---
title: "SoulPeg USD (spUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/spusd-soulpeg/"
description: "Build-time stablecoin profile for SoulPeg USD (spUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# SoulPeg USD (spUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

A small BSC dollar wrapping a soul-bound sUSDC position via Venus lending; no Pharos-reviewed holder USDC exit path makes it protocol-dependent.

SoulPeg USD is a BSC dollar token with protocol-managed collateral and liquidity. Public docs support the basic peg and contract metadata but do not expose enough reserve detail for a granular basket, so Pharos therefore uses a high-risk curated reserve slice and validates the BSC supply path. Until {{term:redemption}}redemption{{/term}} and reserve data become more transparent, spUSD remains a small protocol-dependent dollar rather than a high-confidence stablecoin.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| bsc | `0x40ff3dea2eec93a7b71879874dc4407918da77a6` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/spusd-soulpeg.