Algorithmic / under-collateralized stablecoin

Polymarket's assessment for RD-F-069 — scored not_applicable on the v1.7.0 rubric. The evidence below is the curator's reasoning for this score.

Evidence summary #

[★] Polymarket is not a stablecoin protocol. pUSD is an ERC-20 collateral wrapper backed 1:1 by Circle-issued USDC on Polygon. No algorithmic peg, no fractional reserve, no seigniorage, no governance token collateral. The Circle partnership (February 2026) formalized native USDC backing replacing bridged USDC.e. N/A per taxonomy §Cat 4 PD-024 (not a stablecoin).

Sources #

Docs
Polymarket docs — pUSDpUSD: standard ERC-20, backed 1:1 by USDC, enforced onchain, no algorithmic peg.retrieved 2026-04-29
URL
Circle — Polymarket USDC partnershipCircle-Polymarket partnership announcement confirming native USDC backing.retrieved 2026-04-29

Methodology #

Classify whether the protocol is an algorithmic or under-collateralized stablecoin design per curator classification.

See the full factor methodology and distribution across all protocols →

rubric_version v1.7.0 protocol polymarket factor RD-F-069 score not_applicable collected_at 2026-04-29 16:25:39