Polymarket pUSD Migration Guide: USDC.e to pUSD (April 2026)

FAQ

• What is pUSD?
  pUSD is Polymarket's native settlement stablecoin on Polygon, replacing USDC.e (bridged USDC) as the unit of account for all market positions, deposits, and withdrawals. It is fully collateralized by USDC held in a transparent reserve and is minted 1:1 against deposits. Trading, payouts, and rewards are denominated in pUSD from April 28, 2026.
• Why did Polymarket migrate from USDC.e to pUSD?
  Three reasons. First, USDC.e (bridged through the Polygon PoS bridge) is being phased out by Circle in favor of native USDC on Polygon, and depending on bridged collateral creates supply risk. Second, owning the settlement asset gives Polymarket cleaner control over fees, rewards distribution, and integration with future products. Third, a single in-house unit reduces UX friction for new users who do not need to understand the difference between USDC, USDC.e, and other stablecoins.
• Do I need to do anything as a trader?
  If you trade through the Polymarket web app, the migration was done automatically. Existing USDC.e balances were converted to pUSD 1:1 at the snapshot block on April 28, 2026, and open positions kept their dollar value. You do not need to sign any extra transactions to keep using the site. Withdrawals and deposits now route through pUSD, so when you withdraw to an external wallet you will receive USDC (native), not pUSD itself.
• Do API and bot operators need to update code?
  Yes - this is the most important part. The collateral asset address in CLOB order signatures changed from USDC.e (0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174) to pUSD. Order EIP-712 payloads, allowance approvals, and balance queries must reference the new pUSD contract. Old orders signed against USDC.e were canceled at the snapshot block. py-clob-client 0.40+ handles this automatically; older versions will fail signature verification.
• What is the pUSD contract address?
  Verify the address on the official Polymarket docs at docs.polymarket.com/pusd before integrating - we deliberately do not pin a hex string in this guide because the canonical source can update. As of publication the contract is deployed on Polygon (chain_id 137) with 6 decimals (matching USDC), and it is verified on PolygonScan. Confirm that the contract you query reports the expected `name()` of pUSD and `decimals()` of 6 before sending mainnet transactions.
• What about the Polymarket conditional token (CTF) contract?
  The Conditional Tokens Framework address did not change. Your YES/NO positions still live in the same ERC-1155 contract. Only the collateral token (the asset you deposit and withdraw) was swapped. ConditionId, questionId, and outcome token IDs are identical.
• Will my bot break at the snapshot block?
  If your bot signs orders against the USDC.e address, yes - all submissions will return rejection codes such as 'invalid maker asset' or 'signature verification failed' from CLOB. Update your client library, refresh your API credentials, re-approve pUSD spending for the CTF Exchange contract, and re-test on a small market before scaling back up. We recommend running a paper-trading simulation against the live CLOB for the first 24 hours after migration.
• Are rewards and fees still denominated in USDC?
  Liquidity Provider rewards, fee rebates, and trading fees are now denominated in pUSD. Your dashboard shows pUSD balances, and external block explorers will show pUSD transfers instead of USDC.e transfers. Tax reporting tools should treat pUSD as a USD-pegged stablecoin with the same cost basis treatment as USDC.
• Can I redeem pUSD for USDC at any time?
  Yes. Withdrawals from Polymarket convert pUSD back to native USDC at 1:1 with no fee on the conversion (network gas still applies). You can withdraw to any Polygon address, or use the in-app cross-chain bridge to receive USDC on Ethereum, Arbitrum, Base, or Solana. There is no holding period and no minimum redemption.
• Is pUSD audited?
  Yes. The pUSD smart contract was audited by Polymarket's existing auditing partners and the audit report is published at docs.polymarket.com/pusd-audit. The reserves backing pUSD are held in segregated accounts with monthly attestation reports, similar to Circle's USDC reserve disclosures. We recommend reviewing both reports before holding large pUSD balances long-term.