Synthetix retires sUSD stablecoin, compensates holders with locked SNX tokens at 4:1 ratio

Synthetix governance has voted to retire its depegged stablecoin sUSD, converting holders' balances into SNX tokens at a 4:1 ratio, effectively valuing SNX at $0.25. The new SNX tokens will be locked for one year and then vest over another year. This move is part of Synthetix's strategic shift away from synthetic assets toward perpetual futures trading. The proposal also revises legacy debt management and aims to restore the peg by the end of Q2 2026. For investors, this means sUSD holders get SNX tokens with a lock-up period, while existing SNX holders face dilution but potentially benefit from a cleaner protocol focus.