Market

sUSD Depegged Following Repair Mechanism Changes

Synthetix’s stablecoin, sUSD, is trading at $0.8107, down 5.8% in 24 hours, following a sharp depeg triggered by changes to its anchor repair mechanism.

Haider Jamal
April 17, 2025

Crypto-Asset Backing

Founder Kain Warwick revealed he sold 90% of his ETH to increase his SNX holdings. The shift to new mechanisms, which are largely focused on crypto-asset backing, has caused short-term volatility but aims to restore the peg long-term.

Source: X (@kaiynne)

The SIP-420 upgrade has also reshaped debt and arbitrage incentives, leading to a temporary oversupply of sUSD and shifting market dynamics.

SNX Price Update
According to CoinMarketCap, SNX is at $0.61, with a $208.25M market cap, a 4.09% daily drop, and a 67.62% decline over 90 days.
Research by Coincu suggests integrating with external DeFi protocols could help stabilize sUSD. Despite the volatility, the stablecoin remains over-collateralized, indicating minimal long-term risk.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.