Polymarket USD (pUSD) is a crypto-backed US dollar stablecoin. It has about $496M in circulation, ranking #23 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
pUSD price
$0.9994
On peg Circulating supply
$496M
30-day change
+3.2%
Price
$0.9994
Blockchains
1
Tracked since
Jul 2026
What is pUSD?
Polymarket USD (pUSD) is a crypto-backed US dollar stablecoin. It has about $496M in circulation, ranking #23 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: pUSD is Polymarket's USD-pegged settlement coin on Polygon, backed 1:1 by USDC. It is used as the collateral and settlement currency for Polymarket prediction markets.
pUSD supply history
$645M$434M
Jul 6, 2026Oct 8, 2026
$645M$434M
Jul 6, 2026Oct 8, 2026
pUSD supply grew 3.2% over the past 30 days, to $496M. Its peak was $626M in July 2026, and supply is 21% below that high.
Is pUSD holding its peg?
Last price
$0.9994
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: Polygon holds 100% 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and redemption: pUSD is minted 1:1 by depositing USDC into Polymarket and is redeemed 1:1 back to USDC when funds are withdrawn.
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.
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
Similar crypto-backed stablecoins
See all →
pUSD in the news
Aave weighs tokenized equities and syrupUSDC risk controls
Aave stewards seek higher caps and new stablecoin rates
pUSD FAQ
What is pUSD?
Polymarket USD (pUSD) is a crypto-backed US dollar stablecoin. It has about $496M in circulation, ranking #23 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is pUSD pegged 1:1 to the US dollar?
pUSD targets 1 USD. At the last update it traded at $0.9994, a deviation of -0.06%, 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 1 blockchain. The largest by supply are Polygon ($496M).
How much pUSD is in circulation?
About $496M of pUSD was in circulation at the last update, +3.2% over 30 days. That makes it the #23 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. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.