Upbit sUSD stablecoin is not stable anymore
Upbit offers sUSD stablecoin which has not been very stable lately. It has been unable to maintain its peg to 1 USD. There has been significant volatility in the associated token SNX.
Upbit has confirmed that Synthetix (SNX) has many shortcomings when considering the purpose, purpose, or function of virtual assets in accordance with the best practices for supporting virtual asset trading, and that there is a possibility of causing damage to users. Accordingly, Upbit has designated Synthetix (SNX) as a trading caution item to protect investors.
As a result, SNX deposits will be suspended starting from April 24 at 15:00 KST. SNX just took a hit with new restrictions tightening liquidity and spiking volatility—sentiment is split as bulls hype Infinex and protocol upgrades, while bears focus on sUSD depeg risks. Tap to expand for full context.
UpBit sUSD stablecoin is no longer stable 🤯https://t.co/ESAr7Iciyo#upbit $sUSD #bitcoin
— Authority Capital (@emphatic) April 24, 2025
Price action is weak: MACD shows clear bearish momentum, but CRSI at extreme lows hints at possible short-term bounce if sellers exhaust. When designated as a trading caution item, Upbit will generally conduct a detailed review of the digital asset to determine whether to extend, lift, or finally terminate trading support.