sUSD (sUSD) stablecoin analytics
Answer First
What is sUSD?
sUSD was Synthetix's SNX-backed synthetic dollar; SIP-420 removed the peg defense and, after a year-long depeg, it was frozen and retired via SIP-423. The static profile records its US Dollar peg mechanism as: Overcollateralization via C-ratio (200%+); V3 expanded collateral to SNX, ETH, USDC/stataUSDC; sUSD minting against SNX deprecated in 2025; peg sustained via SLP Vault basis-trade strategy and protocol fee buybacks
Is sUSD safe?
sUSD is a frozen Pharos archive, not a current safety endorsement. The archived static profile records a CeFi-Dependent governance model, Crypto-Collateralized backing, curated reserve profile, and notes that no direct freeze-control signal is recorded.
Static Profile
Static stablecoin profile
sUSD (sUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated Jul 8, 2026
Synthetix's sUSD is no longer the simple SNX debt-pool dollar older DeFi muscle memory remembers. The current reserve story is split across legacy SNX exposure, V3 USDC/stataUSDC collateral, ETH/LST collateral, and protocol treasury or SLP-vault activity, which is a long way of saying the peg now depends on governance executing a cleanup plan. Pharos flags the prolonged discount because this is not a theoretical stress test; the token has been living below its target while the V3 transition and basis-trade...
AI summary · drafted by claude-fable-5 · reviewed by @TokenBrice on Jul 8, 2026 · facts as of Jul 8, 2026
- Collateral
- SNX, ETH, and USDC/stataUSDC via Synthetix V3; direct SNX minting deprecated in 2025. Pooled SNX remained the primary legacy backing, while delta-neutral basis-trade vaults, protocol treasury activity, and buybacks functioned as peg-defense and recovery layers rather than the main reserve base.
- Peg Mechanism
- Overcollateralization via C-ratio (200%+); V3 expanded collateral to SNX, ETH, USDC/stataUSDC; sUSD minting against SNX deprecated in 2025; peg sustained via SLP Vault basis-trade strategy and protocol fee buybacks
- Jurisdiction
- Not disclosed in the static profile.
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Next Actions
This record preserves static and historical context; live actions are available only for active assets.
Source: checked-in StablecoinMeta profile fields. This inactive record does not participate in current live monitoring; the summary above was last updated Jul 8, 2026.
sUSD quick answers
What is sUSD?
sUSD was Synthetix's SNX-backed synthetic dollar; SIP-420 removed the peg defense and, after a year-long depeg, it was frozen and retired via SIP-423. The static profile records its US Dollar peg mechanism as: Overcollateralization via C-ratio (200%+); V3 expanded collateral to SNX, ETH, USDC/stataUSDC; sUSD minting against SNX deprecated in 2025; peg sustained via SLP Vault basis-trade strategy and protocol fee buybacks
Is sUSD safe?
sUSD is a frozen Pharos archive, not a current safety endorsement. The archived static profile records a CeFi-Dependent governance model, Crypto-Collateralized backing, curated reserve profile, and notes that no direct freeze-control signal is recorded.
What backs sUSD?
Pharos classifies sUSD backing as Crypto-Collateralized. Collateral, per the static profile: SNX, ETH, and USDC/stataUSDC via Synthetix V3; direct SNX minting deprecated in 2025. Pooled SNX remained the primary legacy backing, while delta-neutral basis-trade vaults, protocol treasury activity, and buybacks functioned as... Reserve evidence: curated reserve profile.
Can sUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, no direct freeze-control signal is recorded. sUSD is a frozen Pharos archive; the recorded history below is read-only.