Synthetix is a DAO-governed decentralized derivatives protocol whose legacy stablecoin, sUSD, is being wound down and converted to vested SNX under governance proposal SIP-423.
| Product | Backing | Status | Market cap |
|---|---|---|---|
| SUSDsUSD | Crypto Backed | Active | — |
| Stage | DAO |
| Ticker | SNX |
| Founders | Kain Warwick |
| Key events | Date 2018-12 · Event Launched sUSD as the synthetic US-dollar unit of the Synthetix systemDate 2026-06 · Event SIP-423 implemented: legacy sUSD wound down and converted to vested SNX |
| Website | https://synthetix.io/ |
Synthetix is a decentralized synthetic-asset and derivatives protocol governed by SNX token holders. Its legacy US-dollar stablecoin, sUSD, was part of the protocol's synthetic-asset system.
sUSD is being retired. Under governance proposal SIP-423, legacy sUSD is frozen and converted to vested SNX rather than continuing as an active stablecoin.
As a decentralized protocol, Synthetix does not operate as a licensed issuer; no issuer-level licenses or registrations were identified.