Usx Briefly Depegs On Solana Dexs Before Liquidity Support Restores...

The USX stablecoin briefly slipped below its dollar peg on Solana DEXs before recovering after its issuer injected liquidity into secondary markets.

USX, a Solana-native US dollar-pegged stablecoin, briefly traded below its peg on decentralized exchanges early Friday after heavy sell pressure overwhelmed available liquidity on Orca and Raydium, prompting issuer Solstice Finance to step in with liquidity support.

In an X post on Friday, PeckShieldAlert showed USX briefly trading as low as $0.10 in secondary markets before rebounding, a move attributed to isolated trades executed during a period of extremely thin liquidity.

Aggregated DEX data shows a less extreme move. A 15-minute USX/USD chart from GeckoTerminal’s Orca pool shows USX dipping to about $0.80, reflecting where most trading volume occurred, before recovering and stabilizing near $0.99 as liquidity returned.

Solstice said it began injecting liquidity about 04:30 UTC, after which prices rebounded toward the peg, adding that it would continue supporting secondary markets as needed. The company said USX’s reserves remained overcollateralized, that primary-market redemptions were unaffected and that it has requested a third-party attestation to verify its collateral.

The issuer said 1:1 redemptions remain available to institutional partners with permissioned access, and that it is working with partners to deepen secondary-market liquidity to reduce the impact of similar episodes in the future.

Solstice added that the volatility did not affect eUSX positions or its YieldVault products, and that trades executed during the episode are final, while buyers who purchased USX at lower prices are not required to return funds.

USX is a Solana-native, dollar-pegged stablecoin issued by Solstice Finance. It has a market cap of around $284 million, according to data from CoinMarketCap at the time of writing.

Related: From stablecoins to incumbents, VCs map crypto value in 2025

The global stablecoin market has expanded sharply since July, when the US passed the GENIUS Act to establish a regulatory framework for dollar-pegged tokens. While banks, payment companies and crypto-native companies have rushed to enter the market, critics warn that the rapid growth of stablecoins could also introduce new financial stability risks.

Source: CoinTelegraph