Current rate

sUSD, or synthetic US Dollar, is a decentralized stablecoin within the Synthetix ecosystem, pegged to the value of the United States Dollar. As a cornerstone of the Synthetix protocol, sUSD plays a crucial role in enabling the creation and trading of a wide range of synthetic assets, known as Synths, on the blockchain. Unlike traditional stablecoins that might be backed by fiat reserves in a bank account, sUSD is cryptographically collateralized by Synthetix Network Tokens or SNX, the native token of the Synthetix protocol. This over-collateralization model ensures that sUSD maintains its peg to the US Dollar even amidst market volatility. Users can mint sUSD by locking SNX as collateral in a smart contract, effectively creating a debt against their collateral. When sUSD is no longer needed, it can be burned to unlock the underlying SNX, adjusting the system's total debt. The stability of sUSD is maintained through a combination of mechanisms, including a robust oracle system that provides real-time price feeds and an incentivized debt pool structure that encourages SNX stakers to manage the system's collateralization ratio. This allows sUSD to function as a highly liquid and reliable medium of exchange within the decentralized finance or DeFi space, facilitating seamless trading and value transfer without reliance on centralized entities. sUSD is integral to the Synthetix exchange, where it is used as the base currency for trading all other Synths, such as synthetic cryptocurrencies, commodities, and even inverse assets. This allows users to gain exposure to various real-world and crypto assets directly on-chain, with sUSD serving as the stable intermediary. Its decentralized nature, combined with its robust collateralization mechanism, makes sUSD a vital component for a truly permissionless and censorship-resistant financial system, enhancing liquidity and enabling complex financial strategies within the broader DeFi landscape.