sUSD (SUSD) stablecoin analytics
Synthetix sUSD is an overcollateralized debt-pool stablecoin backed by SNX, ETH, and USDC; SNX minting was deprecated in 2025 and sUSD has traded below peg.
Static Profile
Static stablecoin profile
sUSD (SUSD) static profile: governance model CeFi-Dependent; backing model Crypto-Collateralized; peg US Dollar.
AI summary / Updated May 18, 2026
sUSD remains structurally below peg after the SIP-420-era collateral changes. The key risk is the prolonged discount, thin exit liquidity, and uncertainty around Synthetix's V3 and SLP-vault peg-restoration plan.
AI summary · drafted by codex-stablecoin-review · reviewed by Codex data review on May 18, 2026 · facts as of May 18, 2026
- Collateral
- SNX, ETH, and USDC/stataUSDC via Synthetix V3; direct SNX minting deprecated in 2025; sUSD now backed primarily by delta-neutral basis-trade vaults and protocol treasury activity
- 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.
Snippet Answer
Is SUSD safe?
Pharos does not mark SUSD as absolutely safe. Static metadata says sUSD uses a CeFi-Dependent governance model and Crypto-Collateralized backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Next Actions
Exact bot target: /subscribe dews,depeg,safety susd-synthetix
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated May 18, 2026.
SUSD quick answers
What is sUSD (SUSD)?
Synthetix sUSD is an overcollateralized debt-pool stablecoin backed by SNX, ETH, and USDC; SNX minting was deprecated in 2025 and sUSD has traded below peg. 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
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; sUSD now backed primarily by delta-neutral basis-trade vaults and protocol treasury activity Reserve evidence: live reserve feed configured.
Can SUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for SUSD, when applicable, appear in the dossier below.