TL;DR: Polaris is pitching a stablecoin operating system that avoids the usual trade-offs: no T-bills, no CEXs, and no yield compression. Instead of external yield sources, it monetizes volatility itself via a bonding curve. The system uses three tokens (pUSD, pETH, POLAR), with yield generated internally from protocol activity—meaning adoption increases yield rather than diluting it. The core claim: scalable, onchain, uncorrelated yield without the usual compromises.

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