sUSD

price
change

Discover sUSD's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is sUSD?

sUSD (SUSD) is a stablecoin built on the Ethereum blockchain, designed to mimic the value of the US dollar. It provides stability and security in transactions, making it ideal for use in decentralized finance (DeFi) protocols and smart contracts. sUSD is issued by Synthetix and tracks the US dollar price through Chainlink's decentralized oracle network, ensuring a stable value.

How is sUSD used?

sUSD (SUSD) is a synthetic USD token enabled by the Synthetix protocol. It tracks the price of the US Dollar through price feeds supplied by Chainlink’s decentralized network of oracles. sUSD is integrated across the DeFi ecosystem as one of the most liquid decentralized stablecoins, including at Curve. It can be traded without slippage for other assets native to the Synthetix protocol at Kwenta or Synthetix.Exchange.

How do I store sUSD?

To store sUSD (SUSD) tokens, you have several options:

  1. Hardware Wallets: These are the safest and most secure option. They are offline, making them less vulnerable to hacking and unauthorized access.

  2. Official Coin Wallet: You can use the official sUSD wallet, which is designed specifically for managing sUSD tokens.

  3. Third-Party Software Wallets: There are various third-party software wallets that support sUSD, such as Noone Wallet, which offers a user-friendly interface and robust security features.

  1. Multi-Currency Wallets: Some wallets, like Noone Wallet, can manage multiple cryptocurrencies, including sUSD, and provide additional features like exchange and portfolio management.

When choosing a wallet, ensure you follow best practices for security, such as enabling two-factor authentication, using strong passwords, and keeping your wallet software up to date.

How to buy sUSD?

To buy sUSD (SUSD) tokens, you can follow these steps:

Buying sUSD from Centralized Exchanges (CEX)
  1. Register and Verify:

    • Go to a centralized exchange (CEX) that supports sUSD trading, such as Gate.io.
    • Register an account on the exchange's official website or app.
    • Verify your identity and secure your account with two-step verification.
  2. Buy USDT, ETH, or BNB:

    • Use fiat to buy USDT, ETH, or BNB through the exchange's services or financial platforms like PayPal or Robinhood.
    • Ensure the exchange supports the desired trading pair (e.g., sUSD-USDT, sUSD-ETH, or sUSD-BNB).
  3. Transfer and Trade:

  • Transfer the purchased USDT, ETH, or BNB to the exchange that supports sUSD trading.
  • If the exchange supports both fiat purchases and sUSD trading, you can trade directly.
  • Buy sUSD in the spot market using the transferred cryptocurrency.
Buying sUSD from Decentralized Exchanges (DEX)
  1. Choose a DEX:

    • Select a decentralized exchange (DEX) that supports sUSD trading.
    • Ensure the DEX is compatible with your chosen wallet.
  2. Set Up a Wallet:

    • Download and install a Web3 crypto wallet (e.g., MetaMask) or an App wallet (e.g., Trust Wallet).
    • Create and set up a new wallet.
  3. Transfer ETH or BNB:

  • Transfer ETH or BNB purchased with fiat to your self-custody crypto wallet address.
  • If you have the coins in a CEX wallet, withdraw them to your crypto wallet address.
  1. Connect to DEX:

    • Connect your wallet to the DEX by clicking "Connect Wallet" and following the instructions.
  2. Swap for sUSD:

    • Find the "Swap" option on the DEX.
    • Choose the token you want to trade (e.g., ETH) and sUSD as the target token.
    • Enter the amount and confirm the swap.
  3. Confirm Transaction:

  • Your wallet will ask you to confirm the action.
  • Once confirmed, you can see your transaction details on the block explorer.

Remember to beware of scams and ensure you have the official contract address for sUSD.

Discover
sUSD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of sUSD

sUSD, also known as Synthetix USD, is a synthetic stablecoin created by the Synthetix protocol. It was previously known as nUSD before being rebranded as sUSD. The Synthetix protocol, formerly known as Havven, is a decentralized finance (DeFi) platform built on the Ethereum blockchain. sUSD is pegged to the US dollar with a 1:1 ratio, aiming to provide users with exposure to the value of the US dollar without requiring them to hold traditional USD.

sUSD serves as the primary stablecoin for various financial applications on the Synthetix platform, including trading, lending, and yield farming. It can be traded against other cryptocurrencies or stablecoins on decentralized and centralized exchanges, used as collateral for borrowing, and as a base currency for liquidity provision and synthetic asset trading.

The Synthetix protocol allows users to create synthetic assets, called Synths, which are collateralized by the Synthetix Network Token (SNX) locked in a smart contract. This mechanism addresses liquidity and slippage issues on decentralized exchanges, enabling users to directly convert Synths without the need for counterparties.

sUSD is integrated across the DeFi ecosystem and is widely recognized for its stability and reliability. It is supported on various platforms, including Coinbase Wallet, and can be traded without slippage for other assets native to the Synthetix protocol.

Discover
sUSD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How sUSD works

sUSD (Synth sUSD) is a stablecoin cryptocurrency token designed to maintain a stable value relative to the US dollar. It operates on the Ethereum blockchain and is widely recognized for its stability and reliability. Here's how it works:

Collateralization Mechanism

sUSD achieves its dollar peg through a mechanism called collateralization. Users can collateralize their Ethereum assets and mint sUSD tokens. This ensures that the value of sUSD remains in line with the US dollar. The collateral is held in a smart contract, and the sUSD is minted and burned depending on the amount of collateral held in the contract.

Algorithmic Backing

sUSD is an algorithmically-backed synthetic version of the US dollar. This means it is a decentralized asset that is created, managed, and traded on the Ethereum blockchain. The algorithm ensures that the value of sUSD remains stable and pegged 1:1 to the US dollar.

Decentralized Autonomous Organization (DAO)

The collateral is held by a decentralized autonomous organization (DAO) that acts as a custodian. The DAO decides when to mint and burn sUSD tokens to maintain the stable value. This decentralized approach ensures transparency and security for users.

Usage

sUSD can be used for various purposes within the decentralized finance (DeFi) ecosystem. It can be used as a stable digital asset for transactions, lending, borrowing, or trading on supported platforms and decentralized exchanges. Additionally, it can be converted back into fiat currency by trading it on supported exchanges or platforms that provide fiat on-ramps and off-ramps.

Key Features
  • Stability: sUSD is designed to maintain a stable value relative to the US dollar, making it ideal for use as a medium of exchange and store of value.
  • Transparency: The use of smart contracts and a decentralized autonomous organization ensures transparency and security for users.
  • Accessibility: sUSD can be easily integrated with other decentralized applications (dApps) in the Ethereum ecosystem, making it a valuable asset in the world of decentralized finance.

Overall, sUSD offers a reliable and stable digital asset that can be used in various DeFi applications, providing a hedge against market volatility and facilitating cross-border transactions.

Discover
sUSD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

sUSD's strengths

The token sUSD (SUSD) has several strengths that contribute to its stability and utility in the cryptocurrency market:

  1. Stablecoin Nature: sUSD is a stablecoin, meaning its value is pegged to the US dollar, ensuring relative stability over time. This makes it ideal for use as a medium of exchange and store of value.

  2. Decentralized Finance (DeFi) Integration: sUSD is integrated across the DeFi ecosystem, including platforms like Curve, Kwenta, and Synthetix.Exchange, allowing for seamless trading and conversions without slippage.

  3. Security and Transparency: Built on the Ethereum blockchain, sUSD leverages smart contracts to provide transparency and security for users. This ensures quick and efficient transactions.

  1. Wide Adoption: sUSD is supported by various exchanges and wallets, such as Sushiswap, Uniswap V2, and PTPWallet, making it easily accessible to a broad user base.

  2. Governance and Community: Synthetix, the protocol behind sUSD, has a robust governance system with councils elected by the community. This ensures that changes to the protocol are approved through a decentralized decision-making process.

  3. Flexibility and Use Cases: sUSD can be used for a range of purposes, including staking, governance, and borrowing, offering users a versatile asset in the DeFi space.

These strengths collectively contribute to sUSD's reliability and versatility within the cryptocurrency market.

sUSD's risks

sUSD (SUSD) is a stablecoin cryptocurrency token that operates on the Ethereum blockchain. It is designed to be pegged to the US dollar, providing stability and reliability in transactions. Here are some key points about sUSD:

  • Decentralized Finance (DeFi) Solutions: sUSD offers solutions for lending, borrowing, and trading through platforms like Synthetix, allowing users to obtain loans, earn interest, and trade tokens.
  • Hedge Against Market Volatility: sUSD serves as a hedge against market volatility due to its stability, providing a constant value despite fluctuations in other cryptocurrencies.
  • Remittances: sUSD is a convenient option for remittances due to its stability and low transaction fees, making it a secure and efficient way to send money across borders.
  • Privacy and Security: sUSD transactions are pseudonymous and secure through the use of smart contracts, ensuring high levels of privacy and security.
  • Accessibility: sUSD can be accessed by anyone with an internet connection and a digital wallet, making it inclusive and accessible globally.

These features highlight sUSD's potential as a reliable and versatile asset in the cryptocurrency market.

Discover
sUSD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did sUSD raise funds?

Discover
sUSD
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

sUSD’s team

  • Kain Warwick: Founder of Synthetix, the project behind sUSD.
  • Justin Moses: Chief Technology Officer (CTO) of Synthetix.
  • Jordan Momtazi: Vice President of Partnerships at Synthetix.
  • Clinton Ennis: Senior Architect at Synthetix.
  • Charlie Karaboga: Head of Product at Synthetix.
  • Samuel Brooks: Blockchain Lead at Synthetix.
  • Garth Travers: Head of Community at Synthetix.

Whalee AI

The fundamental analysis assistant for crypto value investors.

sUSD NEWS REPORT

Latest news

Want an analysis of sUSD? Tell us on discord.

Similar tokens

Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM