readable on-chain. Each basket asset still carries its own issuer's off-chain attestation regime upstream.
What you cannot verify yourself: The par value of every basket asset, which rests on its own issuer's attestation, plus freeze, seizure and depeg risk on those assets that Cap's own risk docs acknowledge, the protocol's admin control over approved assets and strategies, its oracles (RedStone, Morpho), and the off-chain legal recourse behind operator credit.
Cap's cUSD on Ethereum is not the Celo Dollar (a cUSD by a different issuer on the Celo chain) and not Coin98's CUSD. Cap's June 26, 2026 TGE was for its CAP governance token; cUSD itself has been live since 2025. On Ethereum, only the address above is cap USD; Cap also lists official deployments on MegaETH, Tempo and Katana.
Issued by Cap Labs. "Partly attestor-required" describes the structure of the verification, not the quality of the issuer.
Run this on cUSD yourself, or get a signed record of it.
The read below is free and live. Or get a machine-signed, point-in-time read of this exact address in about two minutes, that anyone you forward it to can verify in three lines without trusting you.
Signed on the page after you pay in USDC on Base: no email, no wait. It signs public on-chain bytes only (supply, decimals, and symbol at a block), not a solvency opinion and not a claim about who controls the address. Issuing a dollar of your own? The GENIUS-readiness kit is $999 setup then $99 a month. Not compliance and not an audit.
Live supply, and the command that reproduces it
What this read establishes: On-chain cUSD and stcUSD supply (about 66.9M cUSD on July 1, 2026), the vault's per-asset balances and utilization, and the restaker collateral positions that cover operator credit, all readable on Ethereum.
Reproduce the supply read yourself
cast call 0xcccc62962d17b8914c62d74ffb843d73b2a3cccc "totalSupply()(uint256)" --rpc-url https://ethereum-rpc.publicnode.comcast call 0xcccc62962d17b8914c62d74ffb843d73b2a3cccc "symbol()(string)" --rpc-url https://ethereum-rpc.publicnode.comPrefer curl? Show the raw JSON-RPC call
curl -s -X POST https://ethereum-rpc.publicnode.com -H 'content-type: application/json' --data '{"jsonrpc":"2.0","id":1,"method":"eth_call","params":[{"to":"0xcccc62962d17b8914c62d74ffb843d73b2a3cccc","data":"0x18160ddd"},"latest"]}'Live supply is read from the chain and cached hourly on this page; the command above is real-time. Always confirm you are reading the canonical contract address. A look-alike token can copy any name or symbol; only the address is identity.
Other crypto-collateralized tokens
Also: the reserve transparency scorecard, the Stablecoin Reserve Recomputation Report, every stablecoin we cover, or paste any address into the free tool.
Kerne is infrastructure and a service provider, not an auditor, a rating agency, a custodian, or an investment adviser. This page reads public on-chain data and names publicly disclosed transparency methods. It is not an audit, a solvency or credit opinion, a recommendation, or any form of investment, legal, tax, or accounting advice, and the appearance of cUSD is not an endorsement. Reserve-transparency descriptions are sourced from Cap Labs's public disclosures and, where the token is listed there, the Kerne synthetic-dollar scorecard, cross-verified June 29 to July 3, 2026; verify at the canonical sites. Kerne is not affiliated with Cap Labs or any attestor named here. Page reviewed 2026-07-03. Last updated July 3, 2026.