Plume USD (pUSD) is a crypto-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #191 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
pUSD price
$1.0000
On peg Circulating supply
$1.5M
30-day change
-46.9%
Price
$1.0000
Blockchains
2
Tracked since
May 2025
What is pUSD?
Plume USD (pUSD) is a crypto-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #191 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: Plume USD is the premier stablecoin of the Plume ecosystem, designed to support seamless financial operations within Real World Asset Finance (RWAfi). Plume USD maintains a 1:1 peg with the US dollar, backed by a reserve of the world's most trusted stablecoins.
pUSD supply history
$40.8M$0
Oct 28, 2025Oct 28, 2026
$50.8M$0
May 16, 2025Oct 28, 2026
pUSD supply fell 46.9% over the past 30 days, to $1.5M. Its peak was $50.6M in June 2025, and supply is 97% below that high.
Is pUSD holding its peg?
Last price
$1.0000
Target
1.0000 USD
Status
On pegpUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where pUSD lives: supply by blockchain
Supply is concentrated: Plume Mainnet holds 99% of all pUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How pUSD is backed
pUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Plume USD is minted by depositing USDC or USDT into the pUSD vault, and is redeemable 1:1 for USDC at any time, or for USDT at the current USDT/USDC exchange rate.
pUSD risks
Collateral and liquidations
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Smart contracts and oracles
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Small and thinly traded
With $1.5M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
pUSD vs USDT and USDC
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pUSD FAQ
What is pUSD?
Plume USD (pUSD) is a crypto-backed US dollar stablecoin. It has about $1.5M in circulation, ranking #191 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is pUSD pegged 1:1 to the US dollar?
pUSD targets 1 USD. At the last update it traded at $1.0000, a deviation of 0.00%, which we classify as "on peg".
What backs pUSD?
pUSD is a crypto-backed stablecoin. pUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is pUSD on?
pUSD is live on 2 blockchains. The largest by supply are Plume Mainnet ($1.5M), Ethereum ($14K).
How much pUSD is in circulation?
About $1.5M of pUSD was in circulation at the last update, -46.9% over 30 days. That makes it the #191 stablecoin by supply among those we track.
Is pUSD safe?
No stablecoin is risk-free. As a crypto-backed design, pUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.