24h Change+0.0081%
All Time HighMar 19, 2026$1.11
All Time LowJan 4, 2025$0.96
Market Cap$5.885b
Fully Diluted Valuation$5.885b
Circ. Supply5.348b SUSDS
CEX Volume$0
DEX Volume$2.99m
How much debt can be issued against SUSDS as collateral across lending protocols.
Maximum possible exposure to SUSDS
$71.36m
$9.75m (max additional borrows against SUSDS) + $61.61m (bad debt if SUSDS was hacked now)
Morpho V1
$70.4m at-risk exposure = $60.82m bad debt if hacked + $9.58m additional borrowable against SUSDS
Compound V3
$336,168 at-risk exposure = $165,074 bad debt if hacked + $171,093 additional borrowable against SUSDS
Fluid
$440.1 at-risk exposure = $440.1 bad debt if hacked + $0 additional borrowable against SUSDS
SparkLend
$623,016 at-risk exposure = $623,016 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 | $9.26m | $59m | ||
sUSDS0xddb46999f8891663a8f2828d25298f70416d7610 | $318,584 | $1.82m | ||
sUSDS0xa3931d71877c0e7a3148cb7eb4463524fec27fbd | $171,093 | $165,074 | ||
sUSDS0xa3931d71877c0e7a3148cb7eb4463524fec27fbd | $0 | $425.36 | ||
sUSDS0x5875eee11cf8398102fdad704c9e96607675467a | $0 | $14.75 | ||
sUSDS0xa3931d71877c0e7a3148cb7eb4463524fec27fbd | $0 | $623,016 |
Risk-management actions published about SUSDS by tracked risk managers and governance contributors, newest first.
Excess sUSDS liquidity on Unichain, OP Mainnet, and Base is being withdrawn back to Ethereum mainnet. This liquidity is no longer needed to meet user demand, and removing it reduces the protocol's exposure to chain-specific risks.
Excess pre-minted liquidity on several L2s (Unichain, OP, Base) is being withdrawn to Ethereum mainnet. This liquidity is no longer needed to meet user demand and its removal reduces the protocol's risk exposure on those chains.
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.
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Showing 10 of 35 pools
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSUSDSFor buying PT-sUSDS-26NOV2026 | $5.97m | 4.99% | 4.99% | 4.82% | |||||
| open in new tabSUSDSFor LP | Maturity 26NOV2026 | $5.97m | 4.49% | 3.98% | 6.94% | |||||
| open in new tabDOLA-SUSDS | $5.56m | 4.35% | 0.74% | 4.41% | |||||
| open in new tabFRXUSD-SUSDS | $1.33m | 4.99% | 3.16% | 5.15% | |||||
| open in new tabFRXUSD-SUSDSCurve | $952,070 | 4.34% | 2.54% | 5.18% | |||||
| open in new tabDOLA-SUSDS | $458,338 | 5.79% | 5.79% | 6.40% | |||||
| open in new tabUSD3-SUSDS | $265,830 | 6.01% | 1.96% | 5.82% | |||||
| open in new tabUSD3-SUSDSCurve | $196,176 | 6.85% | 1.85% | 8.24% | |||||
| open in new tabSUSDE-SUSDS | $102,829 | 5.17% | 5.17% | 4.04% | |||||
| open in new tabUSD3-SUSDS | $67,305 | 17.28% | 1.81% | 11.31% |
Tracking 8 routes
Pool | Project | Chain | |||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabSUSDS âžž CBBTC | $404,058 | -0.05% | 0% | -0.07% | 75% | $69,822 | $24 | ||
| open in new tabSUSDS âžž USDC | $379,871 | -2.20% | 0% | -2.93% | 75% | $69,822 | $24 | ||
| open in new tabSUSDS âžž WETH | $89,864 | -0.58% | 0% | -0.78% | 75% | $69,822 | $24 | ||
| open in new tabSUSDS âžž USDS | $62,111 | -1.88% | 0% | -2.51% | 75% | $69,822 | $24 | ||
| open in new tabSUSDS âžž WEETH | $52,398 | -0.02% | 0% | -0.02% | 75% | $69,822 | $24 | ||
| open in new tabSUSDS âžž WSTETH | $41,015 | 0% | 0% | -0.01% | 75% | $69,822 | $24 | ||
| open in new tabSUSDS âžž AERO | $18,124 | 0% | 0% | 0% | 75% | $69,822 | $24 | ||
| open in new tabSUSDS âžž CBETH | $16,904 | < 0.0001% | 0% | 0% | 75% | $69,822 | $24 |
