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The company expects to introduce a new 1:1 $USDC-backed token in the coming weeks as part of a “full exchange upgrade.” This asset will replace $USDC.e—a bridged version of the stablecoin that carries additional technical risks.
The new token, named Polymarket USD, is designed to improve settlement efficiency and liquidity management while reducing dependence on external infrastructure.
This upgrade also includes a revamped trading engine and new smart contracts, signaling a deeper transformation of the platform that extends beyond the token itself.
Potential POLY Token Shifts the Model
Parallel to these updates, Polymarket is developing its own POLY token, which is expected to play a role in governance and dispute resolution.
To date, the platform has relied on UMA and its “optimistic oracle” model, where outcomes are determined by token holder voting. Critics point out that this approach can be influenced by large participants and does not always guarantee objectivity.
The possible introduction of POLY could move this process inside the Polymarket ecosystem, allowing for tighter control over how “truth” is determined within prediction markets.
One model under discussion involves a separation between trading and governance: users would place bets using a stable token like Polymarket USD, while POLY would be utilized for managing disputes and validating results.
A Return to the US Market
These strategic changes arrive as Polymarket restores its presence in the United States. The platform ceased operations in the local market in 2022 but re-registered with the Commodity Futures Trading Commission (CFTC) in 2025.
Since then, the company has reported rapid growth and a valuation exceeding $20 billion, positioning it among the most significant players in the prediction market sector.
Control Over Liquidity and “Truth”
With the upcoming changes, Polymarket aims to consolidate control over the two key elements of its business: trading and result validation.
The transition to a proprietary backed token and the potential introduction of an internal governance mechanism suggest the company is moving away from its reliance on external protocols and infrastructure.
Against this backdrop, the upgrade can be viewed as an attempt to create a more closed yet more controlled ecosystem—a move that could prove decisive for maintaining trust in prediction markets, especially regarding sensitive geopolitical topics.