Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#16 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #76 of 98 issuers
Founded
Polymarket issues pUSD (Polymarket USD), an ERC-20 collateral token on Polygon backed 1:1 by USDC, held mostly as bridged USDC.e, that serves as the settlement currency for its prediction markets.
Polymarket runs prediction markets, and its stablecoin exists to settle them. Polymarket's documentation describes pUSD as the collateral and settlement layer for all Polymarket trading.
Two platforms
Polymarket International, at polymarket.com, is non-custodial and open to users outside the United States and other restricted jurisdictions. Every trade on it is recorded onchain. Collateral behind an open position sits in a smart contract. Polymarket US is a separate exchange for US traders, operated by QCX LLC d/b/a Polymarket US.
Who stands behind pUSD
The pUSD documentation does not name the issuer behind the token. The polymarket.com footer carries a copyright line for Adventure One QSS Inc. and states that the international platform is not regulated by the CFTC. The pUSD token contract is a proxy. Its owner address is a contract that Blockscout identifies as a timelock.
Sources: Polymarket, Polymarket on Record (transparency page): platform structure, Polymarket International vs Polymarket US, Polymarket Terms of Use page, site footer naming Adventure One QSS Inc. and QCX LLC d/b/a Polymarket US, Polymarket docs: pUSD, Polymarket docs: contract addresses (pUSD proxy and implementation), Blockscout (Polygon): pUSD owner address 0x47eb...629c, a Timelock contract
pUSD is Polymarket (pUSD)'s only stablecoin.
pUSD's supply, counted once across its chains.
Supply of every coin Polymarket (pUSD) issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$498.7M
Read on 1 chain, in the total
Polygon100%$498.7MIn DIA's latest read, pUSD sits 46 bps above its USD peg. pUSD's typical daily move over the last 90 days was 5.2 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
 pUSDUSD | +46 bps (+0.46%) | 5.2 bps | +262 bps (+2.62%) | None identified |
Lending-market supply of Polymarket (pUSD)'s stablecoin. Yield pools live on the stablecoin's own page.
No lending market read yet.
What Polymarket publishes
Polymarket publishes no reserve attestation for pUSD. Its documentation says the token is backed by USDC, with the backing enforced onchain. The contracts page lists the pUSD, onramp and offramp addresses. Neither page names an accounting firm, a reporting cadence or a reserve dashboard.
What the contracts show
The verified pUSD source code sends each deposit to a fixed vault address and pays redemptions out of it. On 2 October 2026 that vault held about 499 million USDC.e, according to Blockscout. The same day the pUSD contract showed a total supply of about 497 million pUSD across about 84,800 holders. The two figures are separate readings and measure different things. Blockscout identifies the vault as a single-owner modular smart account.
What it leaves out
USDC.e is a bridged form of Circle's USDC. Its own backing sits with Circle and the Polygon bridge, outside anything Polymarket publishes. The contracts page lists Quantstamp and Cantina reviews of the CTF Exchange V2 in March 2026. The Polymarket V2 audit reports on the company's GitHub cover the collateral contracts, including the pUSD CollateralToken.
Sources: Polymarket Documentation, Polymarket USD (pUSD) concept page, Polymarket Documentation, Contracts page (collateral contracts and audit list), Blockscout Polygon, verified source of the pUSD CollateralToken implementation, Blockscout Polygon, pUSD vault 0xc417...9db1 token balances (USDC.e), Blockscout Polygon, vault address 0xC417fD8E... shown as ERC1967Proxy over SingleOwnerMSCA, Blockscout Polygon, pUSD token record (total supply and holder count), Polymarket GitHub, polymarket-v2-external audit reports (Polymarket V2 reports by Quantstamp and Cantina cover the collateral contracts), Polymarket GitHub, CTF Exchange V2 audit reports (Quantstamp and Cantina, March 2026)
The CFTC's filings list QCX LLC d/b/a Polymarket US as a Designated Contract Market, with a designation dated 9 July 2025. The record notes that QCX LLC now operates under the assumed name Polymarket US. Polymarket describes Polymarket US as a CFTC-designated contract market and clearing organization with a regulatory services agreement with the National Futures Association.
The polymarket.com footer states that the international platform is not regulated by the CFTC and operates independently.
Sources: CFTC trading organization filing: QCX LLC d/b/a Polymarket US, DCM, designated, Polymarket, Polymarket on Record (transparency page), Polymarket Terms of Use page, site footer CFTC statement
Polymarket issues one stablecoin, pUSD (Polymarket USD), pegged to the US dollar. It is an ERC-20 token on Polygon with 6 decimals, and it transfers like any other ERC-20. The documentation calls it a standard wrapper that represents a USDC claim. "No algorithmic peg, no fractional reserve."
Users mint pUSD by depositing bridged USDC (USDC.e) through the CollateralOnramp contract. They redeem through the CollateralOfframp contract. Both contracts have pause gates controlled by protocol admins.
Sources: Polymarket Documentation, Polymarket USD (pUSD) concept page, Polymarket Documentation, Contracts page (collateral contracts and audit list)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
