Synthetix’s sUSD Stablecoin Surges 9.3% Amid Emergency Solution to De-Pegging Crisis

According to recent market analysis, Synthetix’s USD stablecoin, sUSD, has appreciated to $0.8683, reflecting a significant 24-hour gain of 9.3%. This uptick follows a prior decline where sUSD dipped below $0.7. On April 18th, the Synthetix team rolled out an urgent measure to address the de-pegging of sUSD, introducing the USD 420 Pool. This initiative aims to incentivize SNX stakers by allowing them to stake their sUSD for a portion of 5 million SNX rewards distributed over the span of a year. Although the deposited sUSD will remain locked for one year, participants can make full withdrawals post-event. The SNX rewards themselves will also be subject to a lock period, becoming accessible within three months after the conclusion of the event. Synthetix founder Kain described this emergency strategy as “one of the worst immediate fixes to drive demand for sUSD from within the user base.”