Synthetix USD stablecoin loses dollar peg, drops to 5-year low of $0.83
Cork Protocol co-founder Rob Schmitt said the stablecoin’s design shares similarities with Terra’s UST but has a “more manageable” debt governance system.
The Synthetix protocol’s native stablecoin, Synthetix USD (sUSD), fell to its lowest value in five years, extending a months-long struggle to maintain its $1 peg.
The asset has faced persistent instability since the start of 2025. On Jan. 1, sUSD dropped to $0.96 and only rebounded to $0.99 in early February. Prices continued to fluctuate through February before stabilizing in March.
On April 10, sUSD fell to a five-year low of $0.83, according to data from CoinGecko.
