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Market cap
DeFiLlama estimate
DIA price
Total supply
Holders
Zero onchainread, not missing
DIA holds no verified contract address on Optimism. The figure above is a floor.
Ethereum returned a totalSupply of exactly 0 when read. That is the contract's own answer, not a read DIA failed to make.
13,340holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
0 sUSDsince Sat, Aug 29 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in sUSD's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
Synthetix retired sUSD. SIP-423, created 12 June 2026 and marked Implemented, suspended transfers, minting and burning of legacy sUSD on Ethereum mainnet and Optimism, then deprecated the contract. Synthetix Protocol governs the token through its SIP process and is a derivatives protocol, not a fiat issuer.
sUSD was a synthetic US dollar minted as debt against staked SNX. It was never redeemable for dollars from a reserve account, which places it outside the fiat-backed design most stablecoins use.
The Phase 2 snapshot recorded 59,116,089 sUSD of eligible entitlement, convertible into a maximum of 236,464,356 SNX at four SNX per sUSD. Synthetix documentation dates the snapshot to 26 June 2026 and opens the claim window on 26 June 2027.
Sources: SIP-423: sUSD Retirement & Staking Reform, Synthetix SIP register, 420 Legacy Staking, Synthetix documentation
What stood behind it
sUSD had no reserve account and no attestation. It was debt issued against SNX collateral. SIP-420, created 6 January 2025, moved individual staker debt into a protocol-owned debt pool at a 200% issuance ratio, and raised the solo-staker collateralisation ratio to 1000% to push stakers into that pool.
What was never disclosed
No reserve attestation, auditor's report or collateralisation statement for sUSD appears in the SIP register, the Synthetix blog or the protocol documentation fetched for this page. SIP-420 does not state what collateral backs newly minted sUSD. Sizing the backing meant reading the staking contracts.
The backing that was proposed instead
In February 2026 Synthetix described a replacement model: delta-neutral basis-trade positions in a meta-basis vault, SLP vault deposits, and collateral from perp trading positions. It committed roughly $5 million in buybacks, vault incentives and liquidity provisioning. Four months later it proposed retirement.
Sources: SIP-420: Protocol Owned SNAX, Synthetix SIP register, Rebuilding sUSD, Synthetix blog, 12 February 2026
The slide
On 15 May 2025 Synthetix put sUSD at 93 cents and traced the instability to the SIP-420 debt changes. The response was incentives: an Infinex rewards campaign, 72% APY on sUSD deposits in the 420 Pool, a 10% sUSD ratio requirement for 420 debt holders, and treasury buybacks capped at $1 million per day.
The rebuild attempt
By February 2026 sUSD traded below $0.70. Synthetix set a target above $0.98 by early Q2 2026, funded by a share of exchange fees and enforced by a staking ratio starting at 50% of initial debt and stepping up 10% every two weeks.
The wind-down
SIP-423 opens by stating that sUSD trades below peg. It converts the token at a ratio derived from valuing sUSD at $1 and SNX at $0.25.
Sources: Synthetix sUSD Peg Update, Synthetix blog, 15 May 2025, Rebuilding sUSD, Synthetix blog, 12 February 2026, SIP-423: sUSD Retirement & Staking Reform, Synthetix SIP register
The claim exists on paper before it exists in code
SIP-423 marks Phase 3 as a deferred contract build. The LegacySUSDReceipt contract that seeds entitlements from the snapshot had not been built when the SIP was published. Claims open 26 June 2027, vest over the following year, and unclaimed receipts expire worthless six months after they become available.
Balances inside contracts were not captured
sUSD sitting in LP pools, vaults or other deposit contracts at the snapshot block cannot be recovered by claimants once the token is retired. Recovery runs through a separate Treasury claims process, evaluated claim by claim, and requires the holder to surrender the deposit or LP receipt token.
The cash alternative is conditional
Holders who would rather take USDT than SNX depend on a mechanism contingent on the protocol generating material revenue, given in the SIP as more than $10 million within the two-year lock-up. The 25% distribution share is configurable by governance.
Sources: SIP-423 source text, Synthetix SIPs repository, Missing sUSD from the sUSD to SNX Conversion, Synthetix documentation
What the map reads
The Global Stablecoin Map tracks sUSD on Ethereum through the ERC-20 proxy at 0x57Ab1ec28D129707052df4dF418D58a2D46d5f51. That contract returns a total supply of zero. A Blockscout read of the same token returns zero supply against roughly 13,700 holder records. SIP-423 accounts for the pairing: retiring the token deprecates the contract, "reducing supply to zero", while holder history stays on chain.
What it does not read
The registry lists Optimism as a chain for sUSD but carries no Optimism contract, so no supply is read there. The map holds no price for sUSD. A third-party circulating figure of about 69.8 million tokens sits in the registry above the 59,116,089 sUSD that the Synthetix snapshot recorded as eligible.
sUSD carries no jurisdiction of issue and sits in the global region. It stays listed in the stablecoin explorer with a zero supply read.
Sources: sUSD token record on Blockscout Ethereum explorer API (total supply, holder count), SIP-423 source text, Synthetix SIPs repository
No. SIP-423, created 12 June 2026 and marked Implemented, suspended sUSD transfers, minting and burning on Ethereum mainnet and Optimism and deprecated the contract. The Ethereum sUSD proxy now returns a total supply of zero.
sUSD was debt minted against staked SNX rather than against a fiat reserve. SIP-420 moved individual staker debt into a protocol-owned pool at a 200% issuance ratio in January 2025. No reserve attestation or auditor's report for sUSD is published in the Synthetix SIP register, blog or documentation.
SIP-423 converts sUSD at four SNX per sUSD, derived from valuing sUSD at $1 and SNX at $0.25. The Phase 2 snapshot recorded 59,116,089 sUSD of eligible entitlement and a maximum mint of 236,464,356 SNX. Synthetix documentation opens the claim window on 26 June 2027.
Synthetix wrote on 15 May 2025 that sUSD stood at 93 cents and traced the instability to the SIP-420 debt changes. It responded with buybacks capped at $1 million per day and deposit incentives. By February 2026 sUSD traded below $0.70, and SIP-423 states that the token trades below peg.
0x57Ab1ec2…D46d5f51Explorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0x57ab1ec2…d46d5f51Read from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.
Reserve attestation cadence
None identified
We checked the issuer's disclosure pages and found no reserve attestation. Coins we have not checked carry no value here at all.