sUSD token
Overview
Synthetix's native stablecoin sUSD, which tracks the US dollar, underwent a major restructuring in 2025 via SIP-420. Unlike fiat-backed stablecoins, sUSD is created when SNX holders lock their tokens as collateral and assume a portion of the protocol's collective debt. The update introduced a protocol-owned staking pool, slashed the required collateralisation ratio from 500% to 200%, and erased roughly $60 million in staker liabilities over a year. This triggered a severe depeg in April 2025, with sUSD falling to approximately $0.68, a 31% discount. To restore parity, Synthetix adjusted the 420 pool by mandating that 50% of initial debt be staked in sUSD and added 5 million SNX in incentives over 12 months. The protocol now reports the peg as restored and is advancing toward launching v4 perpetual futures on Ethereum mainnet. Historically, sUSD has been the settlement currency for Synthetix's synthetic assets and perps on both Ethereum and Optimism. The SIP-420 changes represented the most significant disruption to sUSD's value, with recovery efforts collectively known as 'The Repeggening'.
Within The Counterparty graph, sUSD connects to 12 tracked entities, most strongly to Ethereum, Arbitrum, Fantom.
Relations
Top connections in The Counterparty 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 Counterparty 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 Counterparty knowledge graph.
What is sUSD connected to?
In The Counterparty knowledge graph, sUSD is linked to 12 other tracked entities, most strongly to Ethereum, Arbitrum, Fantom.
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.