sUSD remains in a severe market depeg

An indexed Ethereum market observation showed sUSD near $0.3104 on June 18, 2026, after Synthetix had already acknowledged that sUSD had traded below $0.70 for months. SOG records a severe unresolved depeg without treating one venue observation or an unverified quote as a universal redemption value or canonical all-time low.

Date: 2026-06-18
Affected records: 2 linked records
1 stablecoin · 1 organization
Evidence: 3 sources
3 evidence relations

Connected records

Affected records

Assets and organizations connected to this event.

StablecoinSynthetix USD OrganizationSynthetix

Sources

Evidence

Sources used for this record, with archival copies where available.

3 source identities · 3 evidence relations
Source	Publisher and date	Relevance	Archive
SIP-423: sUSD Retirement & Staking Reform Source details Source category Governance record Provenance Governance primary source Primary or secondary Primary source Reliability High	Synthetix Improvement Proposals Published 2026-06-12	Governance Status, Retirement Proposal, Compensation Proposal, Snapshot Proposal, 420 Pool, Staking Reform, Vote Pending Retirement Compensation and Staking Reform	No archive recorded
Rebuilding sUSD Source details Source category Official statement or announcement Provenance Subject-controlled source Primary or secondary Primary source Reliability High	Synthetix Published 2026-02-12	Persistent Depeg, Minting Deprecation, Repeg Plan, 420 Pool, Persistent Depeg and Repeg Measures	No archive recorded
MetaMask sUSD price page Source details Source category Data or market reference Provenance Data or market aggregator Primary or secondary Secondary source Reliability Medium	MetaMask Published Not yet recorded	Market Price, Depeg, Ethereum Contract Context, Ethereum Market Price Observation	No archive recorded

Governance record

SIP-423: sUSD Retirement & Staking Reform

High

Publisher: Synthetix Improvement Proposals
Published: 2026-06-12
Provenance: Governance primary source
Primary or secondary: Primary source
Supported claims: Governance Status, Retirement Proposal, Compensation Proposal, Snapshot Proposal, 420 Pool, Staking Reform, Vote Pending Retirement Compensation and Staking Reform
Archive: No archive recorded
Reliability: High

Official statement or announcement

Rebuilding sUSD

High

Publisher: Synthetix
Published: 2026-02-12
Provenance: Subject-controlled source
Primary or secondary: Primary source
Supported claims: Persistent Depeg, Minting Deprecation, Repeg Plan, 420 Pool, Persistent Depeg and Repeg Measures
Archive: No archive recorded
Reliability: High

Data or market reference

MetaMask sUSD price page

Medium

Publisher: MetaMask
Published: Not yet recorded
Provenance: Data or market aggregator
Primary or secondary: Secondary source
Supported claims: Market Price, Depeg, Ethereum Contract Context, Ethereum Market Price Observation
Archive: No archive recorded
Reliability: Medium

Record details
Classification, review, and event-specific data

Record ID: sog_ev_susd_severe_depeg_2026
Severity: High
Event type: Major Depeg
Public category: Depeg and peg stress
Lifecycle effect: Restricted or impaired
Recovery or reversal: Not recovered
Recovery date: Not yet recorded
Cause or mechanism: Persistent market depeg and weak immediately realizable exit value during a broader Synthetix debt-pool and staking-system transition.
Structured detail kind: Depeg
Record confidence: Medium
Evidence relations: 3

Event-specific details

Price and peg

Direction: Below Peg
Peg reference: 1 USD
Extreme price: 0.3104
Maximum deviation: 6896 bps
Recovery status: Not Recovered
Recovery date: Not yet recorded
Cause summary: Persistent market depeg and weak immediately realizable exit value during a broader Synthetix debt-pool and staking-system transition.
Price-source records: sog_src_susd_metamask_market_2026_06_18

Maintenance

Corrections and further reading

Use the documented correction path and methodology.