Introducing Polaris. A self-scaling stablecoin operating system. Uncorrelated yields. No T-Bills. No CEXs. No compromises. Here's what we've been building 🧵
USDp
Polaris USDp (USDp) pre-launch stablecoin tracker
USDp (formerly pUSD) is Polaris's pre-launch Liquity-style CDP stablecoin minted against pETH; a Stability Pool routes interest and liquidations to holders.
Phase
Testnet
Current launch phase
Target launch
No target date
Earlier target retired
Target drift
No current target
Q4 2026 target retired Aug 5, 2026
Since announcement
–
Announced Jan 2026
Live surfaces
Activates at launchPrice & peg · Supply & flows · Liquidity · Safety Score · DEWSPre-Launch pETH CDP Dollar With Earn Pool Yield
USDp (formerly pUSD) is Polaris's pre-launch Liquity-style stablecoin on Ethereum, minted against pETH collateral at a 115% minimum collateral ratio. Polaris's documentation describes an immutable core with no admin privileges and no freeze or blacklist function. A bounded Stewardship role still sits above it: Stewardship can change interest rate splits and flow recipients and replace faulty oracle feeds, and the docs do not say who holds it or whether a timelock applies. The angle comes from inside the protocol. USDp deposited in the Earn Pool absorbs liquidations and earns a share of minter interest plus pETH liquidation gains, so each liquidation converts part of a deposit's dollars into ETH exposure. Holder yield therefore tracks borrowing demand and liquidation activity rather than Treasury rates. A public testnet runs on Sepolia, the app is labelled Alpha, and Polaris's docs say no production addresses, audit status or launch status can be inferred from testnet values. Polaris's former roadmap placed professional audits ahead, and a $1M angel round reported in September 2026 came without a mainnet date. Until mainnet contracts and audits exist, USDp's design claims cannot be checked against deployed code.
· AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19
AI policyUSDp Launch path
Testnet phase, earlier target retired, none set; 9 milestones logged since Jan 2026.
Target history (1)
- Q4 2026retired Aug 5, 2026
Launch status narrative
Public testnet open on Sepolia at testnet.polaris.finance (the earlier app.testnet.polarisfinance.io host no longer resolves); official documentation is live at docs.polaris.finance. Polaris has moved from polarisfinance.io to polaris.finance (currently a coming-soon page linking the testnet, docs, and @polarisfnd), took its earlier blog offline, and now brands the asset USDp rather than pUSD. Security review in progress with professional audits upcoming per the former polarisfinance.io roadmap; mainnet date uncommitted: the former site stated no date was set and prioritised security over speed, so the earlier 2026-Q4 expectation was retired on 2026-08-05. A $1M angel round with Ethereum Foundation, Liquity, LI.FI, Altitude, and Fusion participation was reported on September 4 2026, without a mainnet date.
Registry dates (UTC); a quarter, half or year target draws as its whole window.
Launch status: quick answers
- When will USDp launch?
- Pharos records USDp in the testnet phase. It was announced in Jan 2026. An earlier target was retired and no target date is set. Targets come from issuer statements; Pharos does not estimate launch dates.
- Who issues USDp?
- USDp (formerly pUSD) is Polaris's pre-launch Liquity-style CDP stablecoin minted against pETH.
- Is USDp live yet?
- Pharos lists USDp as pre-launch (the testnet phase): no price and market-cap source is admitted for it yet, so Pharos shows no price, supply, liquidity or Safety Score. Live tracking starts once both can be verified.
USDp Activity
- Milestone
Polaris docs rename the USDp Earn Vault to the Earn Pool
Commit 1c1b0b9 in the public polaris-docs repository replaced the Earn Vaults page with an Earn Pools page, now live at docs.polaris.finance/architecture/earn-pools. USDp deposited in the Earn Pool absorbs liquidations below the 115% minimum collateral ratio and earns a protocol-defined minimum share of minter interest, paid in USDp, plus pETH liquidation gains. As liquidations occur, a deposit's USDp balance falls while its pETH balance rises, so depositors take on ETH exposure. Deposits are transferable NFTs; auto-compounding vaults are third-party products outside the core protocol.
Source - Milestone
Polaris consolidates on polaris.finance; former domain now serves only a move notice
A polaris-docs commit repointed documentation at polaris.finance; polarisfinance.io now shows only the move notice and the retired blog survives solely in web.archive.org captures. The Sepolia testnet app remains labelled Alpha, docs state no production addresses, audit status, or launch status may be inferred from testnet values, and no mainnet date or audit announcement accompanied the consolidation.
Source - Announcement
Polaris closes $1M angel round with Ethereum Foundation, Liquity, and LI.FI participation
Polaris reported a $1 million angel round joined by the Ethereum Foundation, Fusion (IPOR), Altitude, Liquity, LI.FI, and more than 30 founders and contributors including Anthony Sassano, to build pETH as yield-bearing collateral for USDp and GOLDp. No mainnet date accompanied the round, and the Polaris blog carried no post about it.
Source - Milestone
Polaris docs define an immutable core with bounded Stewardship
The Security Guarantees page states that the core protocol is immutable with no admin privileges, that USDp has no freeze or blacklist function, and that no privileged actor can mint outside the pETH-collateralized process. A bounded Stewardship role can still change interest rate splits, POLAR conversion parameters, flow recipients and weightings, and replace faulty oracle feeds; it cannot upgrade core contracts, add collateral, or change the bonding curve or liquidation mechanics. The docs do not say who holds Stewardship or whether a timelock applies.
Source - Announcement
Polaris documentation renames pUSD to USDp
The official docs at docs.polaris.finance describe USDp as the native Polaris dollar (115% minimum collateral ratio, pETH collateral, Earn Vault), and the Sepolia testnet app at testnet.polaris.finance uses the USDp label throughout. The docs repository was created on June 8 2026 and its diagrams switched to USDp wording on June 22; the earlier Polaris blog posts used pUSD.
Source
Earlier activity (4)
- Milestone
TokenBrice publishes 'The Path to the North Star' founder narrative
Long-form post outlining Polaris's three-pillar mission (counterparty-free yield, ETH-correlated yield alternatives, restoring DeFi credibility) and tracing the protocol's lineage to Robert Lauko's bonding-curve research; mainnet timeline still uncommitted.
Source - Milestone
'Sustaining the Ecosystem: pETH & pUSD Flows' published
Documents Polaris's autonomous protocol-revenue distribution mechanism routing borrower interest and liquidation flows to USDp (then pUSD) Stability Pool participants by holdings.
Source - Announcement
Polaris introduces self-scaling stablecoin operating system
Three-token model (pETH, pUSD, POLAR) with immutable code design and uncorrelated yield from protocol revenues; pUSD has since been renamed USDp.
Source
9 entries · 9 sourced
Featured coverage
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pUSD: No Counterparty, No Ceiling
How USDp (then pUSD) delivers counterparty-free yield that scales alongside protocol adoption and the developing ecosystem supporting it.
Polaris Finance Blog (archived)
Sustaining the Ecosystem: pETH & pUSD Flows
Polaris replaces emission-based incentives with an autonomous protocol-revenue distribution mechanism that flows to participants based on their asset holdings: no governance-driven allocation, no bribery.
Polaris Finance Blog (archived)
The Path to the North Star
TokenBrice traces Polaris's origins from Robert Lauko's bonding-curve research to today's three-pillar mission: counterparty-free yield, ETH-correlated alternatives, and restoring DeFi credibility against a backdrop where only $184.79M of the $338.9B stablecoin supply is non-freezable.
Polaris Finance Blog (archived)
USDp - Polaris Documentation
Official reference for the native Polaris dollar: collateral, minimum collateral ratio, and the Earn Vault.
Polaris Docs
Other coins using the USDp ticker
- Pax Dollar (USDP) · Active · US Dollar. USDP is Paxos's regulated dollar.
- Parallel USDp (USDp) · Active · US Dollar. USDp is Parallel's DAO-governed dollar minted against a whitelisted basket of overcollateralized stablecoins through a licensed Angle Transmuter fork.