Polymarket Launches Stablecoin, Replaces USDC.e
Polymarket is launching Polymarket USD, a stablecoin backed 1:1 by Circle's USDC, as the platform rebuilds its trading engine and upgrades smart contracts over the next few weeks.
Key Takeaway
Polymarket's stablecoin move signals a push for more control over its infrastructure ahead of a potential token launch.
Polymarket announced it's rolling out its own stablecoin as part of what the company called its biggest infrastructure change since launch.
The prediction market platform will replace USDC.e with Polymarket USD. The company said in a post on X that it's rebuilding its trading engine, upgrading smart contracts, and switching collateral tokens to move off USDC.e entirely. The changes promise faster execution, lower gas fees, and a cleaner foundation going forward.
The upgrade will happen over the next few weeks. All open orders will be cancelled with at least a few days advance notice. Bot traders and users who access Polymarket only through APIs will need to update their SDKs. Advanced users will need to use a smart contract wrap function to convert USDC or USDC.e into the new Polymarket USD.
Some users on X speculated the new stablecoin could pay yield. One anonymous user wrote: if the Polymarket stablecoin pays 4% yield it's my new savings account. Polymarket hasn't confirmed any yield features.
The platform is also working on a native POLY token, confirmed by Polymarket's chief marketing officer last October. Traders on Myriad, a prediction market operated by Decrypt's parent company Dastan, are giving POLY just 11% odds of launching before May.
Polymarket registered with the Commodity Futures Trading Commission in July 2025 after shutting down U.S. operations in 2022. Intercontinental Exchange, parent company of the NYSE, invested ₱36.12 billion ($600 million) in the platform in March 2026. The company is seeking fresh funding at a valuation near ₱1.2 trillion ($20 billion).
This article was written based on reporting from Decrypt.
