Ship or Die at Accelerate 2025: Lightning Talk: Solstice (Ben Nadareski - Solstice Labs)

Solana's ecosystem is set for a major leap forward with the announcement of USX, a new stablecoin designed specifically for the Solana blockchain. Ben Nadareski, co-founder and CEO of Solstice Labs, unveiled this groundbreaking development at Accelerate 2025, promising to revolutionize how we think about stablecoins and payments in the Solana ecosystem.

Summary

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Solstice Labs has introduced USX, Solana's new stablecoin, set to launch in the summer of 2025. USX is designed to be secure, trusted, utility-driven, and permissionless, aiming to grow Solana's ecosystem and attract new capital to the network. The stablecoin is 100% collateralized with real-time proof of reserve functions and will launch with a committed TVL of 100 million from Deus Ex Capital.

Alongside USX, Solstice Labs is launching a yield vault product accessible to all USX holders. This vault offers a dynamic delta neutral yield strategy, which has been tested at nine-figure scales for three years, yielding 19.2% over the last 12 months and 11.5% over the last three years.

The announcement also includes plans for a utility token, SLX, to be distributed to USX holders in the fall of 2025. Furthermore, Solstice Staking AG, the company's institutional staking business, has partnered with Tungsten custody to launch US-based Solana validator nodes, which will be fully integrated with USX to optimize yield opportunities for both retail and institutional clients.

Key Points:

USX: Solana's New Stablecoin

USX is designed to be Solana's native stablecoin, adhering to four key principles: security, trust, utility, and permissionlessness. It is born on Solana and is 100% collateralized with real-time proof of reserve functions. At launch, Deus Ex Capital has committed 100 million of TVL to the protocol, with an expected two to three times multiplier on TVL at launch with key liquidity providers across the ecosystem.

The stablecoin's infrastructure includes core components such as proof of reserves, on-chain security and custody audits, dual pricing oracle structures, a dedicated insurance fund, and off-exchange custody with leading providers. These features are designed to ensure the stability and reliability of USX within the Solana ecosystem.

Solstice Labs and Ecosystem Partnerships

Solstice Labs, the company behind USX, is wholly funded by Deus Ex Capital, a $1 billion asset manager bridging traditional finance (TradFi) and decentralized finance (DeFi) markets. The team consists of over 30 crypto experts from both TradFi and DeFi backgrounds, including professionals from Galaxy, BlackRock, Solana Labs, UBS, Consensus, Coinbase, and more.

The company has partnered with over 30 partners across the Solana ecosystem and is leveraging more than 40 companies across TradFi and DeFi in the Deus Ex portfolio. This extensive network of partnerships aims to drive synergies between existing crypto portfolio companies while attracting new capital to the ecosystem from TradFi companies, including top 10 FX brokers and traditional market infrastructure players.

Yield Vault and Innovative Payment Solutions

Alongside USX, Solstice Labs is launching a yield vault product accessible to all USX holders. This vault offers a dynamic delta neutral yield strategy that has been tested at nine-figure scales for three years. The strategy has yielded impressive returns, with 19.2% over the last 12 months and 11.5% over the last three years.

In an exciting development, Solstice is introducing the ability to pay for goods and services with the yield generated on USX holdings. This concept, dubbed "buy now, pay never," is set to revolutionize how we think about payments. The company has partnered with key payment, retail, and distribution partners to bring this innovative payment solution to life.

Institutional Staking and Future Developments

Solstice Staking AG, the institutional staking arm of the company, has been operational for four years and has staked over $1 billion in assets. The recent partnership with Tungsten custody to launch US-based Solana validator nodes further expands their institutional offerings. USX will have full integration with these institutional staking services, optimizing yield opportunities for both retail and institutional clients.

Looking ahead, Solstice Labs plans to launch a utility token, SLX, in the fall of 2025. This token will be distributed to all USX holders, adding another layer of value to the ecosystem.

Facts + Figures

• USX is 100% collateralized with real-time proof of reserve functions
• Deus Ex Capital has committed 100 million of TVL to the USX protocol at launch
• Expected 2-3X multiplier on TVL at launch with key liquidity providers
• Solstice Labs team consists of 30+ crypto experts from TradFi and DeFi backgrounds
• Partnered with 30+ partners across the Solana ecosystem
• Leveraging 40+ companies across TradFi and DeFi in the Deus Ex portfolio
• Yield vault strategy has yielded 19.2% over the last 12 months
• Yield vault strategy has yielded 11.5% over the last three years
• Solstice Staking AG has been live for four years
• Solstice Staking AG has staked over $1 billion in assets
• Stablecoin volumes on Solana have tripled since Solstice Labs' founding last year

Top quotes

1. "What would Solana's stablecoin look like?"
2. "USX is secure. Born on Solana, USX is 100% collateralized with real time proof of reserve functions."
3. "USX is trusted. Solstice is wholly funded by Deus Ex Capital, the $1 billion asset manager bridging TradFi and DeFi markets with no external VC investments."
4. "USX is utility driven."
5. "USX is permissionless. USX is accessible on a fully permissionless basis whether you have $5 or 50 million, USX is built for everyone."
6. "Do more with your stablecoins."
7. "Solana is our home."

Questions Answered

What is USX?

USX is Solana's new stablecoin, designed to be secure, trusted, utility-driven, and permissionless. It is 100% collateralized with real-time proof of reserve functions and is built specifically for the Solana ecosystem. USX aims to grow Solana's ecosystem and attract new capital to the network while providing users with a reliable and versatile stablecoin option.

Who is behind the development of USX?

USX is developed by Solstice Labs, a company wholly funded by Deus Ex Capital, a $1 billion asset manager bridging traditional finance and decentralized finance markets. The Solstice Labs team consists of over 30 crypto experts from both TradFi and DeFi backgrounds, including professionals from companies like Galaxy, BlackRock, Solana Labs, UBS, Consensus, and Coinbase.

What makes USX different from other stablecoins?

USX stands out due to its focus on security, trust, utility, and permissionlessness. It is built specifically for the Solana ecosystem, offers real-time proof of reserve functions, and comes with a yield vault product accessible to all USX holders. Additionally, USX is designed to be utility-driven at its core, without relying on backdoor incentive schemes, and is fully permissionless for all users regardless of their investment size.

What is the Solstice yield vault?

The Solstice yield vault is a product launching alongside USX that offers a dynamic delta neutral yield strategy to all USX holders. This strategy has been tested at nine-figure scales for three years and has yielded impressive returns of 19.2% over the last 12 months and 11.5% over the last three years. The yield vault aims to provide USX holders with an opportunity to earn passive income on their stablecoin holdings.

How does the "buy now, pay never" concept work?

The "buy now, pay never" concept introduced by Solstice allows users to pay for goods and services using the yield generated on their USX holdings. This innovative approach to payments leverages the yield from the Solstice yield vault, potentially allowing users to make purchases without depleting their principal USX balance. Solstice has partnered with key payment, retail, and distribution partners to implement this revolutionary payment solution.

What is SLX and how does it relate to USX?

SLX is an upcoming utility token that Solstice Labs plans to launch in the fall of 2025. It will be distributed to all USX holders as part of a token generation event (TGE). While specific details about SLX's utility and distribution mechanism have not been provided, it is designed to add further value to the USX ecosystem and reward USX holders.

How does USX integrate with institutional staking services?

USX will have full integration with Solstice Staking AG's institutional staking services. This integration aims to optimize yield opportunities for both retail and institutional clients. Solstice Staking AG has recently partnered with Tungsten custody to launch US-based Solana validator nodes, further expanding the institutional offerings available to USX holders.

When will USX be launched?

According to the announcement, USX is set for a summer launch in 2025. The exact date has not been specified, but interested parties are encouraged to stay updated by visiting solsticelabs.io and following Solstice on social media platforms.