> For the complete documentation index, see [llms.txt](https://cvnnt.gitbook.io/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://cvnnt.gitbook.io/documentation/developer/assets/usdcrt-token.md).

# $CRT token

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Note: This chapter is currently under development.
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$CRT (Current) token is a Covenant system utility synthetic asset. 

$CRT serves as representation of the [USD-backed stablecoin](#user-content-fn-1)[^1] value of BTC asset on Covenant system at the moment, and to represent USD-backed stablecoin deposits on Covenant.

### $CRT token features

* $CRT token is 100% backed with BTC and with USD-backed stablecoins. 
* $CRT token is pegged 1:1 to USD-backed stablecoins.
* $CRT token can be used to purchase native BTC and other assets using the Covenant system.
* One $CRT represents a value of one USD-backed stablecoin at the moment of the value representing.
* One $CRT represents a value of BTC a user can buy per one USD-backed stablecoin at the moment of the value representing.
* $CRT can be swapped 1:1 for USD-backed stablecoins on integrated networks via Covenant trustless cross-chain integrations.

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[^1]: E.g. USDT, USDC, etc.