sUSD token
Overview
sUSD is the dollar-denominated stablecoin of the Synthetix protocol, originally minted by SNX holders who locked SNX as collateral and took on a share of the protocol's debt pool. It is not fiat-backed: its value depends on overcollateralisation by SNX plus arbitrage incentives, which historically meant stakers were rewarded for buying discounted sUSD to repay their debt cheaply. That reflexive peg defence was removed by Synthetix Improvement Proposal 420 (the '420 pool'), which introduced a protocol-owned staking pool, cut the minting collateralisation ratio from 500% to 200% and forgave roughly $60 million of staker debt over 12 months. Following that change sUSD depegged sharply in April 2025, trading as low as around $0.68 — roughly 31% below par. Synthetix responded by adjusting 420 pool parameters, raising the sUSD staking requirement inside the debt jubilee to 50% of initial debt and adding SNX incentives (5 million SNX over 12 months) to pull the peg back. Synthetix has since described the peg as restored and continued toward launching v4 perps on Ethereum mainnet. sUSD long served as the settlement asset for Synthetix's synthetic assets and perpetual futures on Ethereum and Optimism. SIP-420 in 2025 restructured how sUSD is issued and triggered the protocol's most severe depeg; recovery measures and 'The Repeggening' followed.
Within the DeFi Intel graph, sUSD connects to 12 tracked entities, most strongly to Ethereum, Arbitrum, Fantom.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 12 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
deployed_on | Arbitrum | 95% |
deployed_on | Fantom | 95% |
deployed_on | OP Mainnet | 95% |
deployed_on | Ethereum | 95% |
issued_by | Synthetix | 95% |
deployed_on | Ontology | 95% |
backed_by | Snx Token | 95% |
deployed_on | Solana | 85% |
deployed_on | Base | 85% |
Frequently asked questions
What is sUSD?
sUSD is a stablecoin tracked in the DeFi Intel knowledge graph. It is connected to 12 other tracked entities, most strongly to Ethereum, Arbitrum, Fantom.
What type of entity is sUSD?
sUSD is classified as a stablecoin (token) in the DeFi Intel knowledge graph.
What is sUSD connected to?
In the DeFi Intel knowledge graph, sUSD is linked to 12 other tracked entities, most strongly to Ethereum, Arbitrum, Fantom.
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