Coinspeaker
14 hour ago
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Solana-Based USX Stablecoin Restored to $0.99 After Depeg Event

USX Stablecoin De-Peg Event on Solana Blockchain

  • USX, a stablecoin on the Solana blockchain, experienced a significant de-peg, dropping to $0.10.
  • The issue was attributed to liquidity drainage, causing sharp sell-offs on platforms like Orca and Raydium.
  • The team behind Solstice intervened, restoring the peg to $0.99 by injecting liquidity into secondary markets.
  • Solstice assured that USX remains overcollateralized and that custodial assets are secure.
  • An independent third-party attestation was suggested to verify reserves, emphasizing no collateral concerns.
  • The de-pegging led to a 500% increase in trading volume, reaching $17 million.
  • The crypto community expressed concerns about stability, drawing parallels with past stablecoin failures.

USX Stablecoin Depeg | Source: PeckShield Alert

Despite the volatility, Solstice maintained normal operations for 1:1 redemptions and highlighted that internal operations were unaffected.