What happened to sUSD? How a crypto-collateralized stablecoin depegged

Learn how sUSD, once pegged at $1, dropped to $0.68 and what steps Synthetix is taking to restore stability in the volatile world of crypto.

In a significant and concerning event in the cryptocurrency space, sUSD, the native stablecoin of the Synthetix protocol, saw its value plummet to $0.68 on April 18, 2025. 

This drop represents a dramatic 31% deviation from its intended peg of 1:1 with the US dollar, a threshold that is fundamental to the concept of stablecoins. As the name implies, stablecoins are designed to maintain a stable price, which is crucial for their role as a reliable store of value within decentralized finance (DeFi) applications.

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