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Record sog_st_susd

sUSDSynthetix USD

Also recorded as sUSD, Synthetix USD, nUSD, Nomin USD

Restricted

Lifecycle: Restricted
Issuance: Restricted
Reference target: US dollar
Primary organization: SynthetixNo additional recorded relationship
Launch: 2018-06-11
Redemption: Protocol Redemption
Backing: Synthetic or hedged
Stabilization: Hybrid
Last review: 2026-06-23
Evidence: 15 source records

Reviewed assessment

Identity and current state

This summary reports reviewed facts and uncertainty. It is not a rating or recommendation.

A synthetic dollar from the Synthetix ecosystem, whose role has changed across Synthetix V2 and V3.

Name	Synthetix USD
Symbol	sUSD
Aliases	sUSD, Synthetix USD, nUSD, Nomin USD
Asset class	Stable Value Asset
Lifecycle status	Restricted
Issuance status	Restricted
Canonical record ID	`sog_st_susd`
Route slug	`susd`
Record confidence	High
Last reviewed	2026-06-23

Name: Synthetix USD
Symbol: sUSD
Aliases: sUSD, Synthetix USD, nUSD, Nomin USD
Asset class: Stable Value Asset
Lifecycle status: Restricted
Issuance status: Restricted
Canonical record ID: sog_st_susd
Route slug: susd
Record confidence: High
Last reviewed: 2026-06-23

Record coverage

Section	Entries
Organizations	1
Sources	15
Reserve reports	2
Reserve components	1
Model-history events	2
Regulatory notes	0
Deployments	2
Issuer-control actions	0
Open questions	5
Events	5

Organizations and control

Primary display is a navigation and summary choice only. It does not replace other organizations or imply sole legal responsibility, operational control, reserve custody, or historical continuity.

Governance: DAO Governed
Primary display organization: Synthetix
Primary display role: Protocol operator
Display selection mode: Deterministic Policy
Current relationships: 1
Ended relationships: 0
Unknown relationship state: 0
Freeze capability: 0 recorded yes · 0 recorded no · 2 not recorded
Blacklist capability: 0 recorded yes · 0 recorded no · 2 not recorded
Deployment control-event references: 0
Observed issuer-control events: 0
Relationship coverage: 1 recorded relationship

All current, ended, and unknown-state organization relationships
Organization	Organization category	Regulatory character	Jurisdiction	Role	Display priority	From	Until	Relationship status
Synthetix	Protocol or software system	Protocol or decentralized system	Unknown or not publicly resolved	Protocol operator	Primary display	Not yet recorded	Not yet recorded	Active relationship

Protocol or software system

Synthetix

Primary display

Functional role: Protocol operator
Relationship status: Active relationship
Regulatory character: Protocol or decentralized system
Jurisdiction: Unknown or not publicly resolved
From: Not recorded
Until: Not recorded

Mechanism

How the asset works

Reference, backing, stabilization, exit, valuation, and yield remain separate facts.

Reference target: US dollar
Reference kind: Fiat
Comparison category: US dollar
Target value: 1
Reference methodology: Targets a US dollar reference value unless the record documents a different target value.
Public backing model: Synthetic or hedged
Canonical backing types: Crypto Collateral
Reserve component categories: Crypto Collateral
Primary stabilization mechanism: Hybrid
Recorded model description: Synthetic Debt Pool
Redemption / exit model: Protocol Redemption
Valuation source: Synthetix synthetic USD reference
Yield / rebase profile: No recorded change · Accrual: No recorded change
Classification notes: Synthetix V2 legacy sUSD and V3 stablecoin contexts must remain separated during later evidence expansion.

Reserve and redemption

Recorded components, disclosures, reports, and redemption conditions remain explicit.

Reserve components

Crypto collateralCrypto Collateral

Reserve profile

Disclosure status	Protocol Transparent with Market Impairment
Backing types	Crypto Collateral
Summary	Backing and debt positions remain protocol-visible within the Synthetix system, but protocol accounting does not establish an immediately realizable one-dollar exit for ordinary holders during the severe market depeg.
As of	2026-06-23
Profile confidence	Medium

Disclosure status: Protocol Transparent with Market Impairment
Backing types: Crypto Collateral
Summary: Backing and debt positions remain protocol-visible within the Synthetix system, but protocol accounting does not establish an immediately realizable one-dollar exit for ordinary holders during the severe market depeg.
As of: 2026-06-23
Profile confidence: Medium

Redemption profile

Current status	Restricted
Settlement asset	Market Exit or Proposed Snx Compensation
Eligible parties	Current market exits depend on available liquidity. The SIP-423 compensation path would be limited to a future governance-defined snapshot and final claim rules if approved and implemented.
Retail access	Market Based or Future Snapshot Claim
Institutional access	Market Based or Future Snapshot Claim
Minimum amount	Not established.
Fee	Market, network, claim, and final governance terms remain applicable or unresolved.
Settlement time	No immediate one-dollar settlement is established; proposed SNX receipt and vesting timing remains subject to approval and implementation.
Regional limits	Frontend, wallet, jurisdiction, custody, and final claim restrictions remain unresolved.

Current status: Restricted
Settlement asset: Market Exit or Proposed Snx Compensation
Eligible parties: Current market exits depend on available liquidity. The SIP-423 compensation path would be limited to a future governance-defined snapshot and final claim rules if approved and implemented.
Retail access: Market Based or Future Snapshot Claim
Institutional access: Market Based or Future Snapshot Claim
Minimum amount: Not established.
Fee: Market, network, claim, and final governance terms remain applicable or unresolved.
Settlement time: No immediate one-dollar settlement is established; proposed SNX receipt and vesting timing remains subject to approval and implementation.
Regional limits: Frontend, wallet, jurisdiction, custody, and final claim restrictions remain unresolved.

Reserve and attestation history

Date	Publisher	Type	Assets covered	Record confidence
2026-06-02	Synthetix	Protocol Disclosure	Synthetic Debt Pool, Collateral Context, Not yet recorded	Medium
2026-06-08	Synthetix	Protocol Documentation Reference	Synthetic Asset, Debt Pool, Protocol Context, Not yet recorded	Medium

Synthetix

2026-06-02

Type: Protocol Disclosure
Assets covered: Synthetic Debt Pool, Collateral Context, Public information incomplete
Record confidence: Medium

Known unknowns and coverage

Missing or disputed facts remain visible instead of being converted into certainty.

Open questions

Topic	What remains unclear	Value state	Priority	Last checked
Synthetix V2 V3 and Post Launch Lifecycle	The eUSD predecessor, nUSD launch, and nUSD-to-sUSD rename are now resolved. Synthetix V2/V3 boundaries, SNX-backed minting deprecation, 420 Pool history, debt-pool mechanics, deployment upgrades, and any successor or parallel stable assets still require dedicated documented lifecycle records.	Unknown after review	Medium	2026-06-23
Sip423 Governance and Implementation	SIP-423 remains Vote Pending. Vote opening and closing dates, Spartan Council result, approval or rejection, implementation schedule, deployed contracts, and on-chain execution transactions are not yet established.	Unknown after review	High	2026-06-23
Snapshot Claim and Compensation Eligibility	The final snapshot block, eligible contracts and wallets, treatment of post-snapshot purchases, LP and vault receipts, DeFi deposits, Optimism Safe routing, claim opening and deadline, burn mechanics, maximum SNX issuance, lock start, vesting start, transferability, and frontend or jurisdiction restrictions remain unresolved.	Unknown after review	High	2026-06-23
420 Pool Staker Exit and Debt Treatment	Final handling of each 420 Pool position, debt-backed SNX, debt-free SNX, returned sUSD, early debt repayment, cooldown, accrued and undistributed rewards, four-year continuation lock, one-year vesting, and any alternative USDT compensation remains subject to approval and implementation details.	Unknown after review	High	2026-06-23
Depeg Market Price and Execution	The canonical market low, exact duration, Ethereum and Optimism price divergence, pool reserves, TVL, route, block, spot price, and executable prices for 1,000, 10,000, and 100,000 sUSD remain source-specific. User screenshots are investigation leads and are not canonical price evidence without route and timestamp verification.	Unknown after review	High	2026-06-23

Synthetix V2 V3 and Post Launch Lifecycle

The eUSD predecessor, nUSD launch, and nUSD-to-sUSD rename are now resolved. Synthetix V2/V3 boundaries, SNX-backed minting deprecation, 420 Pool history, debt-pool mechanics, deployment upgrades, and any successor or parallel stable assets still require dedicated documented lifecycle records.

Value state: Unknown after review
Priority: Medium
Last checked: 2026-06-23

Sip423 Governance and Implementation

SIP-423 remains Vote Pending. Vote opening and closing dates, Spartan Council result, approval or rejection, implementation schedule, deployed contracts, and on-chain execution transactions are not yet established.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-23

Snapshot Claim and Compensation Eligibility

The final snapshot block, eligible contracts and wallets, treatment of post-snapshot purchases, LP and vault receipts, DeFi deposits, Optimism Safe routing, claim opening and deadline, burn mechanics, maximum SNX issuance, lock start, vesting start, transferability, and frontend or jurisdiction restrictions remain unresolved.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-23

420 Pool Staker Exit and Debt Treatment

Final handling of each 420 Pool position, debt-backed SNX, debt-free SNX, returned sUSD, early debt repayment, cooldown, accrued and undistributed rewards, four-year continuation lock, one-year vesting, and any alternative USDT compensation remains subject to approval and implementation details.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-23

Depeg Market Price and Execution

The canonical market low, exact duration, Ethereum and Optimism price divergence, pool reserves, TVL, route, block, spot price, and executable prices for 1,000, 10,000, and 100,000 sUSD remain source-specific. User screenshots are investigation leads and are not canonical price evidence without route and timestamp verification.

Value state: Unknown after review
Priority: High
Last checked: 2026-06-23

Lifecycle

History

Current classification remains separate from dated changes and incidents.

Model and lifecycle changes

2018-04-11sUSD across Synthetix V2 and V3Other
2018-11-30nUSD is renamed sUSD during the Synthetix rebrandGovernance Change

Event timeline

Date	Event	Category	Subtype	Status effect	Recovery
2018-04-11	sUSD across Synthetix V2 and V3	Migration and rebrand	Predecessor Trial Lifecycle	Historical context only	Not applicable
2018-06-11	Havven launches nUSD on Ethereum mainnet	Launch and introduction	Launch	Remained active	Not applicable
2018-11-30	nUSD is renamed sUSD during the Synthetix rebrand	Migration and rebrand	Rebrand	No lifecycle change	Not applicable
2026-06-12	SIP-423 proposes legacy sUSD retirement and SNX compensation	Governance and protocol change	Governance Change Proposed	Restricted or impaired	Not applicable
2026-06-18	sUSD remains in a severe market depeg	Depeg and peg stress	Major Depeg	Restricted or impaired	Not recovered

Related records and corrections

Corrections and further reading

Open connected records, methodology, machine-readable data, or report a correction.

Network	Network record state	Standard	Public deployment category	Canonical deployment type	Operational state	Recorded status	Change or proposal state	Canonicality	Canonicality record state	Verification state	Contract identity state	Contract or identifier	Freeze	Blacklist	Control events	Notes
Ethereum	Specific network recorded	Not yet recorded	Protocol-native or protocol-supported deployment	Protocol Token	Impaired	Impaired Retirement Proposed	Retirement proposed, not implemented	Legacy deployment	Canonicality recorded	Verified	Identifier recorded	0x57Ab1ec28D129707052df4dF418D58a2D46d5f51	Not yet recorded	Not yet recorded	0	The 2018 nUSD-to-sUSD rename did not change the contract address; later upgrades and the pending retirement proposal remain separate lifecycle layers.
Optimism	Specific network recorded	Not yet recorded	Historical or legacy deployment	Legacy Protocol Token	Unknown or unresolved	Retirement Proposed	Retirement proposed, not implemented	Legacy deployment	Canonicality recorded	Verified	Identifier recorded	0x8c6f28f2F1A3C87F0f938b96d27520d9751ec8d9	Not yet recorded	Not yet recorded	0	SIP-423 includes this deployment in the proposed retirement, but proposal status is not treated as completed termination.

Source	Publisher	Source category	Provenance	Primary or secondary	Supported claims	Archive	Reliability
Synthetix documentation for sUSD Published Not yet recorded	Synthetix	Official statement or announcement Canonical: Issuer Statement	Subject-controlled source	Primary source	Entity Collateral Redemption, Susd Protocol Lifecycle Context	No archive recorded	Medium
SIP-423: sUSD Retirement & Staking Reform Published 2026-06-12	Synthetix Improvement Proposals	Governance record Canonical: Official Governance Proposal	Governance primary source	Primary source	Governance Status, Retirement Proposal, Compensation Proposal, Snapshot Proposal, 420 Pool, Staking Reform, Vote Pending Retirement Compensation and Staking Reform	No archive recorded	High
Synthetix Improvement Proposal status definitions Published Not yet recorded	Synthetix Improvement Proposals	Governance record Canonical: Official Governance Documentation	Governance primary source	Primary source	Vote Pending, Approved, Implemented, Proposal Status Taxonomy	No archive recorded	High
SIP-420: SNX Staking 420 Pool Published 2024-12-18	Synthetix Improvement Proposals	Governance record Canonical: Official Governance Proposal	Governance primary source	Primary source	420 Pool, Debt Jubilee, Staking, Protocol Owned Debt, 420 Pool and Protocol Owned Debt Context	No archive recorded	High
Rebuilding sUSD Published 2026-02-12	Synthetix	Official statement or announcement Canonical: Official Protocol Update	Subject-controlled source	Primary source	Persistent Depeg, Minting Deprecation, Repeg Plan, 420 Pool, Persistent Depeg and Repeg Measures	No archive recorded	High
Synthetix 2026 Roadmap Published 2026-03-13	Synthetix	Official documentation or product page Canonical: Official Protocol Roadmap	Subject-controlled source	Primary source	Roadmap, Repeg Plan, Buybacks, Collateral Transition, Repeg Buybacks and Collateral Transition Plan	No archive recorded	High
MetaMask sUSD price page Published Not yet recorded	MetaMask	Data or market reference Canonical: Market Data Page	Data or market aggregator	Secondary source	Market Price, Depeg, Ethereum Contract Context, Ethereum Market Price Observation	No archive recorded	Medium
Havven milestones: eUSD released April 11 Published 2018-06-17	Synthetix	Official statement or announcement Canonical: Official Protocol Milestone	Subject-controlled source	Primary source	Predecessor Launch, Eusd, Trial Iteration, Eusd Release Date	Archive index or wildcard	High
eUSD and eStore update Published 2018-06-01	Synthetix	Official statement or announcement Canonical: Official Protocol Announcement	Subject-controlled source	Primary source	Predecessor Phaseout, Issuance Stop, Redemption Closure, 2018-06-29, Eusd Phaseout and Closure	Archive index or wildcard	High
nUSD launches today! Published 2018-06-11	Synthetix	Official statement or announcement Canonical: Official Protocol Announcement	Subject-controlled source	Primary source	Launch Date, Ethereum Mainnet, Hav Backed Nomin, Nusd Mainnet Launch	Archive index or wildcard	High
Havven is transforming into Synthetix! Published 2018-11-30	Synthetix	Official statement or announcement Canonical: Official Protocol Announcement	Subject-controlled source	Primary source	Rebrand, Same Contract, Nusd Alias, Susd Name, Nusd to Susd Rebrand	Archive index or wildcard	High
Synths are now live on Mainnet Published 2018-12-07	Synthetix	Official statement or announcement Canonical: Official Protocol Announcement	Subject-controlled source	Primary source	Susd, Nusd Continuity, Synth Mainnet, Susd Continuity from Nusd	Archive index or wildcard	High
Synthetix V3 FAQ Published Not yet recorded	Synthetix	Official documentation or product page Canonical: Protocol Docs	Subject-controlled source	Primary source	Susd V2 V3 Identity and Collateral Context	No archive recorded	High
Synthetix Perps V2 legacy introduction Published Not yet recorded	Synthetix	Official documentation or product page Canonical: Protocol Docs	Subject-controlled source	Primary source	Susd Legacy Settlement and Collateral Context	No archive recorded	High