PolyTerminal
What it does
A complete pair of Yes and No outcome tokens is backed by 1 pUSD of value, and a winning position is redeemed for pUSD after resolution. Maker rebates are paid daily, in pUSD. The unit of the taker fee is where Polymarket's pages differ: the Fees page names USDC and gives a smallest fee of 0.00001 USDC, while the Maker Rebates page names pUSD and gives 0.00001 pUSD. The fees guide explains the fees themselves.
How you get it
On polymarket.com, the site wraps your funds automatically after a one-time approval. USDC.e is bridged USDC, and traders who work only through the API wrap it into pUSD with the Collateral Onramp contract. Deposits through Polymarket's Bridge are handled for you: assets from other chains are converted to pUSD on Polygon automatically.
History
pUSD became the collateral token with the CLOB V2 upgrade of Polymarket's central limit order book, which went live on April 28, 2026; the upgrade combined new exchange contracts, a rebuilt CLOB backend and pUSD as the new collateral token. Polymarket says the everyday experience stays the same: funding, balances, trading and withdrawals work as before.
What to keep in mind
pUSD is meant for use inside Polymarket, and the documentation says there are no plans at present to list it on outside exchanges. It is shown as transferable, like a standard ERC-20 token. The collateral entry explains the general idea, and the pUSD and Protocol V2 guide covers the upgrade in detail.
Sources and checks
Every rule quoted in this article comes from the registry below. Each row names the official page and the day it was compared with the text.
All 13 rules used in this article
| Rule | Value | Official source | Checked |
|---|---|---|---|
| What pUSD is | the collateral token for all trading on Polymarket | docs.polymarket.com/ | |
| Token standard and network of pUSD | an ERC-20 token on Polygon that USDC backs | docs.polymarket.com/ | |
| How the backing of pUSD works | no algorithmic peg and no fractional reserve | docs.polymarket.com/ | |
| Perps collateral | pUSD | docs.polymarket.com/ | |
| Value that backs a complete Yes and No set | 1 pUSD | docs.polymarket.com/ | |
| When maker rebates are paid | daily, in pUSD | docs.polymarket.com/ | |
| Smallest fee charged (Fees page, which names USDC) | 0.00001 USDC | docs.polymarket.com/ | |
| Smallest fee charged (Maker Rebates page, in pUSD) | 0.00001 pUSD | docs.polymarket.com/ | |
| How polymarket.com users get pUSD | wraps your funds automatically after a one-time approval | docs.polymarket.com/ | |
| What the bridge does with a deposit | assets from other chains are converted to pUSD on Polygon automatically | docs.polymarket.com/ | |
| CLOB V2 go-live date | April 28, 2026 | docs.polymarket.com/ | |
| What the CLOB V2 upgrade consisted of | new exchange contracts, a rebuilt CLOB backend and pUSD as the new collateral token | docs.polymarket.com/ | |
| External listing of pUSD | no plans at present to list it on outside exchanges | docs.polymarket.com/ |
Related terms
Read the full guide
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Polymarket pUSD and Protocol V2 Explained
What pUSD is, how you get it, what the CLOB V2 upgrade changed and how Protocol V2 positions relate to Conditional Tokens, explained for traders.
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A trader's 101 of Polymarket: events and markets, Yes and No shares, prices as probabilities, pUSD collateral, the order book, resolution and redemption.
PolyTerminal is an independent interface for Polymarket and is not operated or endorsed by Polymarket. Orders placed through PolyTerminal carry PolyTerminal’s Polymarket builder code, and PolyTerminal may charge a builder fee on top of Polymarket’s own fees. This page is educational and is not investment advice. Rules were compared with the official documentation on Oct 19, 2026; check the source before you act on a number.