---
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: "2026-10-06"
---



# SoulPeg USD (spUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

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 {{term:redemption}}redemption{{/term}} route for spUSD, so no redemption backstop is modeled and exit is held back. A single admin key can also authorize arbitrary holder burns on the token. Until a reviewable redemption route and custody terms appear, spUSD remains a small protocol-dependent dollar rather than a high-confidence stablecoin, and its N/A overall grade reflects that.

## 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

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.

## 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.