Solana-based Synthetic Stablecoin USX Depegs; Is It a UST 2.0?

• The Solstice USX temporarily lost its peg from USDC on the secondary markets.
• The Solstice team stepped up to inject fresh liquidity to stabilize the USX token.
• The attack on USX is a stern reminder of the risks of engaging with synthetics in DeFi lending and borrowing.

Solana (SOL) based synthetic stablecoin Solstice USX (USX) temporarily depegged on Christmas Day 2025. The small-cap stablecoin with a fully diluted valuation of about $283 million dropped to as low as $0.1, a temporary crash that ended almost immediately after the Solstice team stepped in to intervene.

Solstice USX Attack: A Headwind for Solana DeFi Growth?

Secondary Market Liquidity Issue Addressed 

According to the Solstice team, the USX stablecoin depeg was primarily caused by volatility in secondary liquidity rather than internal function errors. Moreover, the team stated tha…

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