pUSD, issued by the Polymarket Protocol smart contracts without a named corporate issuer, is a stablecoin wrapper representing a U.S. dollar (USD) claim that serves as the collateral and settlement token for all trading on the Polymarket prediction markets [S1][S2].

Each pUSD represents a 1:1 claim on USD Coin (USDC) and is backed 1:1 by USDC, with backing enforced onchain by the smart contract, no algorithmic peg and no fractional reserve [S1][S2]. pUSD is price-pegged to one USDC and accrues no yield, NAV, rebasing, or distributions [S1][S2]. Wrapping and unwrapping between USDC and pUSD occur 1:1 with no fee, and Polymarket charges no fee to deposit or withdraw USDC [S2][S3].

The issuer documentation describes pUSD solely as a smart-contract-enforced ERC-20 wrapper representing a USDC claim rather than a fund interest or note [S1][S2]. The platform enforces IP-based geoblocking, rejecting orders from blocked regions including the United States, Germany, France, the United Kingdom, Italy, Japan, Russia, and Singapore, with close-only restrictions for Singapore, Poland, Thailand, and Taiwan, tied to sanctions, local financial, gambling, and prediction-market laws, AML, and KYC requirements [S4][S5]. Holders redeem pUSD by unwrapping to native USDC through the Collateral Offramp, swapped via a Uniswap v3 pool; withdrawals are instant and free [S6][S7][S2].

pUSD is a standard ERC-20 token with 6 decimals deployed on Polygon mainnet (Chain ID 137) [S1][S6]. Holders mint by approving the Collateral Onramp to wrap USDC or USDC.e into pUSD, and redeem by calling the Collateral Offramp to unwrap to native USDC [S1][S6]. Funding bridges from roughly 15 networks convert to pUSD on Polygon, the native settlement destination [S8][S7]. Settlement occurs in native USDC [S2].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.polymarket.com/concepts/pusd" },
    { id: "S2", url: "https://help.polymarket.com/en/articles/14762452-polymarket-exchange-upgrade-april-28-2026" },
    { id: "S3", url: "https://docs.polymarket.com/trading/fees.md" },
    { id: "S4", url: "https://help.polymarket.com/en/articles/13364163-geographic-restrictions" },
    { id: "S5", url: "https://docs.polymarket.com/api-reference/geoblock.md" },
    { id: "S6", url: "https://docs.polymarket.com/resources/contracts" },
    { id: "S7", url: "https://docs.polymarket.com/trading/bridge/withdraw.md" },
    { id: "S8", url: "https://docs.polymarket.com/trading/bridge/supported-assets.md" },
  ]}
/>


# Circulating asset market cap methodology

## 1. Overview

Circulating asset market cap measures the total value that has been tokenized onchain for a specific asset. It is calculated by multiplying the circulating supply of the asset by its end-of-day market price. For stablecoins, this metric represents the total outstanding supply; for tokenized funds, it reflects the onchain assets under management (AUM); and for tokenized stocks, it measures the total supply of shares issued onchain.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering Ethereum, Arbitrum, Base, Polygon, Optimism, and others
- **Solana instructions**: SPL token `Mint` and `Burn` instructions
- **Other blockchain data**: Issuance and redemption events from Aptos, Near, Polkadot Asset Hub, and Stellar
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Identification of supply changes

- **Purpose**: Identify all onchain events that increase or decrease the total supply of an asset
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed to identify mints (where the sender is the zero address) and burns (where the recipient is the zero address). On Solana, SPL token `Mint` and `Burn` instructions are retrieved. On other chains, such as Aptos or Polkadot Asset Hub, equivalent issuance and destruction events are identified from the respective asset programs or pallets.
- **Key fields**: `amount` (quantity of tokens), `token_address` (unique asset identifier), `timestamp` (time of the event)

### Component B: Normalization and daily supply aggregation

- **Purpose**: Convert raw event data into a continuous daily circulating supply time series
- **Logic**: Raw token amounts are normalized by decimal precision retrieved from asset metadata. The daily circulating supply is determined by calculating the cumulative sum of all identified mint and burn events for each asset. For days where no onchain activity occurs, the supply value is filled with the last known value to ensure a continuous daily record.
- **Key fields**: `amount` (normalized quantity), `timestamp` (truncated to daily grain)

### Component C: Final market cap calculation

- **Purpose**: Combine supply data with market prices to determine the total USD value
- **Logic**: The daily circulating supply is multiplied by the end-of-day market price sourced from market data providers. Data is aggregated across all supported chains to provide a comprehensive view of the asset's onchain presence. The final USD conversion is applied: `amount_usd = amount × price_usd`.
- **Key fields**: `price_usd` (end-of-day market price), `amount_usd` (final circulating market cap)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Tokenized asset value / AUM (assets under management) — price times circulating supply.

Circulating asset market cap

Stablecoins

Liquidity providers deposit funds into Polymarket and receive trading fees from traders (supply-side fees). Polymarket has also launched a new peer-to-peer order book with no liquidity providers involved.

Polymarket is a non-custodial prediction market protocol built on Polygon. Polymarket was founded by Shayne Coplan and launched in 2020.

Polymarket team & investors own and govern the protocol. They do not currently take a cut of the total trading fees paid by traders (revenue). Polymarket's investors include Polychain, 1Confirmation, ParaFi Capital, etc.

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Prediction markets

Polymarket

Polymarket USD (pUSD) is a U.S. dollar stablecoin issued by Polymarket.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Polymarket in USDC.e, and holders have a contractual right to redeem at par.

pUSD has been issued on Polygon as an ERC-20 token since April 2026.

Polymarket USDpUSD