Solana-based Decentralized Finance (Defi) Protocol Solstice Finance has officially launched its USX Stablecoin and Yieldvault.
USX is fully supported 1: 1 by stable collateral, with real -time proof of reserves via the decentralized chain link Oracle Network. With the Yieldvault program, USX holders can gain access to Delta-Neutal, Institutional return by locking their tokens in the protocol. Participants then receive Eusx, which represents their share in the underlying assets of the fund.
The launch underlines a growing trend of projects that build on Solana for returns on the chain, composability and fast, cheap transactions. It also reflects the constant competition in the Stablecoin space.
“Legacy Stablecoins maintain the majority of market share, but no leading Stablecoin was born native on Solana, and there are currently no dominant yield-native stablecoins in the ecosystem,” said Ben Nadareski, CEO and co-founder of Solstice. “We often see stables being bridged for other chains for the best yield-that is a stable TVL that leaves our ecosystem to try to earn elsewhere.”
Nadareski added that Solstice USX built to tackle this market gap by offering a stablecoin that “maintains all frictionless transaction benefits and at the same time gives access to institutional quality revenues that are native to the protocol.”
The Stablecoin sector currently has a market capitalization of almost $ 297 billion, an increase of $ 90 billion from the start of the year. Tether’s USDT is currently maintaining a market share of 59% with a market capitalization of $ 174 billion.
Solstice also revealed that it is planning to release SLX, a native utility token, distributed by a community-oriented model. The launch of the protocol is supported by liquidity and capital of investors, including Galaxy Digital, MEV Capital, Bitcoin Suisse, Susquehanna Crypto, Auros and Deus x Capital.
“Solstice Labs now works with more than 30 partners in the ecosystem for integration with a only focus on the Solana Ecosystem,” Nadareski continued. “With the incredible support of the Solana Foundation, we are delighted to finally have USX live and on the market, so that the best in the class is brought for everyone.”
