PSM
The BNB Chain Peg Stability Module (PSM) swaps USDT and VAI. It is a transparent proxy at 0xC138aa4E424D1A8539e8F38Af5a754a2B7c3Cc36.
Live version and configuration
Section titled “Live version and configuration”At BNB Chain block 118,364,540:
| Field | Value |
|---|---|
| Implementation | 0x9664568e5131e85f67d87fcd55b249f5d25fa43e |
| Paused | No |
| Stable token | USDT 0x55d398326f99059fF775485246999027B3197955 |
| VAI | 0x4BD17003473389A42DAF6a0a729f6Fdb328BbBd7 |
| Fee in | 0 basis points |
| Fee out | 10 basis points |
| VAI mint cap | 5,000,000 VAI |
| VAI attributed to PSM mints | 465,696.242314352647832029 VAI |
| Treasury | 0xF322942f644A996A617BD29c16BD7d231d9F35E9 |
| Access Control Manager | 0x4788629ABc6cFCA10F9f969efdEAa1cF70c23555 |
These values are governance-configurable. Read the proxy at the relevant block before constructing a swap.
Swap API
Section titled “Swap API”swapStableForVAI
Section titled “swapStableForVAI”function swapStableForVAI(address receiver, uint256 stableTknAmount) external returns (uint256 vaiOut)The caller must approve the PSM to transfer USDT. The PSM supports fee-on-transfer accounting by measuring the amount actually received. It mints the net VAI to receiver, not necessarily to the caller. The gross USD value counts against vaiMintCap; any fee is minted to the treasury.
swapVAIForStable
Section titled “swapVAIForStable”function swapVAIForStable(address receiver, uint256 stableTknAmount) external returns (uint256 vaiBurned)The caller must approve the PSM to transfer any VAI fee. The requested stable-token amount is sent to receiver; the corresponding VAI is burned from the caller and vaiMinted is reduced.
Preview functions
Section titled “Preview functions”function previewSwapStableForVAI(uint256 stableTknAmount) external view returns (uint256)function previewSwapVAIForStable(uint256 stableTknAmount) external view returns (uint256)Preview results can differ from execution if oracle prices or configuration change before the transaction is mined.
Administration
Section titled “Administration”Every state-changing administrative function below checks its exact signature through the Access Control Manager:
pause()andresume();setFeeIn(uint256)andsetFeeOut(uint256);setVAIMintCap(uint256);setVenusTreasury(address);setOracle(address).
Permission is signature-specific. Check the live ACM grantee for the target proxy rather than treating “governance” or “guardian” as a universal role.