24h Change+0.01%
All Time HighMar 19, 2026$1.11
All Time LowJan 4, 2025$0.96
Market Cap$6.157b
Fully Diluted Valuation$6.155b
Circ. Supply5.606b SUSDS
CEX Volume$0
DEX Volume$8.15m
How much debt can be issued against SUSDS as collateral across lending protocols.
Maximum possible exposure to SUSDS
$87.08m
$9.04m (max additional borrows against SUSDS) + $78.03m (bad debt if SUSDS was hacked now)
Morpho V1
$86.11m at-risk exposure = $77.23m bad debt if hacked + $8.89m additional borrowable against SUSDS
Compound V3
$330,331 at-risk exposure = $174,221 bad debt if hacked + $156,110 additional borrowable against SUSDS
Fluid
$439.3 at-risk exposure = $439.3 bad debt if hacked + $0 additional borrowable against SUSDS
SparkLend
$630,903 at-risk exposure = $630,903 bad debt if hacked + $0 additional borrowable against SUSDS
Showing collateral exposure for SUSDS on onchain. Max Borrowable uses the backend's liquidity-bounded borrow-capacity metric (`collateralMaxBorrowUsdLiquidity`) for the maximum additional USD debt that can be issued against the asset right now. Bad Debt at $0 is the minimum known bad debt if the collateral asset price goes to zero; null rows are excluded from this total rather than treated as zero, so totals may remain lower bounds.
Each row is one protocol-chain exposure for SUSDS as collateral. Bad debt at $0 totals remain lower bounds when a row is marked partial.
Protocol | Chain | |||
|---|---|---|---|---|
sUSDS0xa3931d71877c0e7a3148cb7eb4463524fec27fbd | $8.43m | $73.25m | ||
sUSDS0xddb46999f8891663a8f2828d25298f70416d7610 | $457,381 | $3.98m | ||
sUSDS0xa3931d71877c0e7a3148cb7eb4463524fec27fbd | $156,110 | $174,221 | ||
sUSDS0xa3931d71877c0e7a3148cb7eb4463524fec27fbd | $0 | $424.57 | ||
sUSDS0x5875eee11cf8398102fdad704c9e96607675467a | $0 | $14.73 | ||
sUSDS0xa3931d71877c0e7a3148cb7eb4463524fec27fbd | $0 | $630,903 |
Risk-management actions published about SUSDS by tracked risk managers and governance contributors, newest first.
CRR of 3% applied to sUSDS lending market in Grove × Steakhouse RLUSD Morpho Vault V2 per Atlas guidelines and lending-market-model derivations. Supports onboarding as collateral against RLUSD with conservative risk parameters.
sUSDS deposits grew from $3.83B to $5.73B (+49.8% YTD), increasing market share from 19.6% to 37.0% amid overall stablecoin deposit decline; it had the smallest drawdown (-10.2%) during the April 18–20 Aave liquidation cascade.
Justin Sun-affiliated entities hold 25.3% of sUSDS supply, part of a $2.55B combined position across Sky products that grew +400% YTD to a peak of $2.76B, raising concentration risk concerns due to potential coordinated actions or volatility from these holders.
As part of handing over Euler Prime market to curator K3, sUSDS is being disabled as collateral amid the DAO's sunsetting of direct management due to structural misalignments with risk providers and operational conflicts.
Fluid sUSDS integrations are no longer in use, prompting rate limits for deposits and withdrawals to be set to zero on Ethereum, Arbitrum, and Base to reduce unnecessary capital allocation risks.
The sUSDS/USDT pool at 96.5% LLTV is being onboarded with unlimited absolute cap, as sUSDS is fully within the Sky ecosystem governance and Spark already has existential exposure to its solvency regardless of Morpho allocations.
The sUSDS/USDT market allows sUSDS deposits as collateral for USDT borrowing at 96.5% LLTV, supporting looping to boost sUSDS demand and integrating with the new USDT Savings Vault for enhanced liquidity.
sUSDS (and sDAI) is considered a candidate but structurally more complex than pure lending markets, with diversified collateral including digital assets, OTC lending, and Treasuries, adding credit and governance risks beyond a clean benchmark.
sUSDS supplies on Base ($2.3K) and Arbitrum ($7.4K and $10) are all below $100K, reflecting minimal demand and idle exposure.
sUSDS has extremely low supply of $26 on Euler Prime, leading to offboarding for low demand.
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Showing 10 of 35 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSUSDSFor LP | Maturity 26NOV2026 | $5.28m | 12.80% | 11.92% | 6.55% | |||||
| open in new tabSUSDSFor buying PT-sUSDS-26NOV2026 | $5.28m | 5.37% | 5.37% | 4.04% | |||||
| open in new tabFRXUSD-SUSDS | $1.9m | 4.81% | 3.56% | 3.48% | |||||
| open in new tabSCRVUSD-SUSDS | $1.26m | 4.85% | 3.01% | 5.13% | |||||
| open in new tabFRXUSD-SUSDS | $1.2m | 6.01% | 3.56% | 4.04% | |||||
| open in new tabFRXUSD-SUSDSCurve | $849,824 | 4.75% | 2.57% | 5.50% | |||||
| open in new tabUSD3-SUSDSCurve | $258,722 | 7.24% | 2.30% | 11.90% | |||||
| open in new tabUSD3-SUSDS | $207,680 | 6.70% | 1.77% | 11.83% | |||||
| open in new tabDOLA-SUSDS | $37,498 | 6.18% | 6.18% | 5.72% | |||||
| open in new tabPHUSD-SUSDS-XY=K | $33,516 | 4.42% | 4.42% | 2.36% |
Tracking 8 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSUSDS âžž CBBTC | $454,279 | -0.06% | 0% | -0.09% | 75% | $64,660 | $25 | ||
| open in new tabSUSDS âžž USDC | $347,301 | -2.39% | 0% | -3.18% | 75% | $64,660 | $25 | ||
| open in new tabSUSDS âžž WETH | $107,706 | -0.42% | 0% | -0.55% | 75% | $64,660 | $25 | ||
| open in new tabSUSDS âžž WEETH | $57,754 | -0.04% | 0% | -0.05% | 75% | $64,660 | $25 | ||
| open in new tabSUSDS âžž USDS | $47,803 | -2.31% | 0% | -3.08% | 75% | $64,660 | $25 | ||
| open in new tabSUSDS âžž WSTETH | $45,220 | 0% | 0% | -0.01% | 75% | $64,660 | $25 | ||
| open in new tabSUSDS âžž CBETH | $16,857 | 0% | 0% | 0% | 75% | $64,660 | $25 | ||
| open in new tabSUSDS âžž AERO | $13,603 | 0% | 0% | 0% | 75% | $64,660 | $25 |
