Bucket Protocol BUCK: Uses, Supply and Risks

BUCK is an over-collateralized stablecoin created by Bucket Protocol, a collateralized debt position (CDP) protocol on Sui. It is intended to track the value of the US dollar. Rather than being issued as a native network coin, BUCK is minted when users deposit supported crypto assets as collateral through the protocol.

The project describes support for collateral including SUI, BTC, ETH and liquid staking tokens (LSTs). Over-collateralization means the value of collateral is intended to exceed the value of the BUCK issued against it. That buffer is meant to help protect the stablecoin if collateral prices fall, but it cannot remove risk or guarantee that BUCK will always trade at one dollar.

BUCK may be relevant to people using Sui applications who want to hold a dollar-oriented token or use a stablecoin within the ecosystem. Its stability depends on the protocol’s collateral and mechanisms, as well as market conditions; it is not the same as a bank deposit or a government-issued currency.

Bucket Protocol uses a CDP model: a user deposits eligible collateral and mints BUCK against it. In practical terms, BUCK represents a debt backed by crypto held in a protocol position, rather than a token created without collateral. The protocol’s description names SUI, BTC, ETH and LSTs as examples of supported collateral, though supported assets and rules can change.

The amount of BUCK a user can mint depends on protocol parameters, including collateral requirements. If collateral loses value enough to breach those requirements, a position could face liquidation under the protocol’s rules. Public sources do not specify current collateral ratios, fees, liquidation thresholds or redemption procedures, so users should check the protocol’s current documentation and interface before interacting.

For a BUCK holder who is not minting it, the key point is that the token’s intended dollar value is supported by the protocol’s collateral system, not an unconditional promise that every BUCK can be exchanged for one dollar at any time. Market liquidity and protocol operation also matter.

BUCK’s supply is not fixed by a stated maximum. It can expand or contract as users mint or repay BUCK through the collateralized-debt system, subject to the protocol’s rules. This means circulating supply should be treated as a changing figure, not as a hard cap or a measure of how much collateral is available at any particular moment.

As of 2026-11-05, the reported circulating and total supply was about 25.96 million BUCK, with no maximum supply specified. The reported market price was about $1.00, and market capitalization was about $25.9 million. These are point-in-time figures and can change; a price near one dollar does not prove the peg will hold in future conditions.

Market capitalization is calculated from token price and circulating supply. It does not show whether all holders could sell at the quoted price, how much collateral backs outstanding BUCK, or how easily the token can be traded. Check current protocol information and market conditions if those details matter to your use.

BUCK is issued on Sui. Public sources do not identify it as a native token of another chain, so check the network and token details carefully before sending or receiving it. A token with the same ticker on a different network may not be the Bucket Protocol asset.

For self-custody, use a wallet that supports Sui and confirm that it displays the correct BUCK asset before transferring. Keep recovery phrases and private keys offline and never share them with someone claiming they need them to help with a transfer. If you use a centralized exchange or a custodial wallet, the provider controls the keys and may impose its own deposit, withdrawal and account requirements.

Test unfamiliar transfer steps with care, and verify the receiving network and address before confirming. Sending assets to an unsupported network or address can result in permanent loss. Wallet compatibility does not remove the separate risks of BUCK’s peg, Bucket Protocol’s smart contracts or the collateral securing the token.

BUCK has stablecoin and protocol risks. Its market price can move away from one dollar if demand, trading liquidity or confidence changes. The collateral backing the system consists of crypto assets, whose values can fall quickly; if the system’s safeguards do not respond effectively, collateral may be insufficient to support the intended value of BUCK.

Using Bucket Protocol also involves smart-contract and operational risks, including bugs, exploits, governance or parameter changes, and interruptions to Sui or related services. Users who mint BUCK face the additional risk that collateral may be liquidated if it no longer meets the protocol’s requirements. Public sources do not establish that BUCK is insured, guaranteed or redeemable on demand.

Before holding or using BUCK, consider whether you can tolerate a depeg, a loss of access, or a loss of some or all of your funds. Review current collateral rules and contract information from the project, and avoid relying on a stablecoin label as proof of safety. This explanation is informational, not financial advice.