Why is sUSD (SUSD) gaining attention?

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Why is sUSD (SUSD) gaining attention?

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 Why is sUSD (SUSD) gaining attention?
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Highlights:
  • sUSD is a synthetic USD token or stable coin enabled by the Synthetix protocol.
  • It keeps track of the US dollar (US$) price.
  • The token could be traded without slippage for other assets native to the Synthetix protocol.

The crypto market is going through tough times as the geopolitical tensions rise due to the ongoing war between Russia and Ukraine.

Despite the uncertainties and chaos in the market, cryptocurrencies continue to attract enthusiasts. After the rise of Bitcoin and alternative cryptocurrencies to Bitcoin, it appears that stablecoins are on the rise.

Stablecoins are a class of cryptos that offer price stability and are backed by real-life assets like fiat currencies issued by the government, gold, and other reserve assets.

Also Read: Why is THORChain (RUNE) crypto rising?

Why stablecoin is gaining traction?

The stablecoins have been on the investors' radar due to their operations related to both worlds, digital and real. While it offers instant processing and security or privacies of the cryptos, the coins are relatively less volatile than the overall financial market due to their price pegged with the real assets.

One such stablecoin is sUSD (SUSD), which has recently continued to be in the trend.

Also Read: Why is RFOX (RFOX) crypto rising?

sUSD (SUSD) price and performance                                                     Source: *Data provided by CoinMarketCap.com  

What is sUSD (SUSD)?

sUSD is a synthetic USD token or stable coin enabled by the Synthetix protocol. It keeps track of the US dollar (US$) price through the price feeds provided by Chainlink's decentralized network of oracles.

sUSD is integrated across the decentralized finance ecosystem as a liquid decentralized stablecoin, including at Curve. It could be traded without slippage or price difference for other assets native to the Synthetix protocol at Kwenta or Synthetix.Exchange.

Also Read: Is Libero Financial (LIBERO) crypto another Ponzi scam?

Why is it gaining attention?

The increasing popularity of various stablecoins may have helped it to gain attention from the investors. In addition to that, the investors could have lauded Synthetix's announcement of wrapping its governance call with updates about its ecosystem.

Synthetix said that Synthetix Futures would come on mainnet next week. Plus, Synth teleporters would allow instant withdrawals between various chains like Polygon, Avalanche, etc.

Meanwhile, these assets' less volatility or stability has increased their popularity in recent days.

Also Read: Why is Stellar (XLM) crypto rising?

Bottom line:

The sUSD (SUSD) was priced at US$1.01 at 10:30 am ET on March 10, up by 0.41%, while its one-day volume surged 48.08% to US$8.55 million. It has a market cap of US$93.27 million, and its fully diluted market capitalization is US$142.85 million.

The token has a circulating supply of over 96.10 million, and its maximum supply and total supply are 142.39 million and 96.10 million, respectively. Its price increased by 0.59% over the last 30 days.

Also Read: Why is gold-backed stablecoin PAX Gold (PAXG) rising?

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