What is pUSD?
pUSD (Polymarket USD) is the token Polymarket uses for trading on its international platform. It lives on Polygon, is backed 1:1 by USDC and is converted automatically when you deposit or withdraw.
Why pUSD exists
Polymarket used to hold balances directly in USDC. In 2026 it switched to pUSD, a standard token on Polygon whose USDC backing is enforced by Polymarket's collateral contracts. Native USDC and bridged USDC.e are both wrapped into pUSD on arrival.
What it means for you
- Your balance shows in pUSD; treat 1 pUSD as $1.
- Any supported token you deposit is converted to pUSD.
- On withdrawal, pUSD is unwrapped and swapped into the token and network you choose.
- Older guides that talk about “USDC.e balances” are out of date.
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