Introducing cgUSD
The cgUSD token, an ERC20 rebasing token, is backed by US Treasury bills. Every New York banking day, the total issuance of cgUSD aligns with the net value of its asset portfolio, encompassing on-chain stablecoins, the market value of U.S. Treasury Bills, and accrued interest. This mechanism ensures that Cygnus Finance consistently maintains a 1:1 redemption ratio between cgUSD and USDC. In the secondary market, similar to other fiat-backed stablecoins, we anticipate a 1:~1 correlation in price, driven by arbitrage opportunities.
Token Name: Cygnus USD
Token Symbol: cgUSD
Contract Address: 0xCa72827a3D211CfD8F6b00Ac98824872b72CAb49
Below are the basic properties of our cgUSD token:
It is a rebasing token whose price is always $1. Users’ holding amount will grow continuously as the interest from the treasury accrues.
Its rebasing happens once a day for every workday.
It is issued on Base.
It is permissionless.
Users can mint cgUSD with USDC . The minting price will always be $1, if fees are excluded.
Users can redeem cgUSD for USDC. The redemption price will always be $1, if fees are excluded.
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