SoulPeg USD (SPUSD) is a crypto-backed US dollar stablecoin. It has about $43.4M in circulation, ranking #78 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is SPUSD?
SoulPeg USD (SPUSD) is a crypto-backed US dollar stablecoin. It has about $43.4M in circulation, ranking #78 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: SoulPeg USD (SPUSD) is a BEP-20 stablecoin wrapper for the non-transferable sUSDC deposit token, whose reserves are deployed in transparent lending strategies (currently Venus). Its $1 target is maintained on-chain by a market-making bot trading the SPUSD/USDC PancakeSwap v2 pool.
SPUSD supply history
SPUSD supply grew 40.8% over the past 30 days, to $43.4M. It is at or near its all-time high.
Is SPUSD holding its peg?
SPUSD is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where SPUSD lives: supply by blockchain
Supply is concentrated: BSC holds 100% of all SPUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How SPUSD is backed
SPUSD 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: SPUSD is minted by wrapping sUSDC and can always be unwrapped back to sUSDC, with SPUSD burned on redeem. The peg is supported by reserves deployed in on-chain lending strategies and an automated market-making bot on the SPUSD/USDC PancakeSwap pool.
SPUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $43.4M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
At the last update SPUSD traded at $0.9913 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
SPUSD vs USDT and USDC
Similar crypto-backed stablecoins
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SPUSD FAQ
What is SPUSD?
SoulPeg USD (SPUSD) is a crypto-backed US dollar stablecoin. It has about $43.4M in circulation, ranking #78 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is SPUSD pegged 1:1 to the US dollar?
SPUSD targets 1 USD. At the last update it traded at $0.9913, a deviation of -0.87%, which we classify as "slightly off peg".
What backs SPUSD?
SPUSD is a crypto-backed stablecoin. SPUSD 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 SPUSD on?
SPUSD is live on 1 blockchain. The largest by supply are BSC ($43.4M).
How much SPUSD is in circulation?
About $43.4M of SPUSD was in circulation at the last update, +40.8% over 30 days. That makes it the #78 stablecoin by supply among those we track.
Is SPUSD safe?
No stablecoin is risk-free. As a crypto-backed design, SPUSD'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 "slightly off peg" on our peg monitor. This page is information, not investment advice.