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sUSD (SUSD) is the 398th largest cryptocurrency in the world by market cap, valued at $54,962,844. The current price of sUSD is $0.9947, which is 0.131% higher than yesterday. Prices have ranged between $1.007 and $0.989678 over the past 24 hours. All prices are listed in US dollars and accurate as of January 27, 2023 10:01 UTC.
sUSD is a synthetic stablecoin that is built on the Synthetix network. Like a number of other stablecoins, it tracks the price of the US dollar.
It’s key function is liquidity – and is prevalent throughout the decentralized finance (DeFi) ecosystem in liquidity pools, yield farms and staking contracts. The advantage of synthetic assets like sUSD is the ability to gain exposure to an asset without ever actually owning the underlying currency. It is another project aiming to help bridge the gap between traditional finance and blockchain technology, as well as continue the growth of DeFi. To acquire sUSD tokens, users must first purchase SNX tokens from an exchange and stake them on the supported platform’s (Synthetic Mintr) protocol. They can also be purchased directly via the Synthetix Exchange using Ethereum. These tokens can then be staked, contributed to liquidity pools or swapped with other stablecoins and cryptocurrencies with minimal fees and slippage.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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