USX
usxWhat is USX?
USX is the base settlement asset of Solstice Finance, a Solana DeFi protocol. It is designed to track the U.S. dollar and is backed, according to Solstice, by a diversified pool that can include audited cash, tokenized Treasuries and delta-neutral hedged positions. USX is distinct from SLX, Solstice's alignment/governance token, and from eUSX, the separate yield-bearing receipt issued by YieldVault.
The public launch occurred on September 30, 2025. Today, USX is available through the Solstice app and Solana DEXs, while the protocol presents YieldVault deposits and integrations as live uses. The documentation describes direct minting and primary redemption as restricted to KYC'd institutional partners; other users acquire USX through swaps.
What problem does USX solve?
Solstice positions USX as a native Solana settlement layer intended to reduce the need to bridge stablecoins elsewhere for yield. It gives Solstice strategies a common dollar-denominated entry and exit asset and provides a transferable unit for Solana DeFi integrations.
That purpose is not the same as a guaranteed bank-dollar claim. Solstice's own solvency disclosure says holders have no direct ownership, claim or beneficial interest in reserve assets, and describes Proof of Solvency as verification rather than a guarantee of value or redemption liquidity.
How does USX work?
The USX Program accepts supported collateral through a two-step, permissioned minting process and burns USX on redemption or vault withdrawal. The user documentation lists USDC, USDG and USDT for KYC'd institutional minting, with USDG described as the primary redemption asset; retail users generally swap into USX in the app or on Solana DEXs. Supply is described as demand-driven, with no emissions or inflation.
The smart-contract documentation describes multiple Solana programs: USX handles minting, redemption and collateral management; YieldVault locks USX and issues eUSX; and an oracle layer validates prices. It says minting/redemption accounts are whitelisted, oracle failures can halt operations, and critical configuration and upgrade authority are multisig-controlled. The product page calls the USX Program non-upgradeable, while the builder documentation describes a multisig-held program upgrade authority; this unresolved documentation inconsistency is itself material and should not be presented as settled.
Key facts
- Canonical asset: USX on Solana, mint 6FrrzDk5mQARGc1TDYoyVnSyRdds1t4PbtohCD6p3tgG.
- USX is designed as a dollar-tracking, overcollateralized settlement asset; stated backing includes audited cash, tokenized Treasuries and delta-neutral hedged positions.
- Supply is documented as demand-driven, with no emissions or inflation; no vesting schedule is stated for USX itself.
- USX has no governance rights according to the token design documentation; SLX is the separate Solstice alignment/governance token.
- KYC'd institutional partners can mint and redeem through the USX Program; other users acquire USX through the app or Solana DEXs.
- Accountable performs weekly Proof of Solvency verification, but Solstice says this is not a guarantee of value or redemption liquidity.
- The technical documentation describes whitelist controls, oracle validation, automatic halting on failed validation and multisig administration.
- The product page says the USX Program is non-upgradeable, but the builder documentation says program upgrade authority is held by a multisig; the public documentation does not reconcile the statements.
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Frequently asked questions
Is USX the same token as Solstice's SLX?
No. USX is the dollar-oriented settlement asset. SLX is documented separately as Solstice's alignment and governance token, while eUSX is a YieldVault receipt representing a vault position.
Do USX holders own the reserves or have a guaranteed redemption claim?
Solstice's Proof of Solvency disclosure expressly says holders have no direct ownership, claim or beneficial interest in collateral assets and that verification is not a guarantee of value or redemption liquidity. Primary minting and redemption are described for KYC'd institutional partners; retail access is generally through swaps.
What does USX do in the live product?
USX is live on Solana and functions as Solstice's common entry and exit asset for YieldVault strategies. Users can swap it through the Solstice app or supported Solana DEXs and use it across the integrations Solstice lists.
Does USX have emissions, inflation or a vesting schedule?
The USX technical page says its supply model is demand-driven with no emissions or inflation. No USX vesting schedule is stated there; SLX distribution and vesting are separate matters.
Can the issuer mint or freeze USX at will?
The technical documentation describes permissioned, whitelist-controlled minting and redemption and a token authority that controls minting/burning. It does not, in the reviewed sources, expressly document a freeze or blacklist function. It also describes multisig administration and upgrade authority, while the product page says non-upgradeable; readers should treat the control surface as documentation-dependent rather than assume unrestricted or absent admin power.
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