Source: Cointelegraph Original: "{title}"
The native stablecoin of the Synthetix protocol, Synthetix USD (sUSD), continues to deviate from its dollar peg, falling to a historic low of below $0.70.
However, the company reiterated that this is not the first time the asset has faced significant pressure, and multiple risk mitigation measures have already been implemented.
A Synthetix spokesperson told Cointelegraph, "Synthetix and sUSD have gone through multiple bear markets and periods of stablecoin volatility; this is not the first resilience test."
sUSD is a stablecoin backed by crypto assets. Users mint sUSD by locking up SNX tokens, which makes its stability highly dependent on the market value of Synthetix (SNX).
According to CoinMarketCap data, as of the time of writing, sUSD is trading at $0.70, down 30% from its expected 1:1 dollar peg.
During the same period, the price of SNX has remained relatively stable, dropping only 1.08% over the past week, with a trading price of $0.63. However, from a broader perspective of the overall decline in the cryptocurrency market, SNX has fallen about 26% in the past 30 days.
The spokesperson explained that the short-term volatility of sUSD is caused by a "structural shift" initiated by the SIP-420 proposal, which transfers debt risk from stakers to the protocol itself.
They stated that the company has developed short-term, medium-term, and long-term plans to mitigate risks.
In the short term, Synthetix stated it will continue to support the liquidity of sUSD through Curve liquidity pools and deposit activities on its derivatives platform Infinex.
In terms of medium-term measures, Synthetix has launched a "simple debt-free" SNX staking mechanism, claiming this will "encourage individuals to repay their debts."
In the long term, the company stated it will adjust capital efficiency through the 420 liquidity pool, take over the management of sUSD supply at the protocol level, and introduce new "adoption facilitation mechanisms" in Synthetix products.
Synthetix founder Kain Warwick explained on April 2 that this volatility is mainly due to the removal of the primary drivers for buying sUSD. "New mechanisms are being introduced, but there will be some volatility during this transition period," Warwick stated on the X platform.
"It is worth noting that sUSD is not an algorithmic stablecoin, but a purely crypto asset-backed stablecoin. Its peg price may deviate, but when the price is above or below the peg, there are corresponding mechanisms to push it back to normal levels," he added.
On April 10, Cointelegraph reported that the asset has faced ongoing instability since early 2025. On January 1, sUSD fell to $0.96 and did not rebound to $0.99 until early February. The price continued to fluctuate in February and stabilized by March.
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