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Issued by Solstice Labs
Market cap
DeFiLlama estimate
DIA price
Total supply
Holders
238.0M USX
14,544holders
Measured on Solana. Shares are of the Solana supply, not the multi-chain total.
-12.0M USXsince Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in USX's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
DIA price
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Peg deviation
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Peg currency
USD
Primary use
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Last snapshot
Fri, Sep 4 UTC
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. Supply stands at about 506.4 million USX, all of it 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)
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. Read on 19 August 2026, the dashboard reported about 508.5 million in reserves against about 506.3 million USX outstanding, a collateral ratio of 100.44%.
The period table holds 32 snapshots, the first dated 6 January 2026 and the most recent 13 August 2026. Each row records two binary results: overcollateralized yes, delta neutral yes.
What it leaves out
No reserve composition is published. There is no breakdown by asset, custodian or venue, and no per-period collateral figure. 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, 32 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 (audit and financial-statement review claims)
USX broke its peg on 26 December 2025. Sell pressure in secondary markets around 01:45 UTC took the price as low as $0.78. Solstice team members injected liquidity into USX pairs from about 04:30 UTC and the peg recovered. Solstice published a post-mortem reiterating that redemption is permissioned and available only to KYC'd institutional partners, a point many holders reported not knowing beforehand.
The structure explains the depth of the wick. Retail holders cannot arbitrage a discount by redeeming at par. They can only sell into Solana DEX liquidity, so secondary price depends on that liquidity rather than on the collateral ratio.
Sources: SolanaFloor report on the 26 December 2025 USX depeg, Solstice docs, permissioned minting and redemption
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". No licence or registration number appears in any Solstice document read for this page.
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)
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)
What the map reads
The Global Stablecoin Map tracks USX on Solana only, at the mint 6FrrzDk5mQARGc1TDYoyVnSyRdds1t4PbtohCD6p3tgG. Solstice's documentation lists no other chain, so that is the full footprint. The map records about 506.4 million USX outstanding and about 14,700 holders, against the more than 30,000 holders claimed on Solstice's USX page. It holds no price for USX, so the supply figure is a token count and not a dollar value.
What a chain read adds
Querying the mint account directly returns the same supply and shows mint authority and freeze authority set to one address. A freeze authority on an SPL mint allows individual token accounts to be frozen.
What is out of reach on chain
The reserve sits with Copper and Ceffu and inside exchange positions, so no Solana read reaches it. The 100.44% ratio comes from Accountable's dashboard. eUSX is a separate mint at 3ThdFZQKM6kRyVGLG48kaPg5TRMhYMKY1iCRa9xop1WC.
Sources: Solstice docs, Smart Contracts (Solana mainnet program and token mint addresses), Solstice Proof of Solvency dashboard, generated by Accountable Software (off-chain reserve verification), Solstice, USX product page (holder count claim)
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. The reserve composition is not broken down by asset, custodian or venue in any published document.
Accountable verifies USX collateral weekly and publishes a live Proof of Solvency dashboard with 32 snapshot periods running from 6 January 2026 to 13 August 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.
6FrrzDk5mQ…CD6p3tgGExplorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
6FrrzDk5mQ…CD6p3tgGfreezeAuthoritymintAuthorityRead from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.