Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
Its one stablecoin
Share of total stablecoin supply
#24 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #76 of 98 issuers
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded / domicile
KY · George Town
Solstice issues USX, a Solana-native synthetic stablecoin backed by audited cash, tokenized Treasuries and delta-neutral hedged positions, paired with a YieldVault that generates delta-neutral yield for holders.
Who stands behind USX
Solstice is an onchain yield protocol on Solana, and USX is the base asset for its yield products. The USX terms are a contract with Solstice Foundation, governed by the laws of the British Virgin Islands. The same terms state that Solstice Foundation is not currently licensed by any regulatory authority.
The protocol is developed by Solstice Labs AG, a Swiss company based in Zug, and Solstice is a Deus X company. The backer is Deus X Capital. Its CEO, Tim Grant, is Solstice's co-founder and chairman. Ben Nadareski is co-founder and CEO.
How it differs
Only KYC-approved institutional partners mint and redeem USX directly. Other users reach it through the Solstice app or Solana DEXs such as Raydium and Orca. Users without KYC can stake USX into eUSX, Solstice's YieldVault token. The terms exclude retail users and persons in the United States. Persons in the EEA or UK are excluded where access would need a licence.
Sources: Solstice docs: Terms and Conditions (Solstice Foundation, BVI law, licensing statement, restricted persons, non-KYC eUSX staking), Solstice docs: Executive team (Tim Grant, Ben Nadareski), Solstice MiCA white paper, Part D (Solstice Labs AG, development company, registered address Zug, Switzerland), Solstice website (Deus X company, backed by Deus X Capital), Solstice docs: USX (minting and redemption for KYC partners, app and DEX access)
USX is Solstice Labs's only stablecoin.
USX's supply, counted once across its chains.
Supply of every coin Solstice Labs issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
$201.4M
Read on 1 chain, in the total
Solana100%$201.4MUSX's typical daily move over the last 90 days was 2.5 bps.
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | 90d | Largest |
|---|---|---|
| 2.5 bps | −30 bps (−0.30%) |
Lending-market supply of Solstice Labs's stablecoin. Yield pools live on the stablecoin's own page.
Lower bound: the balance of every Solstice Labs coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Solstice Labs issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
At least one Solstice Labs coin has no DIA price on file, so part of this figure is converted using an aggregated market data price instead of DIA's own read.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$7.2M
supplied to 2 lending markets on 2 protocols
59%
Borrowed
share of supplied stablecoins now on loan
1.32%
Average supply APY
weighted by the balance in each market
99.9%$7.2MSolanaUSX$7.2M1.32%59%<1%$5KSolanaUSX$5KSolanain 2 lending markets100%$7.2MEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
3.6%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.2%)
What Solstice publishes
Solstice's docs describe the USX reserve as audited cash, tokenized Treasuries and delta-neutral hedged positions in major digital assets. The website states collateralization at 100% or more. Accountable verifies USX collateral weekly through its Proof of Solvency product. The docs say it covers assets and liabilities across wallets, custodians, banks and internal accounts, assessed at the entity level. A portion of the collateral moves to the custodians Copper and Ceffu for off-exchange settlement. The website says financial statements are reviewed by Richie May. Halborn audited the USX program in March 2025 and the staking and rewarder programs in December 2025. Those are code audits.
What it leaves out
The docs state the Proof of Solvency is "not a guarantee of value or redemption liquidity".
Sources: Solstice docs: Attestations and Proof of Solvency, Solstice docs: USX (reserve description, custodians), Solstice docs: Audits (Halborn), Solstice Finance website (collateralization, Richie May review)
Solstice issues one stablecoin: USX, a US dollar stablecoin that runs only on Solana. Accountable's dashboard reported about 214.8 million USX in circulation on 30 September 2026.
Institutional partners mint USX by depositing USDC, USDG or USDT. They redeem mainly for USDG. Solstice's docs say minting and redemption carry no spread. Supply is demand-driven, with no emissions and no governance.
The YieldVault tokens built on top of USX, such as eUSX, are Solstice products for yield.
Sources: Solstice docs: USX (mint and redeem, collateral assets, supply model), Solstice Proof of Solvency dashboard, generated by Accountable Software (USX in circulation)
Summed by recorded day (daily for the last year, weekly before that). This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated