PUSD is Polymarket's USDC-backed prediction-market account token on Polygon, with an onchain unwrap route to USDC.e subject to administrative pausing. The static profile records its US Dollar peg mechanism as: Supported USDC deposits mint pUSD; holders can approve the CollateralOfframp and call unwrap to receive USDC.e on Polygon, subject to the shared administrative pause gate.

As of Nov 8, 2026, Pharos grades PUSD B+ (77/100) on its Safety Score. Pharos's reviews record that admin controls such as a pause or an upgradeable contract exist, though no power to freeze a specific holder was found, and any holder can use its reviewed redemption route. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

Pharos records PUSD's reserves in its review of Sep 30, 2026 as 100% USDC and USDC.e in Polymarket backing vault. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Based on tracked contract metadata and blacklist coverage, admin controls such as a global pause or an upgradeable contract are recorded, but the review found no active power to freeze or seize a specific holder's balance on material deployments.

Under the route Pharos reviewed on Jul 9, 2026, any holder can redeem PUSD for USDC. Redemption settles atomically on-chain. The reviewed terms charge no percentage redemption fee. Whether a given holder qualifies is set by the route's own terms, not by this summary.