---
title: "sUSD (SUSD) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/susd-synthetix/"
description: "Build-time stablecoin profile for sUSD (SUSD). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-18"
---



# sUSD (SUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

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.

## 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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x57ab1ec28d129707052df4df418d58a2d46d5f51` | 18 |
| optimism | `0x8c6f28f2f1a3c87f0f938b96d27520d9751ec8d9` | 18 |
| fantom | `0x0e1694483ebb3b74d3054e383840c6cf011e518e` | 18 |
| arbitrum | `0xa970af1a584579b618be4d69ad6f73459d112f95` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/susd-synthetix.