$SNX
Synthetix stablecoin sUSD continued to decline by 4.6% in the past 24 hours, with the price dropping to $0.916, and the decoupling has exceeded 8%. This price fluctuation has attracted widespread attention in the market, as sUSD, being a stablecoin, is expected to maintain a stable 1:1 relationship with the US dollar. However, recent market dynamics indicate a significant deviation in the price of sUSD.
The decoupling of sUSD may be related to changes in market liquidity. According to analysis, the asset ratio in the Curve DAI-USDC-USDT-sUSD Pool has become severely unbalanced, with sUSD's proportion in that pool reaching 75.21%. This imbalance in asset ratios may have led users to sell sUSD in large quantities through Curve, subsequently exchanging it for other stablecoins, which exacerbated the price decline of sUSD.
Additionally, recent policy changes on the Synthetix platform may also have impacted the price of sUSD. The platform implemented SIP-2059 at the end of April, a move that resulted in the abolition of non-sUSD spot synthetic assets on the Ethereum mainnet, forcing users to convert these assets into sUSD. This large-scale asset conversion increased the selling pressure on sUSD, which could be a factor contributing to its price decline.