The memo
REJECTED ON AN EXPLICIT, CATEGORICAL US-PERSON EXCLUSION. Solstice is a Solana-native synthetic-dollar protocol structurally similar to Ethena's USDe: USX is minted against collateral and staked into eUSX for delta-neutral, funding-rate-driven yield, with reasonable security investment (three Halborn audits, weekly third-party proof-of-solvency attestation, a 3-of-5 multisig behind a 24-hour timelock). None of that reaches this registry's client base: Solstice's own Terms of Service state plainly that "the Solstice tokens are not offered or sold, and will not be offered or sold, in the United States or to U.S. Persons," name the United States explicitly on its Restricted Jurisdictions list, and separately restrict all products to institutional, professional, accredited, or otherwise "legally permitted" counterparties, excluding retail users in every jurisdiction. This is a harder and more explicit exclusion than the access bar this registry has applied to comparable products, and it is dispositive regardless of the underlying mechanism's quality.
What would reopen the file
- A US-eligible offering opens to this registry's target client population
- The named hedging/exchange venue for the delta-neutral strategy is disclosed
- Twelve consecutive months of on-chain operation, including at least one negative-funding-rate stress period, with no yield disruption or delayed redemption
- Custodian regulatory status (Copper Technologies, Ceffu) is independently confirmed
Facts on file
- Verdict
- Rejected
- Exposure
- other
- Chains examined
- Solana
- Memo version
- v1
- Reviewed
- Next review