Who controls it
Solstice USX is a managed synthetic dollar whose reserves and basis strategies sit under protocol and custody control; redemption and direct access are subject to Solstice operations and terms.
- Backing
- Collateral deployed across Solstice’s disclosed basis, staking, lending, and liquidity strategies.
- Holder’s claim
- USX is a claim on the strategy assets Solstice manages. No dollar reserve is set aside for holders.
- Redemption or sale
- Eligible users redeem under Solstice’s cooldown and liquidity terms; U.S. persons are expressly restricted.
Dependencies
- Solstice operators, multisig, and timelock
- Strategy venues and custodians
- Weekly reserve attestations
- KYC status and redemption cooldown
Losses and incidents
- We found no control, reserve, or redemption incident in the sources we reviewed.
Advisor notes
Controlling party: Solstice Labs operating roles, multisig, and governance. Check whether the client can redeem directly with the issuer. Holding the token on chain leaves every reserve, custody, contract, and legal dependency in place.
On-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel. This grade can sit beside a sound reserve, a useful product, or a fitting role in a client account. It records who can act on the token and passes no judgment on the product.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force a review or a sale?
Sources
- Solstice: Terms and Conditions · primary
- Solstice: Smart contracts · primary
- Solstice: Proof of Solvency · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Issuers can change their documents and product terms. This page gives our reading of control as of 2026-08-19. Check the current terms before a client buys.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.