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
0.2% of USD stablecoin supply · 18th of 70 USD stablecoins with supply
Peg today
above $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
51st of 70 USD stablecoins read on chain · median 2
pUSD is a USD stablecoin issued by Polymarket (pUSD).
pUSD is a stablecoin built for one venue: it is the collateral for every trade on Polymarket. Polymarket says it has no current plans to list pUSD on external exchanges. pUSD is an ERC-20 on Polygon, backed 1:1 by USDC. On 2 October 2026 the contract showed about $497 million in supply across about 84,800 holder addresses.
The documentation describes it as a standard ERC-20 wrapper that represents a USDC claim, deployed on Polygon mainnet with 6 decimals. Polymarket moved the platform onto it from bridged USDC.e on 28 April 2026 at around 11:00 UTC, in the release that also shipped CTF Exchange V2. Trading paused for approximately one hour.
The link to the US dollar is indirect. A pUSD holder holds a claim on native USDC or bridged USDC.e, and whatever backs those tokens backs pUSD.
Sources: Polymarket Documentation, Polymarket USD (pUSD) concept page, Polymarket Help Center, Polymarket Exchange Upgrade: 28 April 2026, Blockscout Polygon, pUSD token record (total supply and holder count)
496.5M pUSD in circulation, all on Polygon. That is 0.2% of the USD stablecoin supply on the map, 18th largest of 70.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across pUSD’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
496.5M pUSD
0.2% of all USD stablecoin supply, #18 of 70
All supply on Polygon
Polygon496.5M pUSD · 100.0%Supply growth
pUSD's typical daily move over the last 90 days was 5.2 bps, steadier than 32 of 66 other USD stablecoins.
By default pUSD sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much pUSD's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
5.2 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, pUSD's daily swings around $1 were smaller than those of 32 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 pUSD | +46 bps (+0.46%) | 4.0 bps | 5.2 bps | +262 bps (+2.62%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
pUSD has no external market setting its price. Polymarket states there are no current plans to list it on external exchanges, so par comes from the wrap and unwrap functions rather than an order book. Redemption runs through the CollateralOfframp contract at 1:1 into USDC.e. The mechanics of a fiat-backed stablecoin apply one layer down, at the token pUSD wraps.
Sources: Polymarket Documentation, Polymarket USD (pUSD) concept page, Polymarket Help Center, Polymarket Exchange Upgrade: 28 April 2026
Where pUSD is supplied in DeFi lending markets and what it earns there.
Top 1 pUSD pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
0.08% | 3.59% | LP fees · IL riskVolatile | Polygon | +0.00% | $12.8K | LP |
pUSD circulates inside Polymarket and nowhere else by design. Deposits from Ethereum, Solana, Bitcoin, Tron and other chains route through per-wallet bridge addresses and convert to pUSD on Polygon automatically. Either native USDC or bridged USDC.e can be the source asset, and both wrap through the CollateralOnramp contract. The adapter layer unwraps pUSD back into USDC.e whenever a trade touches the conditional token framework. The token itself is a standard transferable ERC-20.
Sources: Polymarket Documentation, Bridge Deposit page, Polymarket Documentation, Polymarket USD (pUSD) concept page, Blockscout Polygon, verified source of the pUSD CollateralToken implementation, Blockscout Polygon, verified CtfCollateralAdapter source (unwraps pUSD to USDC.e for CTF splits)
pUSD is designed to be backed by other stablecoins.
What the contract enforces
The CollateralToken implementation is verified on Polygon. Wrapping transfers the deposited asset to an immutable VAULT address and mints an equal amount of pUSD. Unwrapping pulls the asset back from that vault and burns the token. Only two assets pass the validity check: native USDC and bridged USDC.e. The collateral does not sit in the token contract. It sits at the vault address, an ERC-1967 proxy over a SingleOwnerMSCA implementation. On 2 October 2026 that address held about $499 million of bridged USDC.e.
What no document covers
Polymarket publishes no reserve attestation, no proof-of-reserves report, and no auditor opinion on the collateral held. The documentation index carries no transparency page. The published security material consists of smart contract audits. Quantstamp and Cantina audited the CTF Exchange V2 in March 2026, and the Polymarket V2 audit reports on the company's GitHub cover the collateral contracts, including the pUSD CollateralToken.
Sources: Blockscout Polygon, verified source of the pUSD CollateralToken implementation, Blockscout Polygon, vault address 0xC417fD8E... shown as ERC1967Proxy over SingleOwnerMSCA, Blockscout Polygon, pUSD vault 0xc417...9db1 token balances (USDC.e), Polymarket Documentation, Contracts page (collateral contracts and audit list), Polymarket GitHub, CTF Exchange V2 audit reports (Quantstamp and Cantina, March 2026), Polymarket GitHub, polymarket-v2-external audit reports (Polymarket V2 reports by Quantstamp and Cantina cover the collateral contracts)
0xc011a7e1…42e82dfbmint(address,uint256)eip1967-uupsRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint · upgrade (proxy)
Who licenses pUSD's issuer and how its reserves are reported.
Reserve attestation cadence
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.
CollateralToken is a UUPS proxy whose owner authorizes upgrades, so the token logic can change. That owner is a Timelock contract with a minimum delay of 12 hours. Ramp admins can pause wrapping and unwrapping per asset, which stops redemption while the pause holds.
Sources: Blockscout Polygon, verified source of the pUSD CollateralToken implementation, Blockscout Polygon, verified Timelock contract that owns CollateralToken (minDelay 43,200 seconds), Polymarket Documentation, Polymarket USD (pUSD) concept page
Polymarket documents pUSD as an ERC-20 wrapper representing a USDC claim. The CollateralToken contract accepts only native USDC and bridged USDC.e, moves the deposited asset to a separate vault address on Polygon, and mints an equal amount of pUSD. Redemption pulls the asset back from that vault and burns the token.
No. Polymarket publishes no reserve attestation, no proof-of-reserves report and no auditor opinion on the collateral held. Its published security material consists of smart contract audits. The Polymarket V2 audit reports on its GitHub, including ones by Quantstamp and Cantina, cover the pUSD CollateralToken contract.
Polygon only, at the CollateralToken proxy 0xC011a7E12a19f7B1f670d46F03B03f3342E82DFB. Polymarket deploys all of its contracts on Polygon mainnet, so that is the token's full footprint.
Source: DIA onchain reads Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -40 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 4 closes sit beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
pUSDSource: DeFiLlama and CoinGecko prices Updated