The synchronized dollar.

BTC, ETH or liquid stables flow into segregated, off-exchange custody — never onto an exchange balance sheet.

A short perpetual of equal notional opens instantly. What collateral loses, the hedge gains — and vice versa.

One cUSD per hedged dollar, atomically on Canton. Redemption unwinds the same package — no reflexive loops.

The chain where finance already lives.

A network of sovereign ledgers, synchronized into one. Data travels need-to-know; settlement is atomic. The only environment where a synthetic dollar serves institutions without exposing them.

Perpetual markets structurally pay the short side. The hedge that keeps cUSD neutral collects that funding — the core engine of return.

Where collateral is staked ETH, consensus rewards accrue to the backing — yield the hedge doesn't cancel, because it isn't price exposure.

Liquid-stable reserves earn treasury-grade rates in flat markets — a floor that lets the protocol rotate defensively when funding turns.

Non-rebasing: your balance stays constant while its redemption value climbs. Unstake any time after a short cooldown. Rates publish at launch — we don't advertise an APY we aren't earning.

Collateral sits with independent, bankruptcy-remote custodians. Exchanges receive margin delegation — never the assets themselves.

Independent attestations of collateral, hedge notional and reserve fund — delivered on-ledger to every holder through Canton disclosure contracts.

A liquid, unencumbered reserve absorbs periods of negative funding before backing is ever touched. Sized against stress scenarios, reported in every attestation.

Backing assets are never lent, restaked or pledged elsewhere. One dollar of cUSD, one dollar of hedged collateral — nothing doubled.

Funding can turn against the short side for extended periods. Mitigation: the reserve fund absorbs drawdowns; the engine rotates backing toward liquid stables earning reserve carry until conditions normalize.

Hedges live on derivatives venues; a venue can fail. Mitigation: collateral never leaves custody — only margin is delegated. Positions are dispersed across venues and can be re-struck elsewhere within hours.

Off-exchange settlement concentrates trust in custodians. Mitigation: multiple independent, regulated custodians with segregated, bankruptcy-remote structures — no single point of custody.

Ledger code can fail. Mitigation: mint, redeem and disclosure logic is written in Daml — a language built for multi-party financial contracts — with independent audits before mainnet.

Secondary markets can trade away from $1 under stress. Mitigation: approved counterparties mint and redeem at par continuously — arbitrage that pulls price back, backed by same-day hedge unwinds.