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Will there be a second Terra (LUNA) Fund? This stablecoin, which has experienced a depeg for the second time, continues to face tough days! Here are the details....
As a reminder, the synthetic USD ( sUSD ) stablecoin issued by Synthetix in recent weeks lost its peg to the dollar and dropped below 1 dollar.
However, the situation has not changed and the depeg of the Synthetix-based stablecoin sUSD continues.
This marks the second drop that the stablecoin has experienced in less than a year, reigniting concerns regarding the issuer's stability mechanisms.
The recent decline of sUSD is attributed to excessive supply in the market, while Synthetix's core developer Fenway mentioned that investors have offloaded large amounts of their holdings.
Synthetix founder Kain Warwick stated that the team has implemented new mechanisms to stabilize the fixed price.
However, these measures were ineffective and the depeg in sUSD continued.
CoinMarketCap data shows that the sUSD depeg has deepened further, with sUSD trading at 0.694 USD.
The Synthetix team has not been able to fully address the recent depeg and has not resolved the issue. The outlook for sUSD continues to be concerning, and this situation is unsettling investors.
Because sUSD is not the only stablecoin that experienced depeg. In 2022, the algorithmic stablecoin of Terra, TerraUSD (UST), which suddenly lost its peg to the dollar, continues to be remembered as one of the biggest depeg events while Bitcoin (BTC) and altcoins collapsed.