The new Solana-based stablecoin offers permissionless access to delta-neutral yield strategies.
Solana-based decentralized finance (DeFi) protocol Solstice Finance has officially launched its USX stablecoin and YieldVault.
USX is fully backed 1:1 by stable collateral, with real-time proof of reserves via the decentralized Chainlink oracle network. The YieldVault program allows USX holders to access delta-neutral, institutional-grade returns by locking their tokens in the protocol. Participants then receive eUSX, which represents their share of the fund’s underlying assets.
The launch underscores a growing trend of projects building on Solana for on-chain yield, composability, and fast, low-cost transactions. It also reflects the ongoing competition in the stablecoin space.
“Legacy stablecoins maintain majority market share, yet not a single leading stablecoin was born natively on Solana, and no dominant yield-native stablecoins currently exist in the ecosystem,” said Ben Nadareski, CEO and co-founder of Solstice. “We see stables often being bridged to other chains for best-in-class yield – that’s stable TVL leaving our ecosystem to try and earn elsewhere.”
Nadareski added that Solstice built USX to address this market gap by providing a stablecoin that “maintains all of the frictionless transaction benefits while giving access to institutional-grade yields that are native to the protocol.”
The stablecoin sector currently boasts a market capitalization of nearly $297 billion, up by $90 billion from the start of the year. Tether’s USDT currently maintains a 59% market share with a market capitalization of $174 billion.
Solstice also revealed that it plans to release SLX, a native utility token, distributed through a community-focused model. The protocol’s launch is supported by liquidity and capital from investors including Galaxy Digital, MEV Capital, Bitcoin Suisse, Susquehanna Crypto, Auros, and Deus X Capital.
“Solstice Labs is now working with over 30 partners in the ecosystem for integration with a sole focus on the Solana ecosystem,” Nadareski continued. “With the incredible support of the Solana Foundation, we’re excited to finally have USX live and in the market, bringing the best-in-class yield to everyone.”
Source: https://thedefiant.io/news/defi/solstice-finance-launches-usx-stablecoin-and-yieldvault
