Megalopyge opercularis is a moth of the family Megalopygidae. It has numerous common names, including southern flannel moth for its adult form, and puss caterpillar, asp, Italian asp, woolly slug, opossum bug,[3] puss moth, tree asp, or asp caterpillar. The "fur" of the larva contains venomous spines that cause extremely painful reactions in human skin upon contact.
Puss Caterpillar

Gerald J. Lenhard, Louisiana State University, Bugwood.org