> For the complete documentation index, see [llms.txt](https://doc.outrun.build/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.outrun.build/en/zh/outstake-shou-yi-ji-chu-she-shi/psm.md).

# PSM 锚定兑换

**PSM**（锚定兑换池）让你用储备资产与 uAsset 按 **1:1 面值**双向兑换。与[创世质押](/en/zh/outstake-shou-yi-ji-chu-she-shi/staking-modes.md)不同：这里换完即结清，不留仓位、不欠债务 —— uAsset 背后是协议持有的储备资产。

## 四个兑换池

| 用什么换 | 换到什么 | 方向 |
| ---- | ---- | -- |
| USDC | UUSD | 双向 |
| USDT | UUSD | 双向 |
| ETH  | UETH | 双向 |
| BNB  | UBNB | 双向 |

所谓 1:1，指**面值**恒等：等面值的储备资产与 uAsset 互换，到手只扣一笔小额兑换费，不引入任何市场价格。

## 兑换操作

* **何时可用**：正常情况下随时可换；uAsset 临时暂停期间双向兑换同时不可用（详见[常见问题](/en/zh/reference-can-kao/faq.md)）。单个兑换池的净铸出额度用满后，该池铸出方向暂停，恢复额度后自动可用。
* **输入与输出**：储备资产换 uAsset，或 uAsset 换储备资产。每个兑换池只处理自己的一对资产（USDC 池只进出 USDC 与 UUSD），不能跨池混用。
* **前置余额与授权**：钱包要有足额换出资产；换出的是 ERC20（USDC、USDT、uAsset）需先确认扣取授权，换出的是原生 ETH、BNB 则不需要授权。
* **费用与失败结果**：双向各收一笔小额兑换费（当前默认各约 0.1%，可调上限 1%，以界面显示为准），沉淀在池中归协议；只付链上燃料费，无其他费用。额度用满、池中储备不足、输入过小（如粉尘金额扣费后归零）时整笔回滚，无资金损失。
* **具体步骤**：选兑换池与方向 → 确认授权（如需）→ 发起兑换 → 到账（提交前可先查报价，报价与执行一致）。

## 拿来做什么

* **备创世资金**：手里只有 USDC、ETH、BNB 时，一步换成 uAsset，直接去参与 Memeverse 创世，不必先找生息资产。
* **日常换汇**：uAsset 与储备资产之间按面值进出，适合把 uAsset 当稳定币用的人。
* **回锚套利**：uAsset 相对面值溢价时换出获利，折价时买入赎回 —— 这种双向套利让 uAsset 长期贴近锚定。

手里有生息资产、想抵押生息的同时拿 uAsset？走[创世质押](/en/zh/outstake-shou-yi-ji-chu-she-shi/staking-modes.md)。换到 uAsset 后想吃利息？看 [USR 储蓄](/en/zh/outstake-shou-yi-ji-chu-she-shi/usr.md)。


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