Polymarket to overhaul trading systems with new collateral token and V2 order book

Polymarket plans a major platform upgrade on 28 April, including the introduction of pUSD stablecoin and a rebuilt central limit order book, marking one of its most significant technical transformations to date.

Polymarket is preparing to take its exchange offline for around an hour on 28 April as it rolls out a major overhaul to its trading stack, including a new native collateral token and a rebuilt central limit order book, according to the company’s developer notices and migration documents.

The upgrade is scheduled to begin at about 11:00 UTC, with the platform expected to resume after roughly one hour. During the maintenance window, all open orders on the existing v1 order book will be cleared, while user funds and active positions are expected to remain unaffected, Polymarket said in its migration guidance.

A key part of the shift is pUSD, a new stablecoin that Polymarket says will be backed one-to-one by USDC and used as the platform’s standard settlement asset. The company’s documentation says users holding USDC balances will need to approve conversion into pUSD ahead of the cutover, replacing direct USDC use on the exchange.

The broader technical refresh also includes a rewritten CLOB V2 matching engine and new exchange contracts. Polymarket’s changelog says there will be no backward compatibility after the go-live date, meaning developers must move to the latest SDK before the transition or risk losing access once the new system is live. Supporting documentation from third-party integration providers says V2 testing has already been made available, and that some mainnet contracts have been processing real trades ahead of the full switch.

For traders and API users, the practical consequence is straightforward: open limit orders will have to be re-entered after the upgrade, and any software still tied to the old client will stop working once the migration is complete. The move marks one of Polymarket’s most significant infrastructure changes to date, as the prediction market operator seeks tighter control over liquidity, settlement and order handling.

Source Reference Map Inspired by headline at: [1]

Sources by paragraph: - Paragraph 1: [2], [3] - Paragraph 2: [2], [3] - Paragraph 3: [2], [3] - Paragraph 4: [4], [5] - Paragraph 5: [2], [3], [4], [5]

Source: Noah Wire Services