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
<0.1% of USD stablecoin supply · 24th of 70 USD stablecoins with supply
Chains
51st of 70 USD stablecoins read on chain · median 2
Holders on Solana
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Kamino Lend · 1.32% base, 0% rewards
USX is a USD stablecoin issued by Solstice Labs.
What USX is
USX is a synthetic dollar on Solana. Solstice issues it against a reserve of cash, tokenized Treasuries and delta-neutral hedged positions, and targets a collateralization ratio above 100% at all times. All of its supply sits on Solana. The token is designed to track the U.S. dollar and carries no yield and no governance rights.
How it is created
Minting is permissioned. KYC'd institutional partners deposit USDC, USDG or USDT into the USX Program and redeem USX for USDG. Everyone else swaps in and out on the Solstice app, on Raydium or on Orca. Deposited into Solstice's YieldVault, USX returns eUSX, and the yield accrues there. Solstice's USX page states the token is live across more than 50 Solana protocols, including lending markets and DEX liquidity pools.
Sources: Solstice docs, USX token page (design, minting, redemption, custody flow), Solstice, USX product page (integrations, collateral description), Solstice docs, Introduction (USX and YieldVault primitives)
201.6M USX in circulation, all on Solana. That is <0.1% of the USD stablecoin supply on the map, 24th largest of 70.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across USX’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
201.6M USX
<0.1% of all USD stablecoin supply, #24 of 70
All supply on Solana
Solana201.6M USX · 100.0%Supply growth
Counted on Solana. Includes contracts and issuer treasuries. Shares are of the whole supply on Solana. This source serves no addresses, so nothing is left out.
Source: Solana RPC.
9,256holders on Solana
| USX | |
|---|---|
| Top holder | 19.3% |
| Top 10 | 74.4% |
| Top 50 | 99.7% |
| Top 100 | 99.8% |
Includes contracts and issuer treasuries. Shares are of the whole supply on Solana. This source serves no addresses, so nothing is left out.
USX's typical daily move over the last 90 days was 2.5 bps, steadier than 56 of 66 other USD stablecoins.
By default USX sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much USX's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
2.5 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, USX's daily swings around $1 were smaller than those of 56 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| No price today | 3.2 bps | 2.5 bps | −30 bps (−0.30%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Where USX is supplied in DeFi lending markets, what it earns there and the DEX pools it trades in.
At least this much USX is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed USX again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of USX, or pinned at full utilisation with runaway interest is left out.
DIA has no price snapshot on file for USX, so balances are converted using an aggregated market data price instead of DIA's own read.
Both figures are averages across markets, weighted by how much USX each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare USX with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$7.2M3.6% of supply
supplied to 2 lending markets on 2 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
59%
Borrowed
share of supplied USX now on loan
1.32%
Average supply APY
weighted by USX balance in each market
By protocol
99.9%$7.2MSolanaUSX$7.2M1.32%59%<1%$5KSolanaUSX$5KUSX in lending markets, by chain, largest first. The bar is each chain's share of USX's lending balance.
Solanain 2 lending markets100%$7.2MAmong 41 USD stablecoins in lending markets
Top 5 USX pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
1.32% | 1.65% | OrganicStable | Solana | +0.00% | $7.2M | Lending | ||
0.01% | 0.17% | LP fees · IL riskVolatile | Solana | +0.00% | $3.0M | LP | ||
0.07% | 0.26% | LP fees · IL riskVolatile | Solana | +0.00% | $536.9K | LP | ||
0.09% | 0.36% | LP fees · IL riskVolatile | Solana | +0.00% | $459.7K | LP | ||
1.32% | 1.34% | OrganicStable | Solana | +0.00% | $11.7K | Lending |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
USX in pool is USX's own side of the pool, at its USD price. Pool liquidity counts both sides.
$24.2M of USX sits in 5 DEX pools across 2 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼USX in pool | 24h volume |
|---|---|---|---|---|---|
| USX / USDC | Solana | $19.5M | $16.7M | $8.9K | |
| USX / USDC | Solana | $5.3M | $5.3M | $288 | |
| USDG / USX | Solana | $3.0M | $1.4M | $18.6K | |
| eUSX / USX | Solana | $460.1K | $442.8K | $6.5K | |
| eUSX / USX | Solana | $536.8K | $411.7K | $6.2K |
USX is designed to be backed by crypto hedged with derivative shorts.
What Accountable verifies
USX collateral is verified weekly by Accountable, which publishes a live Proof of Solvency dashboard. Accountable pulls balances, positions and liabilities from primary on-chain and off-chain sources and publishes an attestation confirming collateralization and delta-neutrality. Solstice states it cannot modify or selectively report the data shown. In the most recent snapshot, dated 30 September 2026, the dashboard reported about 216.3 million in reserves against about 214.8 million USX outstanding, a collateral ratio of about 100.7%.
The dashboard's timeline holds 39 snapshots, the first dated 6 January 2026 and the most recent 30 September 2026. Every snapshot is marked overcollateralized and delta neutral.
What it leaves out
The dashboard publishes totals only, with no breakdown by asset, custodian or venue. The docs say USX may be issued against any asset or financial claim held by USX Ltd or a Solstice-managed entity that Accountable can verify.
Halborn audited the USX Solana program on 27 March 2025, the staking program on 1 December 2025 and the rewarder on 8 December 2025. All three are code audits, published in full. Solstice's homepage says financial statements are independently reviewed by Richie May. No such review appears on the docs site.
Sources: Solstice Proof of Solvency dashboard, generated by Accountable Software (supply, reserves, collateral ratio, 39 snapshot periods), Solstice docs, Proof of Solvency (weekly verification, eligible collateral, USX Ltd perimeter), Solstice docs, Audits (Halborn reports, scopes and dates), Solstice homepage FAQ (financial-statement review claim)
Solana6FrrzDk5mQ…CD6p3tgGfreezeAuthoritymintAuthorityRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can freeze · mint
Who licenses USX's issuer and how its reserves are reported.
Solstice's terms are governed by the laws of the British Virgin Islands. The risk disclosure inside them says Solstice Foundation "is not currently licensed by any regulatory authority".
The same document lists the United States among its Restricted Jurisdictions, and defines Restricted Persons to include any Retail User and anyone in the EEA or United Kingdom where access would require authorization, registration or licensing. Solstice tokens are not registered under the U.S. Securities Act of 1933 and are not offered or sold to U.S. Persons.
The Solstice homepage offers institutions a "MiCA-compliant framework". The MiCA white paper on ESMA's register for Solstice covers the SLX token and was filed by SLX Ltd through the Central Bank of Ireland.
Sources: Solstice docs, Terms and Conditions and Risk Disclosure Statement (governing law, licensing status, restricted persons and jurisdictions), Solstice homepage (institutional offering, MiCA-compliant framework wording), ESMA interim MiCA register, white papers for other crypto-assets (SLX Ltd, SLX token), Solstice MiCA white paper (SLX token)
Redemption is permissioned
Only whitelisted accounts mint and redeem at the USX Program. Every other holder exits through Solana DEX pools, so their exit price depends on pool depth. Solstice's risk disclosures list liquidity constraints during market stress and mass redemptions delaying withdrawals.
The hedge and the custodians
Yield comes from funding-rate arbitrage, hedged staking, tokenized T-bills and allocations to institutional counterparties. Solstice states that perfect hedge effectiveness cannot be guaranteed during extreme volatility, illiquid conditions or operational disruptions, and that unrealized PnL on hedged positions may temporarily show a ratio below target. Collateral moves to Copper and Ceffu for off-exchange settlement, named in the risk disclosures as counterparty dependencies insurance may not fully cover.
Two accounts of the same program
The USX page on solstice.finance calls the USX Program non-upgradeable and names Chainlink as its pricing source. The builder documentation says program upgrade authority is held by a multi-sig wallet, and describes a Solstice Oracle that aggregates CEX and DEX prices off-chain and validates them against Pyth.
Sources: Solstice docs, Risk Disclosures (strategy, counterparty, custody and liquidity risks), Solstice docs, Smart Contracts (program architecture, oracle design, multi-sig upgrade authority), Solstice docs, Yield Sources (delta-neutral engines behind the reserve), Solstice, USX product page (non-upgradeable and Chainlink pricing claims)
Solstice says USX is backed by a reserve of cash, tokenized Treasuries and delta-neutral hedged positions, held by USX Ltd or a Solstice-managed entity. Accountable's Proof of Solvency dashboard publishes reserve and supply totals, with no breakdown by asset, custodian or venue.
Accountable verifies USX collateral weekly and publishes a live Proof of Solvency dashboard with 39 snapshot periods running from 6 January 2026 to 30 September 2026. Halborn audited three USX Solana programs in 2025. Those are code audits, and no financial-statement audit of the reserve is published on the docs site.
No. Only KYC'd institutional partners mint at the USX Program and redeem for USDG. Every other holder buys and sells USX on Solana DEXs such as Raydium and Orca.
Solstice's terms are governed by British Virgin Islands law and state that Solstice Foundation is not currently licensed by any regulatory authority. The United States is listed as a Restricted Jurisdiction and Solstice tokens are not offered or sold to U.S. Persons.
Source: DIA onchain reads Updated
Source: Solana RPC, Solana Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it. The axis spans -40 bps to +40 bps, set by the middle 98% of the closes in view, so one outlier does not flatten the rest. 1 close sits beyond it, drawn on the edge with a triangle. The tooltip shows the true value.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
Source: DeFiLlama and CoinGecko prices Updated