Pleasing USD (PUSD) stablecoin analytics
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PUSD
Pleasing International's PUSD is 90% a USDT wrapper with 10% tokenized gold exposure through PGOLD — a hybrid that is neither a pure dollar peg nor a gold-backed token, and the market has noticed. Trading at a 645-basis-point discount to peg with an active depeg event running since December 2024 and DEWS in the Alert band, PUSD is one of the most stressed stablecoins on the dashboard. The Hong Kong-based precious metals firm's institutional-unregulated custody and Arbitrum-plus-ApeChain deployment offer no redemption backstop modeled by Pharos, meaning holders facing a 6.5% discount have no clear path to par value. PUSD serves as a real-time case study in what happens when a stablecoin's peg mechanism fails to attract the arbitrageurs needed to close the gap.
Detailed stablecoin analytics coming soon...
