Polymarket Unveils Order Book and Stablecoin Upgrade

Polymarket said it will roll out a rebuilt trading engine, upgraded smart contracts, and a new collateral token over the coming weeks. The overhaul will replace its current liquidity model with an order book system. It will also shift users from bridged collateral to a new stablecoin called Polymarket USD. The company called the move its biggest infrastructure change since launch.

In a statement on X, Polymarket said the upgrade will require users to cancel open orders for a short period before the new system goes live. Traders will receive advance notice before this happens.

The company said the will replace its existing continuous liquidity model with a centralized order book built for on-chain markets. At the same time, redesigned smart contracts will support future growth and reduce trading costs.

Previously, the platform relied on automated liquidity pools. This model sometimes created heavy slippage, which raised trading costs and led to weaker order fills. By contrast, an order book places bids and asks on a ledger until matches occur.

Polymarket said the new structure should improve execution speed and lower transaction costs. As a result, the platform expects a more familiar and firms that run algorithmic strategies.

The change also lays the groundwork for future products. Polymarket confirmed that it is developing a native token called POLY, although it has not announced a launch date.