Solstice Labs will launch the yield-bearing synthetic stablecoin USX on Solana this summer.

PANews, April 29 news, according to The Block report, Solstice Labs, supported by the cryptocurrency investment institution Deus X Capital, announced that it will launch a yield-generating synthetic stablecoin USX and a native staking protocol on the Solana Blockchain this summer. USX achieves delta-neutral returns through arbitrage and staking strategies, fully collateralized by USDT and USDC to maintain its peg, and holders can seamlessly access the YieldVault protocol with a total lock-up position of 100 million USD. Currently, the stablecoin market on the Solana blockchain accounts for more than 5% of the total $238 billion in the network, but there is a lack of fiat-pegged coins designed specifically for passive income. The CEO of Solstice Labs stated that USX aims to transparently provide retail and institutional users with yield opportunities that are typically exclusive to institutions in traditional DeFi.