Metronome Synth USD (MSUSD): What It Is, Uses and Risks

Metronome Synth USD, ticker MSUSD, is a synthetic dollar token tied to the Metronome Synth protocol. Synthetic here means the token is minted by a smart contract system and aims to track the value of one US dollar. It is not a claim on cash held in a bank account, and it is not issued by a traditional company holding reserves.

Public descriptions of Metronome Synth say the protocol lets users post a mix of crypto assets they already own as collateral and then create synthetic assets against them. MSUSD is the dollar-denominated one. Market data sites group it under stablecoins and synthetic dollars.

The data available for this page does not include an official project description, a launch date or details of the collateral rules. For exact mechanics such as collateral types, ratios and redemption paths, read the protocol's own documentation rather than relying on summaries. Treat any short explanation, including this one, as an overview and not a full specification.

The main use of MSUSD is as a dollar-like unit inside decentralized finance. Descriptions of the Metronome Synth protocol say synthetic assets minted there can be used for looped yield farming, and more generally for lending, farming and trading. Looped farming means repeatedly borrowing or minting against deposited assets to increase exposure, which also magnifies risk.

Because MSUSD aims to stay near one dollar, users and integrators may treat it as a quote asset or a place to park value between trades. Whether a given lending market, exchange pool or farm accepts MSUSD depends on that dApp's own listings, and those change over time.

The data here does not mention governance rights, fee sharing or any other function for the token beyond its role as a synthetic dollar. If you see claims of extra utility, check them against the protocol's documentation before relying on them.

As of 2026-11-05, about 51.4 million MSUSD were in circulation, and total supply was the same figure. No maximum supply is listed. That fits a minted-on-demand design: supply can rise when users mint and fall when they repay or burn, so the number is not fixed like a capped coin.

At the time of writing the market capitalization was about $43.9 million, with fully diluted value at the same level because circulating and total supply match. Trading volume over 24 hours was about $1.3 million, and the token ranked near 494 by market cap on the tracker used for this page.

There is no tokenomics schedule such as team allocations, vesting or emissions, so none is described here. For a synthetic stablecoin, the more useful questions are what backs each unit, how much collateral sits behind the supply, and what happens when collateral prices fall. Those answers come from protocol documentation and on-chain data, not from supply figures alone.

MSUSD is listed as issued on four networks: Ethereum, Base, Optimism and Plasma. The same ticker can therefore exist on several chains, and each version is a separate token contract. Before sending funds, confirm which network you are on and verify the contract address from the protocol's official documentation, since lookalike tokens are common.

In general terms, holding MSUSD works like holding any ERC-20 style token. You keep it in a self-custody wallet that supports the relevant network, and you pay gas fees in that chain's native asset. Trading usually happens through decentralized exchange pools or through the protocol's own interface, and some centralized platforms may list tokens like this as well, though availability varies.

Liquidity is a practical concern. With daily volume around $1.3 million at the time of writing, larger trades may move the price noticeably, and liquidity can differ widely between chains. Check pool depth and slippage before swapping any meaningful amount.

MSUSD has had a rough record against its dollar target. As of 2026-11-05 the price was about $0.85, roughly 15 percent under one dollar, and it was down about 14 percent over the previous year. A token that works as intended would normally sit close to $1, so this gap is notable.

The tracker also lists an all-time low of about $0.43 on 2025-10-08 and an all-time high of about $3.43 on 2025-10-16. Swings of that size in a dollar-pegged asset usually reflect stress or thin liquidity at specific moments, and they can also reflect data quirks on illiquid pairs, so treat the extremes with caution.

A news report dated 2026-07-31 said a security monitoring service had observed msUSD trading about 11 percent below its peg on Ethereum. The data here does not explain the cause, and this page does not offer one. The pattern across these figures is that the peg has been unreliable, and anyone considering the token should look at recent depeg events and how the protocol responded.

The main risk is loss of the peg. Synthetic dollars depend on collateral value, protocol rules and market confidence, and if any of those weaken the token can trade well below one dollar for long periods. Recent price data shows this has already happened.

Other risks apply as well:

• Smart contract risk: bugs or exploits in minting, collateral or bridging contracts can cause losses.
• Collateral risk: if the assets backing the system fall sharply in value, the system may struggle to remain solvent.
• Liquidity risk: modest volume means exiting a position can be costly, especially on smaller chains.
• Leverage risk: looped farming strategies can amplify losses and trigger liquidations.
• Multi-chain confusion: several networks and contracts raise the chance of sending funds to the wrong place.

This page is informational and does not give investment advice or price predictions. Never put in more than you can afford to lose, and do your own research on the current state of the protocol.

Store MSUSD the way you would any on-chain token, with extra attention to the peg. For anything beyond small amounts, a hardware wallet paired with a reputable wallet app keeps your private keys offline. Write down your recovery phrase on paper, keep it somewhere private and never type it into a website or share it with anyone.

Some practical habits help:

• Confirm the network and contract address from official documentation before receiving or sending tokens.
• Send a small test transaction first when moving funds to a new address or chain.
• Review and revoke old token approvals that you no longer need, since unlimited approvals to dApps can be abused.
• Be wary of direct messages, airdrop claims and support impersonators, which are common after any depeg news.

Keep in mind that safe storage protects against theft, not against the token losing value. A secure wallet cannot fix a broken peg, so holding size should reflect the risk described above.