Synnax Stablecoin

Synnax turned Sei's own staking tokens into the collateral behind a dollar. Billed as the first Sei-backed stablecoin, its syUSD is minted through a collateralized-debt-position system: a user deposits yield-bearing assets like staked SEI, and the protocol lets them borrow syUSD against that value while the collateral keeps earning. Every token is over-collateralized, with the protocol enforcing a minimum system-wide backing ratio, and redemption happens onchain by repaying the debt to reclaim the deposit rather than through any issuer. The collateral does not sit idle; Synnax routes it into market-making and basis strategies to generate yield for holders who stake the token. It is a young, decentralized project native to Sei, and its soft peg depends on that collateral holding value and the protocol's ratios doing their job, the standard bargain of a crypto-backed stablecoin.