NEW YORK — Blockratize, the parent company of prediction market platform Polymarket, has filed trademark applications with the U.S. Patent and Trademark Office for "POLY" and "$POLY," signaling plans to launch a native cryptocurrency token.
The applications, submitted on February 4, are now listed as "active" and "pending review," according to USPTO records. They cover downloadable financial and trading software, digital token services, and platform infrastructure for electronic transactions and clearing.
Both filings were made on an "intent-to-use" basis, indicating the trademarks are not yet in commercial use.
Company executives have confirmed token and airdrop plans
Polymarket marketing director Matthew Modabber confirmed in October that the company intends to launch a native POLY token supported by an airdrop. Founder Shayne Coplan has made similar public statements, though neither has provided a timeline.
The trademark filing formalizes a legal foundation for those plans.
Polymarket has grown rapidly, particularly during the 2024 U.S. presidential election cycle, when prediction markets drew mainstream attention for their polling alternatives.
Platform shifts to a regulated stablecoin for settlements
Separately, Polymarket announced a partnership with Circle Internet Group to transition from Bridged USDC to native USDC for settlement on the Polygon network.
Unlike bridged versions, native USDC is issued directly by Circle's regulated affiliates and remains redeemable one-to-one for U.S. dollars.
"Polymarket has been at the forefront of innovation in marrying the speed of information with the speed of markets," Circle CEO Jeremy Allaire said. "We bring the utility and speed of USDC to provide the best possible experience for Polymarket users."
Polymarket founder Coplan said the partnership "supports a consistent, dollar-denominated settlement standard that enhances market integrity and reliability."
Regulatory pressure mounts in New York
The token plans and infrastructure upgrades come as prediction markets face heightened scrutiny from U.S. regulators.
New York Attorney General Letitia James issued a consumer alert on Monday, warning that prediction markets may violate state gambling laws.
"Prediction markets may appear as modern, high-tech platforms for speculation or 'forecasting,' but in practice, many operate as unregulated gambling," James said.
New York State Rep. Clyde Vanel introduced the ORACLE Act in November, which would prohibit prediction markets from offering bets on politics and sports in the state. Competitor Kalshi is currently defending against 19 federal lawsuits.
Rival platforms stage grocery giveaways in New York
Both Polymarket and Kalshi launched free grocery promotions in New York City this month in what observers described as goodwill efforts amid regulatory pressure.
Kalshi offered up to $50 in free groceries per person at a Manhattan store on February 3. Polymarket countered with a five-day pop-up grocery store opening February 12, backed by a $1 million donation to Food Bank for New York City.
Polymarket vice president William LeGate said the pop-up had been planned since November.
What it means for Canadian crypto users
Canadian traders have used offshore prediction markets despite domestic restrictions on certain betting products. A Polymarket token airdrop could raise questions about tax treatment and securities classification for Canadian recipients.
The Ontario Securities Commission has taken enforcement action against crypto platforms operating without registration. Canada's regulatory framework for digital assets continues to evolve as U.S. platforms expand token offerings that may reach Canadian users.
The trademark applications met minimum USPTO requirements but have not yet been assigned to an examiner.
