What sUSD is
sUSD is a crypto-collateralized / algorithmic stablecoin, currently ranked 516th by market capitalization among the assets we track. Rather than custodied dollars, sUSD is propped up by smart contracts and crypto collateral. The peg is a function of code and market incentives, so understanding the mechanism matters more here than for any fiat-backed coin.
sUSD is a stablecoin pegged to the US dollar, designed to facilitate transactions and trading on the Synthetix platform. It aims to provide a stable, decentralized currency for various applications in the DeFi ecosystem.
How the peg is engineered
The peg is maintained algorithmically: collateral ratios, liquidation engines, and arbitrage incentives push SUSD back toward target. The fragile moment is always a fast drawdown in the collateral that backs it.
SUSD is not mined; it is issued as a token rather than secured by its own mining or staking layer.
Background & fundamentals
sUSD operates under a centralized structure, which concentrates protocol decisions in an identifiable issuer or foundation. Its codebase is open-source, meaning the implementation can be audited rather than taken on trust. CoinPaprika classifies the project's development status as "On-going development".
In sector terms it is most often filed under Stablecoin, Ethereum (ETH) Token (ERC-20), and Optimism Ecosystem.
Where sUSD sits in the market
Trading around $0.2811, sUSD carries a market capitalization of $13.55M. Around $1.64K changes hands across exchanges in a typical 24-hour window. That is a turnover of about 0.01% of the float — on the quieter side, which can mean thinner liquidity for large orders.
sUSD carries no fixed maximum supply; issuance follows a programmatic schedule rather than a hard cap. SUSD remains -100% beneath its all-time high of $86,931, the kind of gap that historically takes a full cycle or a fresh catalyst to close.
What the price history shows
The tape currently reads 24-hour -28.09%, 7-day +3.96%. SUSD is currently trading near the bottom of its 365-day range (around the 20th percentile of recent closes).
Volatility profile
Recent action puts sUSD in the Extreme-volatility band — it is in a high-volatility regime — these are the conditions where outsized gains and losses both become more likely.
How to evaluate sUSD
For an asset of this type, three lenses matter most:
- Collateral backing — what secures SUSD, how over-collateralized it is, and how correlated that collateral is to the rest of crypto.
- Mechanism resilience — whether the peg has survived prior drawdowns, and how liquidations behave under stress.
- Decentralization trade-off — how much trust moves from a custodian to code — and whether that code has been battle-tested.
This page pulls live market data, on-chain stats where available, exchange-by-exchange volume, and our forecast model into one view so you can work through those questions in a single place. None of it is investment advice — it is a structured starting point for your own research.
