Solstice Partners with Chainlink, Ceffu for USX Stablecoin Launch on Solana
Solstice Finance, a DeFi protocol on the Solana network, has announced partnerships with Chainlink, Ceffu, and Copper in preparation for the launch of USX, a new stablecoin.
- Solstice will integrate Chainlink's Cross-Chain Interoperability Protocol (CCIP) to facilitate secure transfers of USX across multiple blockchains.
- The use of Chainlink's Proof of Reserve service will ensure ongoing verification of assets backing the stablecoin.
- Partnerships with custody firms Ceffu and Copper aim to offer enhanced security for institutional clients through off-exchange settlement, minimizing counterparty risk.
- Arcanum is advising on the token's economic framework to align with professional trading standards.
- USX will be a synthetic stablecoin pegged to the US dollar, collateralized by stablecoins like USDC and USDT, and will feature a "YieldVault" for potential returns via trading strategies.
- This development is significant for Solana, reflecting increased institutional interest in its ecosystem.