PANews reported on April 29 that Solstice Labs, backed by crypto investment firm Deus X Capital, announced that it will launch interest-bearing synthetic stablecoin USX and native staking protocols on the Solana blockchain this summer. USX achieves delta-neutral returns through arbitrage and staking strategies, and is fully pegged by USDT and USDC. Holders can seamlessly access the YieldVault protocol with a total locked amount of $100 million.

Currently, the scale of stablecoins on the Solana chain accounts for more than 5% of the total amount of US$238 billion in the entire network, but there is a lack of fiat-pegged coins designed specifically for passive income. Solstice Labs CEO said that USX aims to provide retail and institutional users with institutional-exclusive income opportunities in traditional DeFi in a transparent manner.