Solstice Taps Chainlink, Ceffu for Solana-Based USX Stablecoin Launch

Keynote

  • The new USX token utilizes ChainLink’s CCIP technology for seamless transfer between various blockchain networks.
  • Institutional traders will benefit from non-exchange settlement options through CEFFU and copper custody partnerships.
  • Solstice’s synthetic dollar-covered tokens represent an increase in institutional adoption within the Solana ecosystem.

Defi Protocol Solstice Finance announces a strategic partnership with data provider ChainLink

link
$21.70



24-hour volatility:
0.2%


Market Cap:
$14.70 b



Vol. 24H:
$840.34 m

custody company Ceffu and copper. The collaboration aims to support the upcoming launch of USX, a new Stablecoin based on Solana

Sol
$211.8



24-hour volatility:
1.9%


Market Cap:
$115.01 b



Vol. 24H:
$8.67 b

network.

According to a press release released on September 24th, SolStice will integrate ChainLink’s Cross-Chain Interoperability Protocol (CCIP). The service is designed to securely transfer USX Stablecoin over different blockchains. Stablecoin Innovations is a recent industry trend that leans towards interoperability, similar to Circle’s cross-chain transfer protocol.


For transparency, Solstice also uses ChainLink’s back-service proof. This provides continuous on-chain verification of assets that secure Stablecoin. The use of such a verification system by projects in the ChainLink ecosystem is growing, with similar implementations recently launched for Stablecoin fixed to Korean WON.

Institutional Trader Security

The partnership with CEFFU and Copper focuses on providing enhanced security to institutional clients. Both companies offer “out-of-exchange settlements.” This is a feature that allows large companies to trade in exchange. At the same time, their assets remain under the custody of another third party. Despite reducing decentralization, this structure is designed to minimize counterparty risk for large traders.

Venture company Arcanum also advises Token’s economic framework to meet the requirements of specialized trade organizations.

Solstice is Solana’s Defi protocol backed by investment firm Deus X, which manages over $1 billion in assets. That new USX product is synthetically stable and fixed to US dollars. Other Stablecoins, including USDC and USDT, guarantee that. The project also features “Aldevault” which provides user returns through a variety of trading strategies.

This launch is a remarkable development of the Solana Ecosystem. It coincides with the increasing trend in Treasury investment in Solana as more and more large entities begin to leverage the capabilities of their networks.

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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information, but should not be considered financial or investment advice. Market conditions can change quickly, so we recommend that you review your information yourself and consult with an expert before making a decision based on this content.

Solana (Sol) News, Cryptocurrency News, News

Zoran Spikovsky

Zoran Spirkovski is a Web3 Marketing Strategist and former CMO for Duckdao, transforms complex crypto concepts into compelling stories that drive growth. In the background of Crypto Journalism, he excels in developing mobility strategies to market for Defi, L2 and GameFi projects.

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