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What is paUSD ($ stablecoin)?

paUSD is a USD stablecoin backed by collaterals, and can only be minted with governance-approved collaterals. paUSD are created when users deposit accepted tokens (such as WETH, WBTC, USDC, etc) as collateral in vaults and in turn receive a loan against that collateral.
Token symbol: paUSD - Token contract (Ethereum): 0x571f54D23cDf2211C83E9A0CbD92AcA36c48Fa02 - Token contract (Polygon): 0x8054d4D130C3A84852f379424Bcac75673a7486B

paUSD is non-custodial

There are no counterparties involved in the minting and burning of paUSD tokens, as actors in the network transact directly with the paUSD smart contracts. Vaults are non-custodial, with each borrower having full control over their collateral and borrowed paUSD balances, provided it meets the minimum health factor governed by the protocol as a whole.
You can use paUSD to earn yield by Providing Liquidity.