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Solstice: USX's de-pegging on the Solana chain is a secondary market liquidity issue, and custodial assets are unaffected.
CoinVoice has learned that the stablecoin USX on the Solana chain experienced a severe fluctuation in the secondary market, once decoupling and dropping to $0.1, suspected to be caused by liquidity exhaustion.
The Solstice team responded that the de-pegging of USX on the Solana chain is a secondary market liquidity issue. The team and market makers are addressing the problem and injecting liquidity into the secondary market to ensure market stability. “The net asset value of USX’s underlying assets and the assets held in Solstice custody are completely unaffected, and the collateralization ratio is over 100%. We have already requested a third-party to immediately issue a supplementary certification report, which will be published as soon as it is completed.”
The team emphasized that this is purely a secondary market liquidity issue. Liquidity has been injected to restore stability, and the price has now risen back to $0.94. Primary market 1:1 redemptions are operating normally.