What is the current price of sUSD?
The current price of sUSD is $0.06865 with a 6.43% change in the last 24 hours.
Hyperliquid perpetuals only. One snapshot every 5 minutes, up to 20 returned price levels per side. Liquidity beyond those levels is unknown. This is not a liquidation heatmap or a fill estimate.
Loading recorded snapshots…
Prices and notionals are USD-equivalent venue units, with USDC collateral. No currency conversion is applied. Notional = venue price × base-asset size. Contract specifications
Derivatives and mapped ecosystem data, with source timings and coverage.
sUSD is the dollar-denominated synthetic asset issued by the Synthetix protocol. It was never a fiat-reserve stablecoin. No bank account, treasury bill or custodian ever stood behind it, and no reserve attestation was ever published, because there were no off-chain reserves to attest to. sUSD was created on-chain when SNX holders locked SNX as collateral and issued debt against it, so its value depended on the protocol's collateral, its incentives, and the market's willingness to arbitrage it back toward one dollar.
That history now has a definitive endpoint. In June 2026 Synthetix governance approved SIP-423, "sUSD Retirement and Staking Reform", and the legacy sUSD contracts on Ethereum and Optimism were frozen and deprecated. A live contract read on 11 September 2026 confirms it directly: the Ethereum token at 0x57Ab1ec28D129707052df4dF418D58a2D46d5f51 returns the name "Synth sUSD (retired)", its totalSupply reads zero, and a simulated transfer reverts with the string "sUSD retired". The Optimism deployment at 0x8c6f28f2F1A3C87F0f938b96d27520d9751ec8d9 behaves identically. Anyone reading about sUSD today should treat it as a retired asset with a claim process attached, not as a live stablecoin.
Official sources:
sUSD came out of Synthetix, founded by Kain Warwick. The project began in 2017 as Havven, a payment-focused stablecoin experiment, and rebranded to Synthetix in 2018 when it broadened into synthetic assets tracking currencies, commodities and equities. sUSD was the base unit of that system, the asset every other synth was quoted against. Synthetix expanded to Optimism in 2021, which for several years carried most of its trading activity.
SIP-423 was authored by Kain Warwick and Benjamin Celermajer, created on 12 June 2026, and is recorded as implemented. Its stated purpose was to end the cost and complexity that legacy sUSD imposed on the redesigned Synthetix exchange.
The mechanism went through three distinct eras.
Staker-issued debt SNX holders staked SNX at a high collateralization target, historically around 750 percent, and minted sUSD as debt against it. Stakers shared a pooled debt obligation across the whole system and earned fees for carrying it.
Shared debt pool under SIP-420 Activated in March 2025, SIP-420 let stakers delegate positions into a protocol-owned pool at a far lower issuance ratio, near 200 percent. Capital efficiency improved, but the change weakened the individual incentive to buy discounted sUSD in order to repay personal debt. That arbitrage loop had been the main force pulling the price back toward a dollar, and without it sUSD traded materially below peg through 2025 and into 2026.
Protocol-managed issuance After Synthetix consolidated onto an Ethereum mainnet perpetuals exchange, stakers no longer minted sUSD at all. A protocol treasury function handled minting, burning and deployment of sUSD into exchange liquidity, with buybacks funded from trading fees.
None of these designs offered a guaranteed one-dollar redemption from an issuer, which is the structural difference between sUSD and a custodial stablecoin.
While it was live, sUSD served as the unit of account for synth trading, as collateral and settlement currency on Synthetix perpetuals markets, as a base asset in lending markets and liquidity pools across Ethereum and Optimism, and as the instrument in which SNX stakers carried debt.
Supply was never capped. sUSD was minted on demand against collateral and burned when debt was repaid, so there was no protocol maximum in the sense that a fixed-supply token has one. Following retirement the contract reports zero supply and can issue no more.
sUSD was one of the longest-running crypto-collateralized dollar tokens, and one of very few backed by a single volatile governance token rather than diversified collateral. Collateral, fee income and governance were all the same asset, which made it an unusually pure test of the reflexive stablecoin design and also a fragile one.
Custodial dollar tokens hold off-chain reserves, publish attestations, and give their issuers freeze and blacklist powers over individual addresses. sUSD had no reserves and no per-address blacklist of that kind. Its controls were protocol-level: a system status contract could suspend synths and issuance, and the protocolDAO could upgrade the implementation sitting behind the token proxy. That is precisely the authority eventually used to retire it, which is worth noting for anyone who assumed a non-custodial stablecoin cannot be switched off. Overcollateralized alternatives such as DAI and LUSD hold diversified or ETH-based collateral with automated liquidation, and in the case of LUSD a direct redemption at par. sUSD had no such redemption path, which is why its peg leaned so heavily on staker incentives.
Historically sUSD was used for synthetic asset trading, for margin on Synthetix perpetuals, as a dollar leg in Optimism and Ethereum liquidity pools, and as a deposit asset in integrations built on the Synthetix debt pool. All of these have had to unwind, and SIP-423 notes that sUSD locked inside LP or vault receipt tokens must be recovered through a separate treasury claims process rather than automatically.
Security rested on the value and volatility of SNX collateral, on the enforced collateralization ratio, on liquidation machinery for undercollateralized stakers, on oracle pricing for every synth in the debt pool, and on governance itself, since the protocolDAO could change parameters and upgrade contracts. Multiple independent audits were commissioned over the protocol's life, but auditing the code never addressed the economic fragility that eventually broke the peg.
sUSD is a well-documented case study in how a crypto-collateralized dollar can fail without any single hack or fraud. The peg did not break because collateral vanished. It broke because a capital-efficiency upgrade quietly removed the incentive that had been doing the stabilizing. That a protocol then chose to retire the asset and convert holders into equity-like exposure rather than defend the peg indefinitely is an unusual and instructive governance outcome in its own right.
You cannot meaningfully acquire sUSD. Transfers are frozen at the contract level, so no exchange, bridge or decentralized pool can move the token, and listings have been withdrawn. Any offer to sell sUSD should be treated with extreme caution.
sUSD circulated primarily on-chain rather than on centralized venues, and trading support has been removed following retirement. SNX, the asset legacy holders are being converted into, remains listed on major venues including Binance, Coinbase, Kraken and OKX, subject to jurisdiction.
There is no live holding decision to make here. Balances recorded at the snapshot block determine entitlement, and moving tokens is impossible in any case. Holders who kept sUSD in a self-custodied wallet at the cutoff are covered by the snapshot directly. Holders whose sUSD sat inside a pool, vault or receipt token must follow the Synthetix treasury claims process, and should watch official Synthetix channels for the receipt contract deployment.
Track sUSD live price, chart, market cap, and volume in real time. Practice mock trading and demo trading for sUSD on CoinRithm before using real money.
Use a crypto paper trading account to demo trade sUSD with real-time prices, AI trade feedback, and trading leagues. Test strategies, learn risk management, and build confidence before trading sUSD with real money.
Read the complete paper trading guideThe current price of sUSD is $0.06865 with a 6.43% change in the last 24 hours.
The daily trading volume is $2,082.27 representing a 23.88% change in the past 24 hours.
The market capitalization of sUSD is $2,993,148, ranking #831 globally.
The fully diluted valuation (FDV) of sUSD is $2,993,148, calculated assuming the total supply of 43,600,114 SUSD is in circulation.
Circulating: 43,600,114. Total: 43,600,114. Max: N/A.
In the last 24 hours, sUSD traded between a low of $0.06154 and a high of $0.07244.
SUSD/USDTTether USDT0.06865 USDT
Sophon shutters its L2 to join Base, MIM drops to $0.53, and Synthetix moves to retire sUSD, as market forces reshape crypto infrastructure and stablecoin.
Synthetix founder Kain Warwick published a detailed thread this morning acknowledging that sUSD has been depegged for over a year, taking personal responsibility for treasury mismanagement, and outlining a basis-vault-backed replacement stablecoin to run on the protocol's new v4 exchange.
Synthetix governance has moved to retire sUSD entirely under SIP-423, introduced June 12. The proposal would freeze the stablecoin contract and pay all holders back at face value in vested SNX at a conversion of four SNX per sUSD. A companion SIP-424 covering technical implementation is pending.
