DeFi protocol Solstice Finance has announced strategic partnerships with data provider Chainlink and custody firms Ceffu and Copper. The collaborations are intended to support the upcoming launch of USX, a new stablecoin built on the Solana network.
According to a press release published on Sept. 24, Solstice will integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP). This service is designed to allow the USX stablecoin to be transferred securely across different blockchains. Stablecoin innovations are a recent industry trend leaning toward interoperability, similar to Circle’s Cross-Chain Transfer Protocol.
For transparency, Solstice will also use Chainlink’s Proof of Reserve service, which provides continuous on-chain verification of the assets that collateralize the stablecoin. The use of such verification systems by projects in the Chainlink ecosystem is growing, with a similar implementation recently launched for a stablecoin pegged to the Korean Won.
The partnerships with Ceffu and Copper are focused on providing enhanced security for institutional clients. Both firms will offer “off-exchange settlement,” a feature that allows large firms to trade on an exchange. At the same time, their assets remain in a separate, third-party custody vault. Despite reducing decentralization, this structure is designed to minimize counterparty risk for large-volume traders.
Venture firm Arcanum also advises on the token’s economic framework to ensure it meets the requirements of professional trading entities.
Solstice is a DeFi protocol on Solana backed by the investment firm Deus X, which has over $1 billion in assets under management. Its new USX product is a synthetic stablecoin pegged to the US dollar. Other stablecoins, including USDC and USDT, will collateralize it. The project will also feature a “YieldVault” to offer users returns through various trading strategies.
The launch is a notable development for the Solana ecosystem. It aligns with a growing trend of institutional treasury investment in Solana, as more large entities begin to utilize the network’s capabilities.
