Pegged USDC, PUSDC as a Stable Asset on Cosmos Hub

Hi Cosmonauts! It’s arrived. I’ve created a new class of stable asset that is layered directly onto the Cosmos Hub. This asset, by design, is fully backed 1:1 with USDC, and can never be depegged from USDC. While that may sound impossible, it is also by design both trustless and transparent. I actually just started out to bring a legit stable asset to Cosmos Hub and quickly realized that the Cosmos tech stack permitted much more than traditional stable assets like USDC, USDT, DAI which are designed primarily for payments and trading. I built PUSDC as a redeemable NFT vault receipt, a hybrid asset that combines the stability of USDC with the ownership, composability, and programmability of NFTs. This gives it unique properties that traditional stables simply cannot match: True individual ownership (each NFT is unique and ownable) Built-in escrow capability without needing extra contracts Native collateral for lending and DeFi Rich metadata and programmability Transparent, verifiable 1:1 backing on-chain Case Uses & Utilities of PUSDC Here’s just a partial list of real-world applications: 1. Real Estate & Physical Asset Purchases Use batches of PUSDC NFTs as…

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Congratulations on executing and shipping this so fast. As I mentioned in the previous thread, taking action is what separates the winners from the rest. I really like the architectural decision to have all gas fees paid in ATOM. That is exactly the kind of direct value accrual and utility the Cosmos Hub desperately needs. However, diving into the nuances, structuring a stable asset as an NFT vault receipt is a highly unconventional approach. If our ultimate goal is to attract deep institutional liquidity and Wall Street-level integration, I have two critical questions regarding the foundation: 1. Divisibility and Friction: NFTs are inherently unique. If I hold a PUSDC NFT backed by 100 USDC, how do we handle precise micro-transactions (e.g., paying exactly $14.32)? Does this structure introduce UX friction compared to traditional fungible tokens? 2. Security and Custody: You mention it is trustless and 1:1 backed. Where exactly is the underlying USDC held (smart contract, multi-sig, etc.), and has this architecture undergone rigorous, professional security audits? Institutional capital simply won’t touch beta contracts or un-audited vaults. I saw you shared your X profile…

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Hi there! Questions aren’t obstacles, they are what makes a good project great. I’ve already upgraded to multi demoninations, though the real answer is that for a precise payment, it would mean redeeming the nft to make that tx. The vault is a smart contract audited by my Rust Engine at rustaudit.com which, for complete transparency, is my build also. To be fair, I never saw this as a Wall Street or institutional backed build so I never built it with that in mind. It will only succeed through Cosmo community use. The actual process is straightforward enough and a quick review will probably answer most of your other questions and maybe even create a few more. As a side note, I’m adding full IBC support so PUSDC can ship network wide. The updated site is https://usd.atomregistry.com . It really wasn’t a fast shipment. If I am talking about a build, it’s already been in the pipeline for months and going into beta testing. I never talk about the “gonna do’s” which is generally a promise and a prayer, and I am not a fan of the trust me bro vibe. I hope I fully answered your questions and if you have more, ask away. A project has to be defensible without being defensive,…

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First of all, I know this is your idea, your project, your hard work, and your coin. If you’ll allow me to keep discussing it with you, I would like to say that… Thank you for the transparent and detailed response. It’s a breath of fresh air to talk with someone who values the “build first, talk later” philosophy and who embraces constructive stress tests. A few thoughts on your points: 1. IBC Integration: This is massive. Connecting PUSDC across the entire ecosystem is exactly where the network effects for the Cosmos Hub will truly kick in. This completely changes the game. 2. Structural Solidity (Learning from Terra/LUNA): I want to highlight how crucial your 1:1 backing model is. We all remember the Terra/LUNA catastrophe, which collapsed because it relied on an algorithmic, fictitious value to maintain its peg. By anchoring PUSDC directly to real, locked USDC, you’ve bypassed that critical flaw entirely. You’ve created real, tangible value instead of algorithmic promises. This structural soundness is exactly what gives a project longevity. 3. Audience & Institutional Influx: I respect that you built this for the community rather than for Wall Street. It’s a noble…

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Hi Again! By design, depeg is impossible. PUSDC derives its value 1:1 from the Circle asset and in any scenario it remains fixed at 1:1. If I sell one for a quarter. it’s still going to redeem 1:1 for Circle backed USDC. Now about Rust Audit. I’ve ran smart contracts with significant escrow holdings and the results were so concerning that I realized that I could never allow access to it. For testing, I will accept contract files from official projects and submit the results. I’ll admit to some bias, though and objectively, I agree that this build absolutely needs an independent audit and critical review. It’s just a fact that builders can be blinded by bias when it comes to their own work. I’m not suggesting that this is the finished product because it needs this kind of critique and scrutiny for it to be production grade. For institutional, or any level of participation, and I love this part, a Cosmos Hub account is required and all gas fee’s are in ATOM. No one gets to just come in and take without contributing to the Hub. Big bucks has to put it on the table, too or they just don’t get to eat. In nearly all of my frontend work, I use html and vanilla js without a node…

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Atom Registry:

Now about Rust Audit. I’ve ran smart co

Thank you for understanding my point of view. It is clear to me that you have either stumbled over or watched others stumble over similar problems in the past, which gives you the right perspective on the absolute need for external audits.

You are also absolutely right about the institutional side of things. If big capital wants a seat at the table, they have to pay the toll in ATOM for gas. I completely agree with you; that is the exact economic model we need for the Hub.

Regarding your frontend security approach (using vanilla JS and minimizing the attack surface), that is a very good move. It is taking things one step further to protect the protocol from every angle.

I will be eagerly watching the progress, and I hope to see this brought to a governance vote soon. As it looks right now, I will be defending the project. Thank you for taking my suggestions so willingly and for sharing your improvements and how you overcome these eventualities. Let’s keep building. Until next time!