The claim
“pUSDC, pUSDT and pWETH on PulseChain are worth the same as the originals on Ethereum.”
A recurring claim; no single original source is attributed here.
What the code shows
System copies exist because the fork copied every Ethereum contract’s storage after block 17,232,999. From then on each chain keeps its own ledger, so a copied token on PulseChain is not backed by the Ethereum original and not redeemable with its issuer; the copied WETH contract, for example, pays out PLS, not ETH. Tokens moved over the official bridge after the fork are different tokens at different addresses, backed by originals locked on Ethereum.
What exactly is claimed?
That a token like pUSDC on PulseChain is the same thing as USDC on Ethereum, so it should be worth one dollar. It looks plausible: the token has the same name, the same address and, at the fork, the same balances. No statement by the project making this claim has been found; it circulates as a misunderstanding among newcomers and is used by scammers who sell copies as if they were the originals.
What is a system copy?
PulseChain started as a full copy of Ethereum’s state (params/pulse.go:43). Every token contract that existed on Ethereum after block 17,232,999 also exists on PulseChain at the same address, with the same code and the same balances. The community calls these copies “system copies” or p-tokens — pDAI, pUSDC, pUSDT, pWETH. HEX was copied the same way; on this site it is simply called HEX on PulseChain and HEX(eth) on Ethereum (HEX vs. HEX(eth)).
From the fork on, each chain keeps an independent ledger. Nothing links the PulseChain copy to the Ethereum original.
Why is pUSDC not worth a dollar?
Because nobody stands behind it. USDC is designed to be worth a dollar because its issuer, Circle, redeems USDC for dollars. The copy on PulseChain cannot be redeemed with the issuer; the same holds for pUSDT and Tether. Each such copy therefore trades at whatever price its own market sets.
Is pWETH different?
Partly. WETH is a wrapper that holds the chain’s native coin. At the fork the copied WETH contract kept its copied balance — and on PulseChain the native coin is PLS, because ETH balances became PLS balances. Its withdraw function pays that balance out, so pWETH is redeemable 1 : 1, but for PLS, not for ETH. On 2026-10-19 (PulseChain block 27,837,219) the copied WETH contract held 34,410,396,557.02 PLS against an equal pWETH supply. It is not backed by the ETH in the Ethereum WETH contract.
How are bridged eTokens different?
Tokens moved through the official bridge after the fork are separate tokens at different addresses. The bridge locks the original on Ethereum and mints a bridged version on PulseChain; sending it back burns the bridged token and releases the original. These are usually called e-tokens.
The addresses were resolved on-chain on 2026-10-17 with the bridge’s bridgedTokenAddress function. An e-token is backed by the original locked on Ethereum — and is as safe as the bridge itself (the bridge myth).
How do I avoid confusing them?
Check the address, not the name. A pool or an offer showing “USDC” on PulseChain can contain the system copy (same address as on Ethereum) or the bridged token (the address in the table above). They are different assets with different prices. More: System copies.
Verdict
False. System copies are independent assets with their own prices; they are not backed by, or redeemable for, the Ethereum originals — pWETH is redeemable only for PLS. Bridged e-tokens are the ones backed by locked originals.