PNEEs · Penny Stablecoins
Digital pennies on BSV. Each PNEE is one US cent (ticker $PNEE), backed only by BSV locked in public vaults. Notes are cash: spend them, send them, price things in them. No bank account behind them, no co-signer on your transfers, nobody who can freeze them.
How it works
Notes are pennies that add up
One PNEE unit is one cent. A $10 note is just 1,000 of them together; they split and combine like any token, and the wallet shows dollars. PNEE is an ordinary BSV-21 token, so any 1Sat-compatible wallet can hold it.
Vaults: lock BSV, mint notes
Anyone can lock BSV in a vault contract and mint notes against it, up to a tenth of its value to start (10x collateral). They keep their BSV and its upside; to unlock it, they hand the notes back. BSV went from $11 to $20 in three months, so we started very safe: a vault survives an 85% fall in BSV.
Liquidation keeps every note backed
If BSV falls so far that a vault drops below 150%, anyone may repay its notes and take its BSV at a 10% discount. The price comes from 3 of 5 signers, using the median, with fresh timestamps.
No interest
Notes are cash, like banknotes: holders don’t earn interest and vault owners don’t pay a yearly fee. The vault owner’s reward is spendable dollars without selling their BSV.
PNEEs and MNEE
| PNEEs | MNEE | |
|---|---|---|
| Backed by | BSV locked in public vaults, visible on chain | US dollars held by a company |
| Can your transfer be blocked? | No: notes move freely | Every transfer is co-signed by MNEE’s server |
| If BSV crashes | Protected by 10x collateral and liquidations | Unaffected (dollar reserves) |
The mainnet pilot (live)
PNEEs are live on BSV mainnet in a small, capped pilot: a $5 cap per vault and $10 in total.
- Token: 1599c4e49a…_0 (BSV-21, 2 decimals). The whole supply sits in the issuer treasury; notes leave it only when a vault mints.
- First vault: 3a782a53…, 12,500,000 sats of BSV (about $2.54) locked.
- First mint: de18356c…, 25 PNEEs, checked against a 3-of-5 price of $20.32.
- First release: 913e2a78…, 25 PNEE from the treasury to the vault owner.
- First liquidation (5 Oct 2026): a small, clearly labelled demo vault (9f9f5343…, 1,000,000 sats, 2 PNEEs) whose on-chain rules allow liquidation below 1100%, so it could be shown at the real price. At a 3-of-5 median of $20.09 the vault stood at 1000%. The liquidator burned the 2 PNEEs (640acc97…) and liquidated the vault (7d496a59…): the contract paid the liquidator the debt plus the 10% discount (106,558 sats after the fee) and returned the rest, 890,493 sats, to the vault owner. Real vaults use 150%; the main pilot vault is at about 1000% and is not liquidatable.
What we haven’t solved yet
Honest trust model
The vault contract can’t yet see by itself that notes were really burned, so for now the issuer (bCorp) co-signs note releases and burns, in public on chain. The five price signers are run by us during the pilot. Both are fine for a few dollars and not for real money: independent price signers and an on-chain burn check come before any meaningful amount.
PNEEs are an experiment. Don’t put in more than you can lose. Questions: support@bwalletx.com