Which stablecoin depegged on SOL today?

TLDR

Solstice USX (USX) briefly depegged on Solana, with trades reported as low as $0.10 before recovering toward $0.94 per a security alert and community reports (PeckShieldAlert).

1. The incident was attributed to a liquidity drain rather than a reserve shortfall (PeckShieldAlert).
2. Additional reports showed prints near $0.69 before the peg was largely restored later that day (community update).

Deep Dive

1. Magnitude And Timeline

The depeg occurred within the past week, with some secondary?market trades near $0.10 and a recovery toward $0.94 after liquidity was injected by the issuers team (PeckShieldAlert). Other market observations cited trades around $0.69 before the peg was largely restored later the same day (community update).

Reports framed this as a temporary market microstructure event rather than a solvency issue, emphasizing the rebound after intervention (PeckShieldAlert).

2. Why It Happened

Alerts pointed to a liquidity drain during a low?activity period, creating outsized slippage and price prints far from parity on certain pools (PeckShieldAlert). Community commentary highlighted thin ranged liquidity and redemption pressure as classic depeg mechanics in AMM markets (community update).

Issuer responses reportedly included injecting liquidity and enabling redemptions to pull the price back toward $1, consistent with the rapid stabilization observed later that day (PeckShieldAlert).

Conclusion

The Solana stablecoin that depegged this week was Solstice USX (USX). Evidence points to thin holiday liquidity and redemption mechanics, not a backing failure, with the peg largely restored after a targeted liquidity injection. For research, monitor pool depth and redemption policies on newer stablecoin designs, as low depth can amplify transient depegs even when reserves are intact.