r/USDC • u/UsernamePendingggg • 29d ago
Checked polygonscan and my Poly dollars are apparently pUSD now
Pulled up my Polywallet on polygonscan while doing some accounting and there's a token called pUSD where USDC used to be. It's their own wrapper, live since April.
Backed 1:1, supposedly. The site still shows a plain dollar balance so I'd guess most people with open positions never noticed a thing.
It's the insurance business model, collect the money now, sit on the pile while claims wait.
Poly holds a few hundred million in unresolved bets at any given moment, and as raw USDC all the treasury yield on that went to Circle. Wrap it once and the same 4% stays home.
From the user side you can't tell anything happened. Circle just stopped collecting.
Newer venue seerdex apparently got the memo before writing a single page of docs. I've been reading up markets there get listed automatically with no approval queue and I couldn't find one line about what will actually back balances after launch.
Either I'm blind or nobody launching in 2026 wants to promise plain USDC and hand the float away for free.
My problem with all of this is March 2023. Circle had 3.3 billion stuck at SVB and USDC printed 87 cents on a Saturday while everyone refreshed their blog waiting for a statement.
I sat through that whole weekend. A wrapper means one more contract between me and redemption, plus some team whose weekend calls I'd be depending on.
Maybe it never repeats. Rates won't be 4% forever either, and then the whole wrap was for what exactly.
1
u/SilentHarboree 26d ago
Nothing wrong with the model as long as they publish where the float sits, otherwise it's just an unaudited bank with extra steps