---
title: "Polaris USDp (USDp) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/pusd-polaris/"
description: "Build-time stablecoin profile for Polaris USDp (USDp)."
dateModified: "2026-09-25"
---



# Polaris USDp (USDp)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** Decentralized (DeFi)

**Status:** pre-launch

## Overview

USDp (formerly pUSD) is Polaris Finance's pre-launch Liquity-style immutable CDP stablecoin on Ethereum, built by co-founders TokenBrice and 0xLuude as what they call the successor to Liquity's ethos: immutable core contracts, no admin keys, and no off-chain assets. USDp is minted against pETH collateral via {{term:cdp}}CDPs{{/term}}, and the {{term:yield-bearing}}yield-bearing{{/term}} angle comes from protocol revenue: borrowing interest, swap fees, conversion gains, and DEX fees, rather than from depositing reserves into Aave. The public testnet is live on Sepolia with audits still ahead and no mainnet date set, since the team says it prioritises security over speed, which leaves it time to prove that you can ship immutability without sacrificing usability. For a market saturated with centralized fiat-backed tokens and yield products built on leverage, USDp is a deliberate bet that there's still demand for the Liquity V1 philosophy, upgraded.

## Collateral

pETH / ETH-derived collateral posted in Polaris CDPs, with protocol revenue and liquidation flows routed to USDp Stability Pool participants rather than offchain reserve yield

## Peg Mechanism

Pre-launch Liquity-style CDP stablecoin: borrowers post pETH collateral to mint USDp, undercollateralized positions are liquidated through a Stability Pool, and USDp holders can earn borrower-interest and liquidation-flow yield once runtime sources are live

## Live Data

This is a pre-launch stablecoin profile. Live API data is not available until launch.