Metronome Synth USD (MSUSD) is a crypto-backed US dollar stablecoin. It has about $38.1M in circulation, ranking #82 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is MSUSD?
Metronome Synth USD (MSUSD) is a crypto-backed US dollar stablecoin. It has about $38.1M in circulation, ranking #82 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: MSUSD is a synthetic USD token issued by the Metronome DAO, built on the Metronome protocol as a decentralized, on-chain USD peg.
MSUSD supply history
MSUSD supply grew 0.2% over the past 30 days, to $38.1M. It is at or near its all-time high.
Is MSUSD holding its peg?
MSUSD is trading more than 2% below its target, so treat it as depegged. Check the issuer's announcements and redemption status before acting.
Where MSUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 97% of all MSUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How MSUSD is backed
MSUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: MSUSD can be minted by depositing supported on-chain assets into Metronome's smart contracts and redeemed by burning METUSD to unlock the backing collateral.
MSUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $38.1M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
At the last update MSUSD traded at $0.8589 against a target of 1.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
MSUSD vs USDT and USDC
Similar crypto-backed stablecoins
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MSUSD FAQ
What is MSUSD?
Metronome Synth USD (MSUSD) is a crypto-backed US dollar stablecoin. It has about $38.1M in circulation, ranking #82 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
Is MSUSD pegged 1:1 to the US dollar?
MSUSD targets 1 USD. At the last update it traded at $0.8589, a deviation of -14.11%, which we classify as "depegged".
What backs MSUSD?
MSUSD is a crypto-backed stablecoin. MSUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is MSUSD on?
MSUSD is live on 2 blockchains. The largest by supply are Ethereum ($31.8M), OP Mainnet ($1,000K).
How much MSUSD is in circulation?
About $38.1M of MSUSD was in circulation at the last update, +0.2% over 30 days. That makes it the #82 stablecoin by supply among those we track.
Is MSUSD safe?
No stablecoin is risk-free. As a crypto-backed design, MSUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "depegged" on our peg monitor. This page is information, not investment advice.