Profile
spUSD profile facts
SoulPeg USD (spUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
- Collateral
- SoulPeg sUSDC receipts held by the BNB Chain SPUSD wrapper. SoulPeg describes a USDC-funded Venus strategy architecture, but the complete current underlying strategy allocation and receipt-to-USDC liquidity are not established; ordinary unwrap returns sUSDC, not USDC.
- Peg mechanism
- SPUSD is a 1:1 transferable wrapper around SoulPeg sUSDC. The verified wrapper burns unlocked SPUSD and returns an equal amount of sUSDC in one transaction without a protocol conversion fee. The separate sUSDC-to-USDC earlyRedeem call is owner/operator-controlled and reserve-dependent; no holder-exercisable USDC completion guarantee or same-notional exit capacity is established.
- Jurisdiction
- Not disclosed in the static profile.
- Proof of reserves
- No proof-of-reserves entry in the static profile.
- Contracts
- 1 deployment tracked across BSC.
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
spUSD quick answers
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What is SoulPeg USD (spUSD)?
spUSD is SoulPeg's BNB Chain sUSDC wrapper: unwrap returns the receipt; USDC redemption requires protocol owner or operator action. The static profile records its US Dollar peg mechanism as: SPUSD is a 1:1 transferable wrapper around SoulPeg sUSDC. The verified wrapper burns unlocked SPUSD and returns an equal amount of sUSDC in one transaction without a protocol conversion fee.
Is spUSD safe?
As of Nov 8, 2026, Pharos grades spUSD C- (50/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and any holder can use its reviewed redemption route. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs spUSD?
Pharos records spUSD's reserves as of Oct 29, 2026 as 100% SoulPeg sUSDC receipt held by the SPUSD wrapper; underlying strategy book unresolved. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.
Can spUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem spUSD?
Under the route Pharos reviewed on Oct 11, 2026, any holder can redeem spUSD for an unresolved output asset. 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.
