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USX Stablecoin on Solana Recovers After Brief Drop to $0.10

USX Stablecoin on Solana Recovers After Brief Drop to $0.10

Solstice states that liquidity injection has restored USX’s collateralization above 100%, with eUSX and YieldVault unaffected by the Solana market depeg.

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Summary

Solstice issued an official update confirming USX’s recovery from its recent Solana market depeg following a liquidity injection. Collateralization remains above 100%, ensuring the stablecoin’s backing. The update clarified that USX is neither algorithmic nor rebasing, and related products eUSX and YieldVault were unaffected. Sell pressure on Orca and Raydium exceeded available liquidity during the event. A third-party certification report has been requested to verify collateral sufficiency.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to maintain a stable value by pegging it to a reserve asset such as USD.
  • Collateralization: The process of backing a financial instrument with assets to secure its value.
  • Liquidity injection: The act of adding funds or assets to a market or system to improve liquidity and stabilize prices.