Solana’s USX Stablecoin Crashes to 10 Cents, Recovers Near Peg After Liquidity Shock

Solstice says reserves remain overcollateralized with redemptions operating normally.

Overview

Around 01:45 UTC on Dec. 26, a liquidity drain on Orca and Raydium drove USX down to roughly $0.10 on secondary markets.
Solstice and market makers injected liquidity to deepen pools, lifting prices back to about $0.94–$0.99 on Solana DEXes.
The issuer reported custodied collateral was intact and greater than 100% of circulating supply, characterizing the drop as a market-structure issue.
Primary 1:1 redemptions remained available for institutions throughout the event, according to Solstice.
Solstice pledged an independent reserves attestation, while Coinspeaker reported a roughly 500% jump in USX volume to $17 million and users on X voiced concerns.