PolymarketDocumentation/docs/concepts/pusd.md

Polymarket USD

pUSD — the collateral token used for all trading on Polymarket

pUSD (Polymarket USD) is the collateral token used for all trading on Polymarket. It's a standard ERC-20 token on Polygon, backed by USDC. The smart contract — which enables the withdrawal functionality — enforces the backing. No algorithmic peg, no fractional reserve.

**Day to day, nothing changes.** You load funds, see a balance, trade, and withdraw. pUSD is the technical settlement layer underneath the same experience you're used to.

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Why pUSD

The protocol settles all trading activity in native USDC, providing a more capital efficient, scalable, and institutionally aligned settlement standard as the platform continues to grow.

pUSD is a standard ERC-20 wrapper that represents a USDC claim. Wrapping and unwrapping are enforced onchain by the CollateralOnramp and CollateralOfframp contracts.

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Key facts

Token standard	ERC-20
Network	Polygon mainnet
Decimals	6
Backing	USDC (enforced onchain)
Transferable	Yes — standard ERC-20

pUSD is designed to function within Polymarket. There are no current plans to list it on external exchanges.

See the Contracts page for all collateral-related contract addresses.

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Wrapping — USDC.e → pUSD

Use the CollateralOnramp to wrap USDC.e into pUSD.

function wrap(address _asset, address _to, uint256 _amount) external

Parameters

• _asset — address of the asset being wrapped. Must be USDC.e.
• _to — recipient of the minted pUSD. Does not have to be msg.sender.
• _amount — amount to wrap, in USDC.e base units (6 decimals).

Requirements

• The caller must first approve the CollateralOnramp contract (not the pUSD token) to spend USDC.e.
• Reverts with OnlyUnpaused() if the admin has paused USDC.e.

Example

```typescript TypeScript theme={null} import { createWalletClient, createPublicClient, http, parseAbi, parseUnits, } from "viem"; import { polygon } from "viem/chains"; import { privateKeyToAccount } from "viem/accounts";

const account = privateKeyToAccount(process.env.PRIVATE_KEY as 0x${string}); const walletClient = createWalletClient({ account, chain: polygon, transport: http() }); const publicClient = createPublicClient({ chain: polygon, transport: http() });

const ONRAMP = "0x93070a847efEf7F70739046A929D47a521F5B8ee" as const; const USDCE = "0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174" as const; // USDC.e on Polygon

const amount = parseUnits("100", 6); // 100 USDC.e

// 1. Approve the Onramp to spend your USDC.e const approveHash = await walletClient.writeContract({ address: USDCE, abi: parseAbi(["function approve(address spender, uint256 amount) returns (bool)"]), functionName: "approve", args: [ONRAMP, amount], }); await publicClient.waitForTransactionReceipt({ hash: approveHash });

// 2. Wrap USDC.e → pUSD const wrapHash = await walletClient.writeContract({ address: ONRAMP, abi: parseAbi(["function wrap(address _asset, address _to, uint256 _amount)"]), functionName: "wrap", args: [USDCE, account.address, amount], }); await publicClient.waitForTransactionReceipt({ hash: wrapHash });

```python Python theme={null}
from web3 import Web3

ONRAMP = "0x93070a847efEf7F70739046A929D47a521F5B8ee"
USDCE = "0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174"

amount = 100 * 10**6  # 100 USDC.e

# 1. Approve the Onramp to spend your USDC.e
usdce = w3.eth.contract(address=USDCE, abi=[{
    "name": "approve", "type": "function",
    "inputs": [{"name": "spender", "type": "address"},
               {"name": "amount", "type": "uint256"}],
    "outputs": [{"type": "bool"}],
}])
usdce.functions.approve(ONRAMP, amount).transact({"from": address})

# 2. Wrap USDC.e → pUSD
onramp = w3.eth.contract(address=ONRAMP, abi=[{
    "name": "wrap", "type": "function",
    "inputs": [{"name": "_asset", "type": "address"},
               {"name": "_to", "type": "address"},
               {"name": "_amount", "type": "uint256"}],
    "outputs": [],
}])
onramp.functions.wrap(USDCE, address, amount).transact({"from": address})

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Unwrapping — pUSD → USDC.e

Use the CollateralOfframp to unwrap pUSD back into USDC.e.

function unwrap(address _asset, address _to, uint256 _amount) external

Parameters

• _asset — asset you want to receive. Must be USDC.e.
• _to — recipient of the underlying asset.
• _amount — amount of pUSD to unwrap (6 decimals).

Requirements

• The caller must first approve the CollateralOfframp contract to spend their pUSD.
• Same pause gate as the Onramp.

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Next steps

All Polymarket contract addresses and audits Deposit from other chains — auto-wraps to pUSD