Polymarket’s native collateral token pUSD has crossed the $500 million market value threshold, a milestone that arrived roughly a month after the token’s public rollout on April 28. The ERC-20 token, which lives on the Polygon network, now has a circulating supply of approximately 490 million tokens.
What pUSD actually is and why it matters
Users deposit USDC, and they receive pUSD at a 1:1 ratio. That pUSD then becomes the collateral used to place bets across Polymarket’s prediction markets. When they want to cash out, the process reverses: pUSD goes back, USDC comes out. Every pUSD in circulation is backed by an equivalent amount of Circle-issued USDC held in smart contracts.
The token initially launched around March 31, with a broader public rollout coinciding with Polymarket’s upgraded trading engine on April 28. That engine, called CLOB v2, is a rewritten central limit order book designed to handle the platform’s growing volume.
The platform’s Total Value Locked has surged in tandem with the pUSD rollout, reaching approximately $514 million in late April.
