How PUSD Works
Minting against collateral, the fixed rate and how it builds up, caps, and every fee.
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.
How a loan works
Deposit collateral
Pick an asset on Markets and choose how much to deposit. It moves into a vault the PUSD program controls, one per loan.Mint PUSD
Borrow up to the asset’s max LTV, a share of what the deposit is worth now. The PUSD lands in your wallet.
Use it
Hold it, or swap it for USDC, SOL and other tokens on the Swap page.Repay and close
Pay back what you owe plus the fee built up so far. Closing the loan returns your collateral in the same transaction.
Supply and debt
Every PUSD is minted against collateral and burned when it’s repaid.
The fixed rate
A yearly fee on what you owe, shown on Markets as Fee and on each loan card as … fixed. It’s locked when you open the loan, builds up on your debt and is added to it. Borrowing more on the same loan uses the same rate. Example: 600 PUSD at 5% costs 30 PUSD a year.
Avg stability fee on Markets is the rate across all loans, weighted by how much each owes. Blended fee on Positions is the same figure for your own loans.
Caps
- Deposit cap. Some assets have a limit on how much can be deposited across every loan. Hover an asset’s TVL on Markets to see how much is deposited against its cap.
- Borrow cap. Some assets have a limit on how much PUSD can be minted against them. When it’s nearly used, the new position dialog says how much room is left.
- Your borrow limit. While PUSD is in early access, each whitelisted wallet has a limit on what it can owe across all its loans.
The allowlist
While PUSD is in early access, only whitelisted wallets can open loans and borrow. You can still browse every market and its terms. If your wallet isn’t whitelisted, the confirm button in the new position dialog reads Wallet not whitelisted, and Positions says so when you have no loans.
How to get on it: Request early access.
All fees
| Fee | Amount | When |
|---|---|---|
| Fixed rate | Per asset, on Markets | Yearly, on what you owe. |
| Liquidation penalty | 10% | On the debt, only when collateral is sold at market. My loan is Liquidating |
| Stability vault fee | 1% | From liquidations, earned by vault depositors. |
| Swaps | Pool fee | The Meteora pool’s fee plus any Jupiter routing. The quote shows what you receive. |
| Network | A little SOL | Every transaction you sign. |