Synnax Stablecoin (syUSD) is a crypto-backed US dollar stablecoin. It has about $2.2M in circulation, ranking #182 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is syUSD?
Synnax Stablecoin (syUSD) is a crypto-backed US dollar stablecoin. It has about $2.2M in circulation, ranking #182 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: syUSD is Synnax’s stablecoin, secured by overcollateralized assets and designed to maintain a soft peg to the U.S. dollar.
syUSD supply history
syUSD supply fell 40.1% over the past 30 days, to $2.2M. Its peak was $4.1M in August 2025, and supply is 48% below that high.
Is syUSD holding its peg?
There is no live market price for syUSD. It is not actively traded on any exchange or DEX we can see, which is common for bank-issued and permissioned stablecoins that are only minted and redeemed directly with the issuer.
Where syUSD lives: supply by blockchain
Supply is concentrated: Sei holds 100% of all syUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How syUSD is backed
syUSD 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: Users mint syUSD by depositing assets into Synnax vaults, where collateral is utilized for market-making strategies. Redemption requires debt repayment.
Reserve reports and audits: github.com
syUSD 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 $2.2M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
syUSD vs USDT and USDC
Similar crypto-backed stablecoins
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syUSD FAQ
What is syUSD?
Synnax Stablecoin (syUSD) is a crypto-backed US dollar stablecoin. It has about $2.2M in circulation, ranking #182 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What backs syUSD?
syUSD is a crypto-backed stablecoin. syUSD 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 syUSD on?
syUSD is live on 1 blockchain. The largest by supply are Sei ($2.2M).
How much syUSD is in circulation?
About $2.2M of syUSD was in circulation at the last update, -40.1% over 30 days. That makes it the #182 stablecoin by supply among those we track.
Is syUSD safe?
No stablecoin is risk-free. As a crypto-backed design, syUSD'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 "no market price" on our peg monitor. This page is information, not investment advice.