---
title: "Plume USD (pUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/pusd-plume/"
description: "Build-time stablecoin profile for Plume USD (pUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Plume USD (pUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

A USDC wrapper that routes through a Nucleus BoringVault with OFAC checks — extra trust layers on top of an asset that was already perfectly functional.

Plume's pUSD takes USDC, routes it through a Nucleus BoringVault with OFAC compliance checks, and issues a wrapped token on Ethereum and Plume Chain — adding smart contract risk, {{term:custody}}custody{{/term}} abstraction, and a new trust layer to an asset that was already perfectly functional. The C- safety grade with zero-fee same-day {{term:redemption}}redemption{{/term}} suggests the wrapper functions, but the stress reading has crept off the calm end into watch territory, and the deviation history — a dozen-plus blips capped by a catastrophic 4,049-basis-point negative excursion — reveals at least one moment when it emphatically did not. Supply has drifted down 9% month-over-month to $6.1M with $258K in effective DEX liquidity, raising the question of whether the RWAfi ecosystem narrative generates enough demand to justify the wrapper's existence. pUSD remains a solution in search of a problem that Plume hasn't yet proven it has.

## Collateral

1:1 backed by USDC and USDT deposited into a Nucleus BoringVault; USD1 and AUSD also approved as collateral

## Peg Mechanism

Zero-fee mint/redeem at 1:1 for USDC on Ethereum or Plume Chain; reserves managed by Nucleus BoringVault contracts with OFAC compliance checks

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Cayman Islands | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xdddd73f5df1f0dc31373357beac77545dc5a6f3f` | 6 |
| plume | `0xdddd73f5df1f0dc31373357beac77545dc5a6f3f` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/pusd-plume.