USX Stablecoin Stabilizes After Brief Depeg Triggered by DEX Sell Pressure
Solana stablecoin USX briefly depegged due to heavy sell pressure on DEXs before Solstice Finance restored liquidity support.Summary
The Solana-native stablecoin USX briefly traded below its $1 peg on decentralized exchanges like Orca and Raydium early Friday due to overwhelming sell pressure and thin liquidity, with reports showing it dipping as low as $0.10 on secondary markets before recovering to near $0.99.
Issuer Solstice Finance intervened by injecting liquidity around 04:30 UTC, stabilizing the price. The company confirmed that USX reserves remain overcollateralized, primary redemptions are unaffected, and 1:1 redemptions are still available to authorized institutional partners. Solstice is working to deepen secondary market liquidity to prevent future volatility.
The incident occurs amid broader concerns about stablecoin growth and financial stability risks, as noted by regulators like the Dutch central bank governor and reports from the IMF, which highlighted fragmented global oversight despite new regulatory frameworks like the US GENIUS Act.
(Source：Cointelegraph)