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PolyUSD (pUSD) is the collateral token for Polymarket’s V2 exchange system. It is backed 1:1 by USDC and replaces USDC.e as the exchange collateral. To trade on V2, you need PolyUSD. Token info: Name: Polymarket USD | Symbol: pUSD | Decimals: 6 | View on Polygonscan

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How PolyUSD Works

According to Polymarket’s announcement, PolyUSD is backed 1:1 by USDC. Power users and API traders can wrap either USDC or USDC.e into PolyUSD. For most frontend users, the transition is seamless — the Polymarket UI handles wrapping automatically with a one-time approval. There are two wrapping paths:
PathContractInput TokenStatus
Collateral Onramp0x93070a847efef7f70739046a929d47a521f5b8eeUSDC.e (bridged)Active — working today
PermissionedRamp0xebc2459ec962869ca4c0bd1e06368272732bcb08Native USDC (Circle)Not active yet — deployed but zero transactions
Both paths produce the same PolyUSD token. The V2 exchange doesn’t care how you obtained your PolyUSD.
The USDC.e → Onramp path is what’s working right now. We’ve tested it on mainnet and verified the full flow. The native USDC path via the PermissionedRamp exists on-chain but has not processed any transactions yet. When Polymarket activates it, wrapping native USDC will also be supported.

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Quick Reference

Address
PolyUSD Token0xc011a7e12a19f7b1f670d46f03b03f3342e82dfb
Collateral Onramp (USDC.e → PolyUSD)0x93070a847efef7f70739046a929d47a521f5b8ee
Collateral Offramp (PolyUSD → USDC.e)0x2957922eb93258b93368531d39facca3b4dc5854
PermissionedRamp (native USDC, not yet active)0xebc2459ec962869ca4c0bd1e06368272732bcb08
USDC.e (bridged USDC)0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174
Backing Vault0xC417fD8E9661c0d2120B64a04Bb3278C17E99DB1

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Wrapping: USDC.e → PolyUSD (Active Path)

To get PolyUSD today, wrap your USDC.e through the Collateral Onramp contract.

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Steps

  1. Approve the Onramp to spend your USDC.e
  2. Call wrap(underlyingToken, recipient, amount) on the Onramp
import { ethers } from "ethers";

const provider = new ethers.JsonRpcProvider("YOUR_RPC_URL");
const wallet = new ethers.Wallet("YOUR_PRIVATE_KEY", provider);

const USDC_E = "0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174";
const ONRAMP = "0x93070a847efef7f70739046a929d47a521f5b8ee";

// 1. Approve Onramp for USDC.e
const usdc = new ethers.Contract(USDC_E, [
  "function approve(address,uint256) returns (bool)",
  "function balanceOf(address) view returns (uint256)"
], wallet);

await (await usdc.approve(ONRAMP, ethers.MaxUint256)).wait();

// 2. Wrap USDC.e → PolyUSD
const amount = await usdc.balanceOf(wallet.address);
const wrapData = new ethers.Interface(["function wrap(address,address,uint256)"])
  .encodeFunctionData("wrap", [USDC_E, wallet.address, amount]);

const tx = await wallet.sendTransaction({ to: ONRAMP, data: wrapData, gasLimit: 300000 });
await tx.wait();

console.log("Wrapped", (Number(amount) / 1e6).toFixed(2), "USDC.e → PolyUSD");

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Using the polynode SDK

The SDK handles wrapping automatically: 
// Wrap 1 USDC.e → PolyUSD
let tx_hash = trader.wrap_to_polyusd(1_000_000).await?;

// Check balance
let balance = trader.get_polyusd_balance().await?;

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Wrap Function Signature

function wrap(address underlyingToken, address recipient, uint256 amount)
  • underlyingToken — the USDC.e contract address (0x2791Bca1...)
  • recipient — who receives the PolyUSD (usually yourself)
  • amount — raw amount in 6-decimal units (1 USDC = 1,000,000)

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Unwrapping: PolyUSD → USDC.e

To withdraw from V2, unwrap your PolyUSD back to USDC.e through the Collateral Offramp.

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Steps

  1. Approve the Offramp to spend your PolyUSD
  2. Call unwrap(underlyingToken, recipient, amount) on the Offramp
The function signature is identical to wrapping: 
function unwrap(address underlyingToken, address recipient, uint256 amount)

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How It Works Under the Hood

PolyUSD is backed 1:1 by collateral held in a vault contract (0xC417fD8E...). When you wrap:
  1. Your USDC.e transfers to the vault
  2. PolyUSD is minted to your wallet
When you unwrap:
  1. Your PolyUSD is burned
  2. USDC.e is released from the vault to your wallet
During V2 trade settlements, the exchange automatically handles PolyUSD ↔ USDC.e conversion through the CTFCollateralAdapter. The ConditionalTokens contract underneath still uses USDC.e for position splitting — PolyUSD is the user-facing layer that sits on top.
The vault currently holds USDC.e as the backing collateral. Polymarket has stated that PolyUSD is backed 1:1 by USDC. A PermissionedRamp contract exists for native USDC wrapping but is not yet active. When it activates, the vault may hold a mix of USDC.e and native USDC, but PolyUSD remains 1:1 redeemable regardless of the backing composition.

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Tracking PolyUSD Events

polynode detects PolyUSD wrapping and unwrapping through the settlement stream. These appear as deposit events:
  • Wrap (deposit): direction: "deposit", from is the Onramp contract
  • Unwrap (withdrawal): direction: "withdrawal", to is the user wallet
Subscribe to deposits on the WebSocket to receive these events. Internal settlement wraps/unwraps (between exchange and adapter contracts) are filtered out automatically.

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Key Facts

  • Decimals: 6 (same as USDC)
  • Backing: 1:1 by USDC (currently held as USDC.e in the vault)
  • Wrapping: USDC.e via Onramp (active) or native USDC via PermissionedRamp (not yet active)
  • Proxy: ERC-1967 upgradeable proxy
  • Chain: Polygon mainnet (chain ID 137)
  • Minimum wrap: No minimum (tested with amounts as low as $0.007)