PUSD Docs
PUSD is a dollar stablecoin on Solana that you borrow against assets you already hold. It’s in alpha.
PUSD is a dollar stablecoin on Solana. You don’t buy it from a lender: you mint it against something you already own, a native stake account, a liquid staking token (LST) or a tokenized stock. The asset sits in a vault while you owe PUSD and comes back to you when you repay. Every PUSD is minted against collateral and burned when it’s repaid.
- Keep the asset. Stake stays delegated and keeps earning. If the price rises, the gain is yours.
- One fixed rate. Each collateral has a yearly fee, locked when you open the loan. Other borrowers can’t push it up.
- Time to act. If the price falls, the loan goes to At risk before it can be liquidated, so you can add collateral or repay first.
- Liquidation fits the asset. LSTs sell at market, stocks only in US market hours, and stake isn’t force-sold.
The alpha
PUSD is in alpha, open to people from the waitlist who have been approved. Each approved person gets an invite link that allowlists their wallet, and a borrow limit.
- Allowlist. Only allowlisted wallets can open loans and borrow. You can still browse every market and read these docs.
- Low caps. Borrow caps are low while we test, per wallet and per asset, and things may change.
- A small pool. Swapping PUSD for USDC goes through one PUSD–USDC pool, which can only fill swaps up to its size. See Exit to USDC.
What can go wrong, and what isn’t finished yet: Alpha Risks.
Getting help
Ask us on Discord. For the usual problems, such as a greyed-out button or a failed transaction, see FAQ.
Where things are
| Screen | What it’s for |
|---|---|
| Markets | Every asset you can borrow against, its terms, and Create to open a loan. |
| Positions | Your loans, one card each, with what you owe, your LTV and the buttons to change them. |
| Swap | Swap PUSD for USDC, SOL and other major tokens, and see the PUSD pool. |
| Stats | TVL, PUSD supply and the peg over time. |
New here? Start with Join the Alpha.