「Antique Stablecoin」 Depegs Overnight, Evaporating $18 Million: Can Synthetix’s sUSD Still Buy the Dip?

By: blockbeats|2025/04/10 17:00:02

The crypto world is ever-changing, and the "stability" of stablecoins often faces many challenges. On April 10, the stablecoin sUSD in the Synthetix ecosystem experienced a significant deviation from its peg, with the lowest price dropping to $0.834 and currently trading at $0.860, deviating approximately 8% from its $1 anchor. This swift fluctuation quickly sparked community discussions, with many expressing concerns that this could signal a new stablecoin crisis.

「Antique Stablecoin」 Depegs Overnight, Evaporating src=

Mechanism Upgrade Leads to Short-Term Deviation

Following the event, Synthetix founder Kain Warwick explained the incident via X platform and disclosed that he had sold 90% of his ETH holdings, increasing his SNX position. Warwick stated that the sUSD deviation was not a sign of systemic crisis but rather a temporary "side effect" caused by a crucial mechanism upgrade in Synthetix.

This should be the second deviation event in sUSD history. The last time was on May 17, 2024, although the reasons were different. According to the blockchain security firm Chaos Labs, last year's deviation was mainly due to a large sBTC/wBTC liquidity provider suddenly withdrawing funds, redeeming sUSD through Synthetix's spot synthetic redemption mechanism, and causing a massive sell-off in the related Curve liquidity pool.

For a long time, sUSD's peg relied on a complex debt management mechanism: users collateralize the native token SNX to mint sUSD, and the system maintains its 1:1 peg to the dollar through high collateralization ratios and debt adjustments. With the adjustment of Synthetix's strategic direction, this old mechanism has been gradually removed, replaced by a more efficient, decentralized new system—the "420 Pool" under the SIP 420 proposal. The transition from the old to the new mechanism inevitably brought transitional pains, and the short-term deviation of sUSD is a manifestation of this process.

Specifically, under the old mechanism, when the sUSD price dropped below $1, collateralizers could profit by buying back sUSD at a discount and burning debt, naturally driving the price back up. However, with the abandonment of the old mechanism and the new mechanism not yet fully in place, the excess sUSD liquidity in the market temporarily lost effective regulatory means, putting pressure on the price. Warwick emphasized that this volatility is only temporary, and once the new debt management system is fully deployed, the long-term stability of sUSD will be significantly improved. Warwick reiterated the nature of sUSD as a collateralized stablecoin whose value is supported by assets such as SNX, rather than relying on a complex algorithm to adjust supply and demand, fundamentally different from the algorithmic stablecoins that once collapsed.

For SNX holders and sUSD users, the team has also developed a detailed plan for the transition period. The Synthetix team further elaborated on the contingency measures through Discord, including strengthening incentives for the Curve liquidity pool in the short term, extending support for Infinex deposit activity, and building a long-term price support system for sUSD.

Attention on "Ancient Stablecoin" Unpegging, What Has Synthetix Been Up to Lately?

To further understand the current situation of sUSD, let's first review the development history of stablecoins. The origin of stablecoins can be traced back to 2014, a year that witnessed the birth of the first stablecoins: Tether's USDT, BitShares' bitUSD, and Nubits. Although bitUSD and Nubits did not stand the test of time and gradually faded into history, USDT has survived to this day due to its first-mover advantage and strong market adaptability, becoming the world's largest stablecoin by trading volume. The success of USDT has not been without challenges, as its price experienced a significant decoupling in 2017. However, to this day, USDT still holds the top position in the stablecoin market.

2018 was another pivotal year in the development of stablecoins. DeFi emerged, giving rise to several iconic stablecoins. MakerDAO's DAI, Synthetix's sUSD, and Terra's UST made their debut. Meanwhile, the CeFi sector witnessed a second wave of stablecoin craze, including Circle's USDC, TrueUSD (TUSD), Gemini's GUSD, and Paxos' PAX. These projects each had their own characteristics: DAI achieved decentralized anchoring through overcollateralized ETH, sUSD supported a synthetic asset ecosystem with a high collateralization rate through SNX, and USDC boasted a redeemable fiat reserve as its selling point. In this history, different types of stablecoins gradually diverged into two main paths: collateralized and algorithmic. Collateralized stablecoins are backed by real-world assets for higher stability but are susceptible to fluctuations in collateral prices. On the other hand, algorithmic stablecoins adjust supply and demand through smart contracts to maintain peg, theoretically offering greater capital efficiency but are prone to losing control during market volatility.

In 2021, DeFi projects widely recognized the strategic value of proprietary stablecoins, and many protocols began to vigorously develop stablecoin ecosystems. However, Synthetix chose to gradually marginalize sUSD, a decision that is undoubtedly a significant mistake in today's context. The SIP 420 proposal passed in early 2025 brought new opportunities for sUSD. The new mechanism introduced a collective pool model, reduced the collateralization ratio to 200%, and planned to forgive $62 million in historical debt over 12 months, significantly improving capital efficiency and system security. With the old debt destruction mechanism obsolete and the new stable module not yet fully in place, the current unpegging is a result of the transitional period.

Looking around, the competition in the stablecoin space remains fierce. Although sUSD is still the third oldest stablecoin in the cryptocurrency realm, albeit not as prominent as before, its longevity (i.e., Lindy effect) has endowed it with unique resilience. The current mechanism adjustment may just be another upgrade on its evolutionary path.

In the short term, the price of sUSD may continue to fluctuate within a 5-10% discount range, but with ample reserves in its treasury, the likelihood of a complete collapse is low. In the long run, with the implementation of a new mechanism, sUSD is expected to regain its footing in the Synthetix ecosystem. The history of stablecoins tells us that the real strong ones are often survivors who constantly adjust amidst the storms.

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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