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docs: Parallelizer and bridge parameters per PIP-69, including Base USDC - #37

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Oct 5, 2026
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docs/base-usdc-collateral

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@JeanBrasse

@JeanBrasse JeanBrasse commented Oct 4, 2026 •

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The docs listed the Parallelizer and Bridging Module parameters from before PIP-69 (adopted 24 May 2026): a 100,000,000 mint cap on every asset, a 20% to 95% band on the yield-bearing assets, no USDC on Base, and bridge limits of 2,500,000 USDp a day and 10,000,000 in total. This PR brings them in line with what the chains show today, and cites PIP-69 where it is the source.

Commits:

  • 231e660: USDC on the Base Parallelizer;
  • 5ca2139: mint caps, exposure bands and mint status on all four Parallelizer chains;
  • 82cd59a: USDp bridge limits on all 24 chains.

Parallelizer, read on-chain

Read-only eth_call on each ParallelizerUSDp, 5 October 2026: getCollateralList, getCollateralMintFees, getCollateralBurnFees, getStablecoinCap, isWhitelistedCollateral, isPaused, getIssuedByCollateral, getOracle. The exposure band is read from the fee curves: the minimum is where the burn fee jumps to 99.90%, the maximum where the mint fee reaches 100%.

Chain (block) Asset Mint fee Burn fee Exposure Mint cap Mint USDp issued against it
Ethereum (26,122,035) frxUSD 0.00% 0.00% 0% to 100% 1,500,000 open 0.36
sfrxUSD 0.00% 0.10% 40% to 100% 3,500,000 open 90,021
USDe 0.00% 0.00% 0% to 100% 1,500,000 paused 0.49
sUSDe 0.00% 0.05% 20% to 95% 3,500,000 paused 101,359
Base (52,182,124) USDS 0.00% 0.00% 0% to 100% 1,500,000 open 89.53
USDC 0.00% 0.00% 0% to 100% 1,500,000 open 6,716
sUSDS 0.00% 0.10% 40% to 100% 3,500,000 open 193,073
Avalanche (96,766,218) USDC 0.00% 0.00% 0% to 100% 1,500,000 open 0.73
ygamiUSDC 0.00% 0.10% 40% to 100% 3,500,000 paused 872.75
HyperEVM (47,678,652) USDe 0.00% 0.00% 0% to 100% 500,000 open 573
sUSDe 0.00% 0.10% 40% to 100% 1,000,000 open 322,742

On every asset: not whitelisted, burn not paused. Redeem is not paused on any chain. The price feeds and the 86,400 s stale periods match the implementation page, including the three MorphoChainlinkOracleV2 addresses of the composite oracles.

Against PIP-69

Everything matches PIP-69, except:

  • USDe and sUSDe on Ethereum. PIP-69 retires them in three steps: block minting, block burning once their backing reaches zero, then remove them from the list. Step 1 is done; burns are still open and sUSDe still backs 101,359 USDp. PIP-69 sets no new parameters for them, so sUSDe keeps its earlier 20% to 95% band.
  • ygamiUSDC on Avalanche. Minting is paused on-chain; PIP-69 does not mention it. Burns stay open.

Bridging Module, read on-chain

Read-only eth_call on each chain's BridgeableUSDp, 5 October 2026: getDailyCreditLimit and getGlobalCreditLimit (mint), getDailyDebitLimit and getGlobalDebitLimit (burn), plus getPrincipalToken, getFeesRate and getIsIsolateMode.

On all 24 chains (Arbitrum, Avalanche, Base, Berachain, BNB Chain, Ethereum, Fraxtal, Gnosis, Hemi, HyperEVM, Ink, Katana, Linea, Optimism, Plasma, Plume, Polygon, Scroll, Sei, Sonic, TAC, Unichain, World Chain, X Layer):

Limit Mint Burn Docs before PIP-69 section VI PIP-69 Technical Implementation
Daily 250,000 250,000 2,500,000 250,000 1,000,000
Global 1,500,000 1,500,000 10,000,000 1,500,000 5,000,000

The chain matches the figures in PIP-69's section VI, which the docs now cite. PIP-69's Technical Implementation section gives 1,000,000 and 5,000,000 instead; no chain uses them. On every chain the principal token is the USDp address the docs list, the fee rate is 0 and isolate mode is off, as the docs already say.

Change

Parallelizer (5ca2139):

  • products/parallel-v3/fees.mdx: the per-asset table (mint caps, bands, closed and paused mints) and the paragraph under it.
  • products/.../usdp-and-susdp/implementation.mdx: every asset's mint cap and band, a status line for the three assets not open to minting, and a PIP-69 citation.
  • resources/user-guides/mint-usdp.mdx: the collateral table gains a mint cap column; the "100,000,000 mint cap, 20% minimum exposure" sentence is replaced; the maximum-exposure section and the FAQ mention the mint cap and closed or paused mints.
  • security/proof-of-solvency.mdx: the 40% to 100% band, the assets being retired, the mint cap range.
  • security/risks.mdx: the "Exposure bounds" mitigation.

Bridging Module (82cd59a):

  • resources/user-guides/bridge.mdx: the limits table and the "USDp chains and limits" table, 24 rows;
  • products/parallel-v3/fees.mdx: the bridging parameters table;
  • products/.../usdp-and-susdp/implementation.mdx: the mint and burn limits of all 24 chains;
  • security/risks.mdx: the bridge "Limits" mitigation.

Not changed: sUSDe's burn fee on Ethereum reads 0.05% on-chain. The docs keep 0.10%, the burn fee of every yield-bearing asset, pending an update of that parameter.

Checks (head 82cd59a)

🤖 Generated with Claude Code

The Base Parallelizer accepts USDC, added by PIP-69, but the docs listed only USDS and sUSDS there. USDC on Base is added to the fees table, the implementation page, the mint guide and the proof-of-solvency page, with the values read on-chain: 0.00% mint fee, 0.00% burn fee, 0% to 100% exposure, 1,500,000 mint cap, Chainlink USDC/USD with an 86,400 s stale period.

Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>
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Mint caps, exposure bands and mint status on Ethereum, Base, Avalanche
and HyperEVM, as set by PIP-69 and read on-chain in October 2026:
- mint caps of 500,000 to 3,500,000 USDp per asset, instead of
  100,000,000 everywhere;
- yield-bearing assets at 40% to 100% exposure, instead of 20% to 95%;
- USDe and sUSDe on Ethereum being retired: minting closed, burns open,
  sUSDe keeping its earlier 20% to 95% band until then;
- minting with ygamiUSDC on Avalanche paused.

Pages: fees, USDp implementation, the mint guide, proof of solvency and
risks.

Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>
@JeanBrasse JeanBrasse changed the title docs: USDC on the Base Parallelizer docs: Parallelizer parameters per PIP-69, including Base USDC Oct 4, 2026
The USDp Bridging Module on all 24 chains reads 250,000 USDp daily and
1,500,000 USDp global, for both mint and burn, as set in PIP-69
section VI. The docs said 2,500,000 and 10,000,000.

Pages: the bridge guide, fees, USDp implementation and risks.

Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>
@JeanBrasse JeanBrasse changed the title docs: Parallelizer parameters per PIP-69, including Base USDC docs: Parallelizer and bridge parameters per PIP-69, including Base USDC Oct 4, 2026
@JeanBrasse
JeanBrasse merged commit f2ee2d7 into main Oct 5, 2026
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