sUSD

Staked USD Coin (sUSD)

· 49/100as of 2026-11-08

HedgeCore sUSD is the transferable BSC wrapper over hedge-locked hUSDC staking receipts; unwrapping is disabled with exit via the operator or PancakeSwap.

Updated —

USD-Pegged Crypto-Backed Centralized-Dependent

11 Oct 2025

Price

$1.0226

N/A

Market cap

$5.22M

+3.55% 24h

Supply

5.10M sUSD

-0.47% 7d

-0.47% 30d

DEWSWatch24/100 · as of 2026-11-08

Peg

Liq37as of 2026-11-08

30d Excess

Price

$1.0226

N/A

Market cap

$5.22M

+3.55% 24H

Supply

5.10M sUSD

-0.47% 7D · -0.47% 30D

30d Excess

MechanismCustodial CashMintingPermissioned FreezeYesChains1 JurisdictionNot disclosed

MintingPermissioned FreezeYesChains1 JurisdictionNot disclosed

HedgeCore Venus Yield Wrapper

HedgeCore sUSD is a BSC yield wrapper minted from USDC and routed through Venus lending. The reserve dependency is explicit: USDC enters HedgeCore's strategy layer, earns through Venus, and comes back through operator-triggered reward mints and operator-controlled exits. HedgeCore's documentation describes the token as soul-bound, but the verified contract executes ordinary transfers except where a wrapper lock is active, and the wrapper owner can burn a named holder's balance without allowance. That owner is a single externally owned account, which can also grant a minting role whose issuance requires no USDC deposit. HedgeCore publishes no current position inventory or reconciliation of supply to vault assets, so backing scores barely above exit. Early redemption is operator-controlled, the hUSDC wrapper only opens one direction, and Pharos finds no route an ordinary holder can use to redeem. The D overall grade reflects a clean peg record sitting on an undisclosed exit and a single-key admin.

Updated 2026-10-27 · AI summary · drafted by claude-opus-5-5 · facts as of 2026-10-19

AI policy

CeFi-Dependent|Compare

Exit evidence

sUSD Redemption route

No holder route

No issuer or protocol route lets ordinary holders redeem; holders exit through markets.

Review notes & sources (2)

HedgeCore documents operator-controlled redemption and a one-way transferable wrapper without a reverse conversion for ordinary holders.

docs.hedgecore.io

Reviewed 2026-10-01

Control evidence

sUSD Mint Authority

Permissioned minters create sUSD, controlled by issuer backend signers and an EOA; supply is unbounded but reconciled or supervised.

Confidence: VerifiedControl posture: Single operator

Control map

IssuerPermissioned

ControlsDirect minterMinter admin EOACustodian

SupplysUSDUnbounded, reconciled or prudentially supervised

Scoring breakdown

Derived posture Unknown

Component score Loading

The current Safety Score publication is loading; reviewed mint authority evidence is shown below.

Primary controls (3)

HedgeCore hUSDC wrapper contract (MINTER_ROLE holder)
Direct minter / Contract
bsc / 0x34eea4...7794d3
MintDirect
MAX_SUPPLY is a Solidity constant (≈1B tokens); issueFromWrapper() requires MINTER_ROLE and checks MAX_SUPPLY.
HedgeCore DEFAULT_ADMIN_ROLE (EOA)
Minter admin / Externally owned account
bsc / 0x308298...0bdd35
MintCan authorizeCustodySingle-key address - custody unverifiable
HedgeCore operator (USDC deposit / Venus strategy / redemption)
Custodian / Issuer backend
No address published
MintCan authorize

Review notes & sources (8)

D14 review 2026-10-03: verified SUDC.issueFromWrapper(address,uint256) checks only MINTER_ROLE and nominal MAX_SUPPLY, without requiring hUSDC/USDC deposits. DEFAULT_ADMIN_ROLE can grant MINTER_ROLE to a recipient-controlled account. The immutable one-billion nominal cap is not an economic backing bound; economic cap is unbounded, with existing continuous reconciliation yielding unbounded-reconciled.

Control posture

Material control is classified as concentrated in one issuer, protocol team, or operating entity.

CeFi-Dependent is the broader governance classification. Control posture describes more precisely where operational authority sits.

Control posture is not a Safety Score input. Economic Control is scored from the reviewed mint authority, oracle and bridge evidence.

Reviewed 2026-10-03

sUSD

Freezable

A reviewed issuer or protocol control can freeze or seize this token in holders' wallets.

Sourced review

Power and scope

PowerFreezable

Review notes & sources (8)

At BSC block 110064032, replayed through BSC Blast API, the sole tracked sUSD deployment 0xbe1922750760c4cae69edb6fe79a22ae9b62a23d was a direct 3,757-byte contract whose wrapper() resolved to 0x34eea40fb819bfc762b836dd6269f975227794d3; both token and wrapper EIP-1967 implementation slots were zero. The token DEFAULT_ADMIN_ROLE and wrapper owner() were EOA 0x30829883394adfc36f95a84881be1254f60bdd35, and the wrapper held the token BURNER_ROLE. Verified wrapper source exposes hedgeBurnLocked(from, amount) to that owner or an OPERATOR_ROLE account; it calls the BURNER_ROLE-gated reclaimFromWrapper(from, amount), which burns the specified holder without an allowance. An eth_call from the owner successfully simulated a one-wei hedgeBurnLocked against address 0x67a2d21c408efbba83de8fe081ca31e38e15e745, which then held 3,229.290083316479002966 sUSD and had no active wrapper lock. Separately, SUDC _update only blocks a transfer that would consume an active per-address wrapper lock; otherwise it executes the standard ERC-20 update, and a zero-value transfer simulation returned true. This is a direct holder-burn and lock-aware transfer-control path. Issuer documentation conflicts between a soul-bound/non-transferable claim and the live transferable-sUSD page; it is context only, not evidence of authority. This access review makes no finding about legal terms, proof of reserves, or transparency because no corresponding official artifact is cited or relied upon for this classification.

Reviewed 2026-07-15

Bridging & deployments

Not applicableSingle-chain / native

Disabled unwrap and operator-controlled exit

HedgeCore markets sUSD as transferable liquidity, but unwrapping is disabled: there is no holder-initiated redemption, exit relies on PancakeSwap USDC liquidity, and the wrapper operator can burn balances and sweep the wrapped hUSDC backing.

Key links

Website Twitter Docs sUSD product page GitHub

sUSD Contracts

1 deployment tracked across BSC.

Primary contract

BSC

0xbe19...a23d

View on BSC explorer

BSC0xbe19...a23d

Contract addresses (1)

BSC 0xbe1922750760c4cae69edb6fe79a22ae9b62a23d

Supply & Liquidity

Yield

History

Explore

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Peers

All US Dollar stablecoins

Taxonomy

All US Dollar stablecoins CeFi-Dependent stablecoins Crypto-Collateralized stablecoins

Trackers

Stablecoin safety scores DEX liquidity rankings Depeg tracker See all fiat-backed stablecoins

Actions

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Profile

sUSD profile facts

Staked USD Coin (sUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.

CeFi-Dependent Crypto-Collateralized US Dollar

Other coins using the sUSD ticker

sUSD (sUSD) · Frozen · US Dollar. sUSD was Synthetix's SNX-backed synthetic dollar.
Solayer USD (sUSD) · Active · US Dollar. Solayer sUSD is a Solana Token-2022 interest-bearing stablecoin backed by U.S. T-bill exposure and RWA partner products.

Collateral: USDC is pulled into the hUSDC token contract itself on deposit, not routed to Venus, and the operator can sweepUSDC() it to any address; tracked sUSD wraps hedge-locked hUSDC receipts in the HUSDCWrapper, whose operator can sweep those out; the Venus strategy position behind it is nominal; no fiat reserve or attestation
Peg mechanism: USDC deposits mint hedge-locked hUSDC, HedgeCore's transfer-restricted staking token whose deposits route into Venus lending; the one-way HUSDCWrapper mints transferable sUSD 1:1 against wrapped hUSDC with no unwrap function, and sUSD transfers are ordinary ERC-20 transfers except while a wrapper vesting lock is active. The issuer's sUSD page lists the tracked contract as the sUSD token and markets it as transferable liquidity tradable against USDC at an indicative 1:1 rate on PancakeSwap. Issuer materials conflict on labels and direction: introductory docs describe sUSD as soul-bound and hUSDC as tradeable, while the contract repository implements the tracked sUSD as the tradeable wrapper minted one-way from hUSDC. Venus interest accrues in vUSDC and is distributed by operator-triggered rewardMint() calls (93% to sUSD holders, 7% protocol fee). Redemption is operator-controlled rather than a free liquid backstop, and the wrapper operator can burn holder balances and sweep the wrapped hUSDC.
Jurisdiction: Not disclosed in the static profile.
Proof of reserves: No proof-of-reserves entry in the static profile.
Contracts: 1 deployment tracked across BSC.

Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.

sUSD quick answers

What is Staked USD Coin (sUSD)?

HedgeCore sUSD is the transferable BSC wrapper over hedge-locked hUSDC staking receipts; unwrapping is disabled with exit via the operator or PancakeSwap. The static profile records its US Dollar peg mechanism as: USDC deposits mint hedge-locked hUSDC, HedgeCore's transfer-restricted staking token whose deposits route into Venus lending; the one-way HUSDCWrapper mints transferable sUSD 1:1 against wrapped hUSDC with no unwrap function, and sUSD transfers are ordinary ERC-20 transfers except while a wrapper vesting lock is active.

Is sUSD safe?

As of Nov 8, 2026, Pharos grades sUSD D (49/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances. That is a low-band grade, which flags significant structural risk. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.

What backs sUSD?

Pharos records sUSD's reserves as of Aug 20, 2026 as 100% USDC / Venus Protocol lending strategy. Reserve evidence: live reserve feed configured. Pharos classifies the backing as Crypto-Collateralized.

Can sUSD be frozen or blacklisted?

Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.