USX, a Solana-native dollar-pegged stablecoin from Solstice Finance, traded below $1 on DEXs after heavy sell pressure and extremely thin liquidity on Orca and Raydium. PeckShieldAlert reported trades as low as $0.10, while aggregated DEX data showed a more typical dip to about $0.80 before recovering to near $0.99. Solstice began injecting liquidity around 04:30 UTC, said reserves remain overcollateralized, primary redemptions were unaffected, 1:1 redemptions remain available to permissioned institutional partners, and it has requested a third-party attestation. The issuer said eUSX and YieldVault products were not affected and that trades during the episode are final. USX’s market cap is noted at roughly $284M; the article places the event in the broader context of rapid stablecoin market growth and recent regulatory scrutiny and warnings.

USX experienced a measurable depeg on Solana DEXs with reported trades down to $0.10 (PeckShieldAlert) and aggregated DEX data showing a dip to ~$0.80, creating short-term price volatility. Solstice’s liquidity injection and statements that reserves remain overcollateralized and primary redemptions were unaffected mitigate longer-term contagion risk, reducing the overall severity.