After Polymarket's April 2026 exchange upgrade, pUSD became its collateral token on Polygon, backed one-to-one by USDC, while protocol trading activity settles in native USDC.

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 10: BUILDING-BLOCK REALITY Exaptation

"After Polymarket’s April 2026 exchange upgrade, pUSD became its collateral token on Polygon, backed one-to-one by USDC, while protocol trading activity settles in native USDC."

Polymarket's migration documentation states that pUSD is an ERC-20 token on Polygon backed one-to-one by USDC and that the protocol settles trading activity in native USDC.

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Source title Polymarket Exchange Upgrade: April 28, 2026

Source authors Polymarket

Source year 2026

Confidence high

Importance high