sUSD Market Analysis Report

sUSD's Position and Significance

sUSD (Synthetic USD) is a stablecoin that plays a crucial role in the decentralized finance (DeFi) ecosystem. As of December 2025, sUSD has established itself as a key synthetic asset within the Synthetix protocol, serving as a gateway for traders and liquidity providers seeking USD-pegged exposure without direct fiat conversion.

With a current market capitalization of approximately $39.23 million and a circulating supply of 43.56 million tokens, sUSD maintains a market ranking of 569 among all cryptocurrencies. The token has attracted 14,254 holders and maintains trading activity across multiple platforms, including Gate.com.

This report provides a comprehensive analysis of sUSD's market performance, operational characteristics, and current market dynamics.

Origin and Development History

Background and Genesis

sUSD's predecessor was nUSD, issued by the Havven Foundation. The token was designed to function as a synthetic USD stablecoin within a decentralized framework. Unlike traditional stablecoins backed by direct dollar reserves, sUSD was created to be generated directly in issuer wallets and distributed proportionally based on the nominations published by users, with the primary objective of improving liquidity across the protocol.

The stability of sUSD has historically been maintained through direct market intervention by the Havven Foundation, representing an alternative approach to conventional collateralized stablecoin mechanisms.

Key Historical Data

• All-Time High: $2.45 (February 18, 2020)
• All-Time Low: $0.4297 (March 18, 2020)
• Trading Venues: Currently listed on 2 major exchange platforms
• Contract Address (Ethereum): 0x57Ab1ec28D129707052df4dF418D58a2D46d5f51

How sUSD Operates

Decentralized Infrastructure

sUSD functions within the Synthetix protocol ecosystem, operating on the Ethereum blockchain. The token leverages Ethereum's decentralized network of validators rather than relying on traditional financial intermediaries. This architecture enables peer-to-peer transactions while maintaining transparency and security through blockchain consensus mechanisms.

Blockchain Technology

sUSD transactions are recorded on the Ethereum blockchain, an immutable public ledger. Each transaction is cryptographically secured and permanently recorded, ensuring transparency. Users can verify all transactions independently without requiring intermediaries, establishing trust through technological rather than institutional means.

Security Mechanism

sUSD utilizes public-key cryptography to secure transactions:

• Private Key: Functions as a secret password enabling transaction authorization
• Public Key: Acts as an account identifier for verifying ownership and receiving tokens

This cryptographic architecture ensures that only token holders with the correct private keys can transfer their sUSD, protecting against unauthorized access and theft. Transactions remain secure and ownership verifiable without centralized custody requirements.

Stablecoin Framework

As a synthetic stablecoin, sUSD maintains its peg to the US Dollar through protocol mechanisms and market incentives rather than traditional reserves. The token's value proposition depends on the Synthetix protocol's overall health and the maintenance mechanisms established within its governance framework.

Market Performance Analysis

Current Price Metrics (As of December 19, 2025)

Price Movement Analysis

sUSD has exhibited the following performance trends:

The token currently trades at a discount to its $1.00 peg, indicating market stress or reduced demand for synthetic USD exposure within the Synthetix ecosystem.

Market Circulation Data

• Circulating Supply: 43,556,496.49 sUSD
• Total Supply: 43,556,496.49 sUSD
• Maximum Supply: 142,399,574 sUSD
• Circulation Ratio: 30.59%

The significant difference between maximum and current supply suggests substantial room for potential token issuance if protocol conditions warrant expansion.

Network Activity and Adoption

Holder Distribution

sUSD is held by 14,254 unique addresses, indicating a diverse distribution across the DeFi community. This holder base reflects adoption across various user segments including traders, liquidity providers, and protocol participants.

Market Sentiment

Current market indicators suggest neutral to slightly positive sentiment, with modest daily gains (+3.78% in 24-hour trading) offsetting longer-term declines. The reduced trading volume relative to market capitalization indicates relatively modest daily turnover.

Trading and Access

Platform Availability

sUSD is available for trading on 2 major exchange platforms, with active trading pairs facilitating conversion between sUSD and other digital assets. Gate.com provides convenient access to sUSD trading for users seeking exposure to this synthetic asset.

Liquidity Considerations

With 24-hour trading volume of approximately $11,877, sUSD maintains modest liquidity. Prospective traders should consider this volume level when planning position entries or exits to minimize slippage.

Community and Development

Official Resources

• Website: https://synthetix.io
• GitHub: https://github.com/Synthetixio/synthetix
• Twitter: https://twitter.com/synthetix_io
• Reddit: https://www.reddit.com/r/synthetix_io
• Blockchain Explorer: https://etherscan.io/token/0x57Ab1ec28D129707052df4dF418D58a2D46d5f51

Risk Considerations

Peg Risk: sUSD currently trades below its $1.00 target price, indicating potential depeg risks or reduced protocol utilization. Users should monitor peg stability before significant transactions.

Protocol Dependency: sUSD's value and functionality are entirely dependent on the Synthetix protocol's continued operation and market adoption. Changes to protocol mechanics could materially affect sUSD's utility and value.

Liquidity Risk: Relative to major stablecoins, sUSD maintains modest trading volumes, potentially resulting in higher slippage during large transactions.

Market Cap Concentration: The 30.59% circulation ratio indicates substantial unminted supply that could be issued in the future, potentially creating dilution risks.

Conclusion

sUSD represents a synthetic stablecoin alternative within the Synthetix ecosystem, offering USD exposure through decentralized protocol mechanics rather than traditional reserve backing. As of December 2025, the token maintains a substantial market capitalization and diverse holder base, though current peg deviation and modest trading volumes warrant careful consideration from prospective users.

The token's performance and viability remain closely linked to Synthetix protocol adoption and development progress. Prospective participants should conduct thorough research and risk assessment before significant participation.

sUSD Market Performance Report

sUSD's Market Performance

Circulation Overview

As of December 19, 2025, sUSD has a circulating supply of 43,556,496.49 tokens, with a total supply of 43,556,496.49 tokens. The maximum supply is set at 142,399,574 tokens, indicating an inflationary model. Currently, the circulating supply represents approximately 30.59% of the fully diluted valuation, suggesting significant room for additional token release into the market.

sUSD, the predecessor of which is nUSD, was issued by the Havven Foundation. Tokens are created directly in the issuer's wallet and distributed proportionately based on the number of nominations published by each user to enhance liquidity. The stability of sUSD is maintained through the direct market intervention of the foundation.

Price Volatility

sUSD reached its all-time high of $2.45 on February 18, 2020, reflecting the market dynamics and demand for synthetic USD assets during that period. Conversely, its lowest price was recorded at $0.43 on March 18, 2020, representing a significant correction driven by broader market conditions and liquidity challenges in the crypto space.

As of the latest update on December 19, 2025, sUSD is trading at $0.9007. In the short term, the token has demonstrated modest gains, appreciating 3.78% over the past 24 hours, while showing declines of 7.1% over the past 7 days and 5.92% over the past 30 days. Over the one-year period, sUSD has depreciated by 8.94%.

The 24-hour price range shows trading between a low of $0.8378 and a high of $0.9352, with a trading volume of $11,877.05 over the past 24 hours.

View current sUSD market price on Gate.com

Market Metrics

• Market Capitalization: $39,231,336.39
• Fully Diluted Valuation: $39,231,336.39
• Market Dominance: 0.0012%
• 24-Hour Trading Volume: $11,877.05
• Number of Holders: 14,254
• Blockchain: Ethereum (ETH)
• Contract Address: 0x57Ab1ec28D129707052df4dF418D58a2D46d5f51

sUSD Market Analysis Report

sUSD Overview

sUSD is a stablecoin with a market capitalization of $39.23 million and a current price of $0.9007 as of December 19, 2025. The token ranks #569 in the overall cryptocurrency market by market cap, with a circulating supply of 43,556,496.49 tokens out of a total supply of 43,556,496.49 tokens and a maximum supply of 142,399,574.

Key Market Metrics

Project Background

Historical Context

The predecessor of sUSD was nUSD, issued by the Havven Foundation. sUSD represents the evolution of this stablecoin initiative, designed to maintain price stability while improving liquidity mechanisms within the ecosystem.

Technical Architecture

• Blockchain: Ethereum (ETH)
• Contract Address: 0x57Ab1ec28D129707052df4dF418D58a2D46d5f51
• Total Holders: 14,254

Stability Mechanism

sUSD's stability is maintained through direct market intervention by the foundation. The token is created directly in issuers' wallets and fees are distributed proportionally based on the number of nominations published by each user, with the explicit goal of improving liquidity and maintaining price equilibrium.

More Information About sUSD

• Official Website: Visit Synthetix Official Site for features, use cases, and latest updates.
• Smart Contract: View the sUSD Token on Etherscan for transaction history and holder information.
• X (Twitter) Community: Follow @synthetix_io for announcements, ecosystem updates, and community engagement.
• GitHub Repository: Access the Synthetix Development Repository for technical documentation and source code.
• Reddit Community: Join the r/synthetix_io community for discussions and updates.

How to Acquire sUSD

1. Purchase Channel: Buy sUSD on major cryptocurrency exchanges including Gate.com
2. Contract Interaction: Interact directly with the smart contract on Ethereum for advanced users
3. Ecosystem Participation: Engage with Synthetix ecosystem products and services

Market Position and Trading Activity

With a 24-hour trading volume of $11,877.05, sUSD maintains consistent liquidity across trading platforms. The token is listed on 2 exchanges, providing accessibility for traders and investors seeking stablecoin alternatives.

The recent price movement shows sUSD trading below its historical average, reflecting broader market conditions and stablecoin dynamics in the current cryptocurrency environment.

Conclusion

sUSD is a stablecoin designed to provide price stability through foundation-managed mechanisms and ecosystem-driven liquidity improvements. With over 14,000 token holders and presence on multiple exchanges, sUSD serves as part of the broader Synthetix protocol ecosystem on Ethereum.

The token's market position, combined with its technical implementation on a leading blockchain, positions it within the stablecoin segment of the cryptocurrency market. Whether for ecosystem participation or stablecoin diversification, sUSD remains a notable option for users engaged with Ethereum-based DeFi applications.

FAQ

How does sUSD work?

sUSD operates as a debt liability within the Synthetix protocol. Users mint sUSD by staking SNX tokens as collateral, acquiring a proportional share of the protocol's total debt pool. The minting process enables users to trade synthetic assets while maintaining network stability through collateralization mechanisms.

What is the full form of sUSD?

sUSD stands for Synthetix USD, a synthetic stablecoin on the Synthetix protocol that tracks the US dollar value while enabling decentralized trading of synthetic assets on blockchain.

What is a sUSD slang?

sUSD slang commonly refers to 'Stand Up Sit Down', a term used by UK football fans. In crypto context, sUSD is the synthetic USD stablecoin issued by Synthetix protocol, tracking USD value on blockchain.

What is the sUSD currency?

sUSD is a stablecoin built on Synthetix protocol designed to maintain a $1.00 value, mirroring the US dollar. It enables synthetic asset trading and serves as a stable medium of exchange within the Synthetix ecosystem.