SoulPeg USD (spUSD) stablecoin analytics
Answer First
What is SoulPeg USD (spUSD)?
spUSD is SoulPeg's freely tradable BNB Chain wrapper around a soul-bound sUSDC position routed through Venus lending; no Pharos-reviewed holder USDC exit. The static profile records its US Dollar peg mechanism as: Two-token system: soul-bound sUSDC is minted 1:1 against USDC and accrues Venus lending yield for the original wallet; SPUSD (spUSD) is a 1:1 freely tradeable ERC-20 wrapper around sUSDC and is convertible 1:1 at the wrapper contract...
Is spUSD safe?
spUSD holds a C- Safety Score grade (50/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says SoulPeg USD uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
SoulPeg USD (spUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Sep 7, 2026
spUSD is SoulPeg's freely tradable BNB Chain wrapper around a soul-bound sUSDC position, with every deposited USDC routed through Venus lending markets. Pharos tracks the reserve as a single USDC dependency deployed into Venus, so the backing question is Circle plus lending-market liquidity rather than an undisclosed basket. The gap is on the exit side: Pharos has not source-reviewed a holder-exercisable USDC redemption route for spUSD, so no redemption backstop is modeled and exit is the weakest of the three...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
- Collateral
- USDC deposited via SoulPeg's mint flow on BNB Chain, automatically routed into Venus Protocol lending markets to generate yield; spUSD itself is a freely transferable ERC-20 wrapper around a soul-bound sUSDC position
- Peg Mechanism
- Two-token system: soul-bound sUSDC is minted 1:1 against USDC and accrues Venus lending yield for the original wallet; SPUSD (spUSD) is a 1:1 freely tradeable ERC-20 wrapper around sUSDC and is convertible 1:1 at the wrapper contract; Pharos has not source-reviewed a holder-exercisable USDC exit route for SPUSD, so no redemption backstop is modeled
- 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.
Next Actions
Exact bot target: /subscribe dews,depeg,safety spusd-soulpeg
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
spUSD quick answers
What is SoulPeg USD (spUSD)?
spUSD is SoulPeg's freely tradable BNB Chain wrapper around a soul-bound sUSDC position routed through Venus lending; no Pharos-reviewed holder USDC exit. The static profile records its US Dollar peg mechanism as: Two-token system: soul-bound sUSDC is minted 1:1 against USDC and accrues Venus lending yield for the original wallet; SPUSD (spUSD) is a 1:1 freely tradeable ERC-20 wrapper around sUSDC and is convertible 1:1 at the wrapper contract...
Is spUSD safe?
spUSD holds a C- Safety Score grade (50/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says SoulPeg USD uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that issuer or admin freeze controls are recorded. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs spUSD?
Pharos classifies spUSD backing as Crypto-Collateralized. Collateral, per the static profile: USDC deposited via SoulPeg's mint flow on BNB Chain, automatically routed into Venus Protocol lending markets to generate yield; spUSD itself is a freely transferable ERC-20 wrapper around a soul-bound sUSDC position Reserve evidence: live reserve feed configured.
Can spUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for spUSD, when applicable, appear in the dossier below.
