{"id":"pleasing-usd-pusd","title":"Pleasing USD (PUSD)","content":"**Pleasing USD (PUSD)** is a synthetic [stablecoin](https://iq.wiki/wiki/stablecoin) backed by [Tether (USDT)](https://iq.wiki/wiki/tether)  created to facilitate settlement and liquidity within a precious-metals-focused on-chain ecosystem. It supports cross-chain transfers, [USDT](https://iq.wiki/wiki/tether) redemptions, and serves as the operational currency for trading and financing flows tied to metal-backed assets. [\\[1\\]](#cite-id-tYeaDFFnIZvYN8JZ)​\n\n## Overview\n\nPleasing USD (PUSD) is a [USDT](https://iq.wiki/wiki/tether)-backed token designed for seamless movement and use across multiple chains, with each token representing one [Tether](https://iq.wiki/wiki/tether) USD inside its precious-metals ecosystem. It supports permissionless transfers on supported networks, while redemptions back into [USDT](https://iq.wiki/wiki/tether) require standard compliance checks and may include fees. The asset can be bridged between chains via [LayerZero’s](https://iq.wiki/wiki/layerzero) OFT standard and [Stargate Finance](https://iq.wiki/wiki/stargate-finance), allowing users to shift liquidity across networks while adhering to the usual [gas](https://iq.wiki/wiki/gas), messaging, and finality requirements. [\\[2\\]](#cite-id-V07uSdYIlpQTH31n) [\\[3\\]](#cite-id-S9rNMKjzzH4Ra5jt)​\n\n![](https://ipfs.everipedia.org/ipfs/QmdEH7C8LY8Dmrd46F99jTA5UTeewEV4gaJspcxE6VH7h8)\n\n## Features\n\nPUSD operates as a fully backed synthetic dollar designed to channel [USDT](https://iq.wiki/wiki/tether) liquidity into the precious-metals economy, built around three roles: depositors supply [USDT](https://iq.wiki/wiki/tether) and receive PUSD, investors use PUSD for real-time trading and hedging in metals markets, and operators in the physical metals supply chain generate the fees and financing flows that fund protocol yield. This structure separates capital from day-to-day metals operations, allowing PUSD to serve as a stable, liquid settlement asset. At the same time, sPUSD offers a yield-bearing option tied to the economics of metal financing. PUSD maintains a 1:1 conversion path to [USDT](https://iq.wiki/wiki/tether), does not pass through yield, and serves as the transactional rail for metals exposure. At the same time, sPUSD compensates users for assuming the liquidity profile of real-world metals, offering targeted returns of 8–12%. Yield is produced through both on-chain and physical metals activity, with idle capital typically held in gold and potentially other metals as the system expands. [\\[4\\]](#cite-id-TUjIUXv87DUUmkhd) [\\[5\\]](#cite-id-1vI7SB5cDeyTYKYB)​\n\n## Associated Tokens\n\n### sPUSD (Staked Pleasing USD)\n\nsPUSD is the yield-bearing token, which users receive by [staking](https://iq.wiki/wiki/staking) their PUSD. It represents a user's share of the protocol's [liquidity pool](https://iq.wiki/wiki/liquidity-pool) and accrues yield generated from the fees and financing flows of the physical metals operations. It is designed to compensate users for providing liquidity and assuming the liquidity profile of the underlying real-world assets. The protocol targets an [Annual Percentage Rate (APR)](https://iq.wiki/wiki/annual-percentage-rate-apr) in the range of 8–12% for sPUSD holders. As sPUSD is tied to the economics of [real-world assets](https://iq.wiki/wiki/real-world-assets-rwas), unstaking it to reclaim PUSD may be subject to unlock or cool-down periods. [\\[3\\]](#cite-id-S9rNMKjzzH4Ra5jt) [\\[2\\]](#cite-id-V07uSdYIlpQTH31n)​\n\n### PGOLD (Pleasing Gold)\n\n​[PGOLD](https://iq.wiki/wiki/pleasing-golden) is the platform's tokenized gold asset and a key use case for PUSD. Each [PGOLD](https://iq.wiki/wiki/pleasing-golden) token is fully backed by LBMA-certified physical gold. PUSD serves as the primary currency for trading [PGOLD](https://iq.wiki/wiki/pleasing-golden) on the platform, allowing for immediate settlement between the gold-backed token and a stable dollar-equivalent asset. [\\[1\\]](#cite-id-tYeaDFFnIZvYN8JZ) [\\[4\\]](#cite-id-TUjIUXv87DUUmkhd)​","summary":"Pleasing USD (PUSD) is a USDT-backed synthetic stablecoin designed to be the primary settlement and liquidity asset within the Pleasing Golden ecosystem, a plat...","images":[{"id":"QmWsw3oFuWda3qabaLgQ9ms3dwjQDNarJjLQpnuqdpDT6p","type":"image/jpeg, image/png"}],"categories":[{"id":"cryptocurrencies","title":"Cryptocurrencies"}],"tags":[{"id":"Ethereum"},{"id":"Protocols"},{"id":"Stablecoins"}],"media":[{"id":"QmdEH7C8LY8Dmrd46F99jTA5UTeewEV4gaJspcxE6VH7h8","size":null,"name":"PUSD.avif","type":null,"source":"IPFS_IMG"}],"metadata":[{"id":"references","value":"[\n  {\n    \"id\": \"tYeaDFFnIZvYN8JZ\",\n    \"url\": \"https://www.pleasinggold.com/\",\n    \"description\": \"Official Pleasing Gold website overview\",\n    \"timestamp\": 1763556305499\n  },\n  {\n    \"id\": \"V07uSdYIlpQTH31n\",\n    \"url\": \"https://www.coingecko.com/en/coins/pleasing-usd\",\n    \"description\": \"PUSD overview on CoinGecko\",\n    \"timestamp\": 1763556305499\n  },\n  {\n    \"id\": \"S9rNMKjzzH4Ra5jt\",\n    \"url\": \"https://pleasing.gitbook.io/docs/pleasing-usd-pusd/how-pusd-works\",\n    \"description\": \"PUSD economic model and function\",\n    \"timestamp\": 1763556305499\n  },\n  {\n    \"id\": \"TUjIUXv87DUUmkhd\",\n    \"url\": \"https://www.globenewswire.com/news-release/2025/10/29/3176301/0/en/Pleasing-International-Launches-RWA-Platform-Pleasing-Golden-Introducing-Tokenized-Gold-PGOLD-and-Synthetic-Dollar-PUSD.html\",\n    \"description\": \"Pleasing International RWA platform launch announcement\",\n    \"timestamp\": 1763556305499\n  },\n  {\n    \"id\": \"1vI7SB5cDeyTYKYB\",\n    \"url\": \"https://pleasing.gitbook.io/docs/pleasing-usd-pusd/token-features\",\n    \"description\": \"PUSD token features and backing mechanism\",\n    \"timestamp\": 1763556305499\n  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PGOLD.","link":"https://www.globenewswire.com/news-release/2025/10/29/3176301/0/en/Pleasing-International-Launches-RWA-Platform-Pleasing-Golden-Introducing-Tokenized-Gold-PGOLD-and-Synthetic-Dollar-PUSD.html","multiDateStart":null,"multiDateEnd":null,"continent":null,"country":null}],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8AF7a19a26d8FBC48dEfB35AEfb15Ec8c407f889"},"operator":{"id":"0x88D5B28842B30b2Bc8E0839f7bcBb7798F080263"},"language":"en","version":1,"linkedWikis":{"blockchains":["arbitrum","ethereum","pleasing-golden"],"founders":[],"speakers":[]},"recentActivity":"{\"items\":[{\"id\":\"ca9239af-6dff-482b-a1de-6b3282f82259\",\"title\":\"Pleasing USD (PUSD)\",\"description\":\"Pleasing USD (PUSD) is a USDT-backed synthetic stablecoin designed to be the primary settlement and liquidity asset within the Pleasing Golden ecosystem, a plat...\",\"timestamp\":\"2025-11-25T00:04:24.863Z\",\"category\":\"Wiki 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