Polymarket Launches Platform Revamp Featuring New Collateral Token

Polymarket has announced a platform revamp that introduces a new collateral token. The company revealed the plan in a post on X dated April 6.

Upgrade overview

The upgrade will roll out over the next two to three weeks. Polymarket described it as its largest change to date.

New smart contracts and a redesigned order book are part of the overhaul. The upgrade aims to improve speed, reduce gas costs and simplify the codebase.

Stablecoin and migration

Polymarket will replace its current USDC.e usage with a stablecoin named Polymarket USD. That token will be collateralized 1:1 by USDC.

For most users, the frontend will wrap assets automatically with a one-time approval prompt. Advanced users and API-only traders must call the Collateral Onramp contract’s wrap() function.

Operational impact

All existing order books will be cleared during the transition. The firm said there will be a short maintenance window.

Polymarket will announce the exact maintenance date and time at least one week in advance. The company encouraged users to prepare for the update.

Context and partnerships

Polymarket’s infrastructure change follows feedback from its user base. The company said the move provides a cleaner foundation for future growth.

In February, Polymarket and Circle confirmed work to enable dollar-denominated settlement. Polymarket currently uses USDC.e on Polygon and plans to migrate to native USDC.

Circle noted native USDC is issued by regulated affiliates and is redeemable 1:1 for U.S. dollars. The change aims to improve capital efficiency and scalability.

Business developments

Reports on March 7 indicated Polymarket was in talks with investors. The company was said to be targeting a $20 billion valuation.

Sources noted its valuation stood at roughly half that amount in late 2025. In October, Polymarket received a $2 billion investment from Intercontinental Exchange.

What users should do

• Expect a short maintenance window when order books are cleared.
• Most users need only approve wrapping once on the frontend.
• Power users should use the Collateral Onramp contract’s wrap() function.

Filmogaz.com will monitor the rollout and report further details as Polymarket launches this platform revamp and the new collateral token enters production.