SUSD, issued by the Synthetix Protocol smart contracts under the governance of SNX tokenholders, is an overcollateralized synthetic stablecoin that targets a one-to-one soft peg to the U.S. dollar (USD) through SNX collateralization and protocol mechanics [S1][S2].

Holders receive a synthetic dollar whose value tracks USD via overcollateralization rather than a fiat reserve [S2]. SUSD is minted by SNX stakers who lock SNX collateral and take on protocol debt through the 420 Staking App on Ethereum Mainnet [S2]. Yield accrues to stakers, not passive holders, from protocol revenues and liquidity incentives [S2]. The fee schedule discloses no standalone SUSD minting or redemption fee; deposits cost Ethereum gas paid in ether (ETH) [S3].

SUSD is not issued by a single corporate entity; the Terms of Use describe Synthetix as a distributed network of individual contributors with no central operating entity [S1]. The issuer disclaims regulated status, stating it is not registered or licensed with the Commodity Futures Trading Commission (CFTC), Securities and Exchange Commission (SEC), or any financial regulator [S1][S4]. The claim is a protocol-issued ERC-20 synthetic asset, not a deposit, security, or redeemable claim on reserves [S4][S2]. Users must be at least 18 and not sanctioned or resident in prohibited jurisdictions including North Korea, Iran, and Russia [S1]. Stakers exit by burning SUSD debt to release SNX collateral [S2].

SUSD is an ERC-20 token [S5]. Issuance and staking occur on Ethereum Mainnet through the 420 Staking App, with a legacy deployment on Optimism that is not actively supported [S2]. SUSD transfers between the two networks via a native bridge subject to the standard seven-day withdrawal challenge period, or via an instant third-party bridge for a fee [S5]. Settlement is onchain [S2].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://www.synthetix.io/terms" },
    { id: "S2", url: "https://docs.synthetix.io/staking" },
    { id: "S3", url: "https://docs.synthetix.io/trading/fees" },
    { id: "S4", url: "https://www.synthetix.io/exchange-terms" },
    { id: "S5", url: "https://docs.synthetix.io/tokens/earn-yield-on-susd" },
  ]}
/>


Stablecoins

Overcollateralized borrowers deposit funds into Synthetix and mint synthetic assets.

Synthetix is a non-custodial derivatives exchange protocol built on Ethereum. Synthetix was founded by Kain Warwick and launched in 2017.

SNX tokenholders own and govern the protocol. They currently take all of the total trading fees paid by traders (revenue). Synthetix's investors include Paradigm, Framework Ventures, Coinbase Ventures, etc.

governance

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Derivative exchanges

Synthetix

Synthetix sUSD (SUSD) is a U.S. dollar stablecoin issued by Synthetix.

Holders can mint and redeem directly with Synthetix.

SUSD has been issued on public blockchains since May 2020 and is native to Ethereum and OP Mainnet.

Synthetix sUSDSUSD

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