sUSD
Stablecoin Profile
sUSD (SUSD) is a crypto-collateralised stablecoin: users mint SUSD by locking other crypto assets as over-collateral, with $43.3M currently in circulation across 5 blockchain networks. The USD peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via defillama.
About sUSD (SUSD)
Synthetix is a protocol for issuing and trading synthetic assets on Ethereum. Each synthetic asset (or Synth) is an ERC20 token which tracks the price of an external asset; for example each sUSD token tracks the price of the US dollar.
An SNX holder can mint sUSD by locking their SNX as collateral via the Synthetix smart contract. sUSD can be burned to swap to another synthetic asset or to repay the debt to retrieve the collateral.
Issuer & attestation
sUSD (SUSD) is issued by Synthetix Protocol, operating under Decentralised, governed by SNX holders. Originally launched in 2018.
Reserve composition
Minted by staking SNX as collateral at a high collateralisation ratio (currently 750%+ historically). Backed by the broader Synthetix debt pool rather than direct US dollar reserves.
Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.
Recent supply activity
sUSD (SUSD) supply contracted by $24.1K (-0.06%) in the last 24 hours, contracted by $15.7K (-0.04%) over the past week, and expanded by $65.3K (+0.15%) over the past 30 days.
Steady issuance: supply has held roughly flat (0.15% over 30 days), consistent with mature stablecoin liquidity dynamics.
Supply History
Network distribution
sUSD circulates across 4 blockchain networks. Ethereum hosts the largest share at 63.17%, followed by OP Mainnet at 36.83%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $27.4M | 63.17% | 0.00% | -0.68% |
| OP Mainnet | $16M | 36.83% | -0.15% | +1.60% |
| Arbitrum | $556.2 | 0.00% | 0.00% | 0.00% |
| Fantom | $48.7 | 0.00% | 0.00% | 0.00% |
Peg stability history
As a crypto-collateralised stablecoin, sUSD (SUSD) maintains its 1.00 USD target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $0.8259 (-17.414%); short-term excursions of this magnitude are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
How crypto-collateralised stablecoins defend their peg
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Practical implications for holders
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (crypto-collateralised) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
sUSD (SUSD) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0x57ab1ec28d129707052df4df418d58a2d46d5f51 | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare sUSD to other crypto-collateralised stablecoins
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside sUSD (SUSD). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Sky Dollar (USDS) | $8.4B | crypto-backed | 6 |
| Ethena USDe (USDe) | $5.9B | crypto-backed | 23 |
| Dai (DAI) | $4.6B | crypto-backed | 48 |
| Falcon USD (USDf) | $1.6B | crypto-backed | 2 |
| USDD (USDD) | $1.1B | crypto-backed | 4 |
Across mechanism classes
If you're researching SUSD as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
sUSD (SUSD) is tracked across major crypto data providers. The links below open sUSD (SUSD)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent sUSD news
Latest reporting from major crypto news outlets covering sUSD.
- Crypto Economy
Upbit and Bithumb Suspend Synthetix Deposits Citing sUSD Volatility Threats
TL;DR Upbit and Bithumb suspended SNX deposits following a DAXA warning over risks posed by sUSD's instability. The drop of sUSD to $0.68 and SNX's 26% plunge set off alarms on…
- Cointelegraph
Upbit and Bithumb suspend Synthetix token deposits citing sUSD risks
South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential…
- Cointelegraph
Upbit and Bithumb suspend Synthetix token deposits, citing sUSD risks
South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential…
- Coincu
Korea's DAXA Flags Synthetix's SNX After sUSD Depegging
Synthetix faced scrutiny for sUSD stablecoin depegging, impacting SNX trading in Korea.
- Coincu
Synthetix Realigns Incentives to Restore sUSD Peg
Kain Warwick, founder of Synthetix, announces new incentives to restore sUSD peg.
- Coinspeaker
SNX Price Soars 7% as Synthetix Founder Talks Tough on sUSD Depeg Fix
Synthetix (SNX) price shot up 7% in the past 24 hours as founder Kain Warwick took a firm stance on the recent depegging of sUSD stablecoin.
- BeInCrypto
sUSD Depeg Rekindles Terra Flashbacks—Can Algorithmic Stablecoins Ever Win Trust?
The recent depeg incident involving sUSD from Synthetix has highlighted that this sector remains fraught with risks despite the immense potential of algorithmic stablecoins.
- Crypto Economy
Synthetix Proposes Staking Incentives to Tackle sUSD Depeg, Founder Issues Warning
TL;DR Synthetix launched a new staking mechanism, the “sUSD 420 Pool,” offering SNX rewards to stabilize the price of its sUSD stablecoin. Founder Kain Warwick warned that…
Related stablecoins
Stablecoins comparable to sUSD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other crypto-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.
