Inside Solana's Largest Native Stablecoin: CMO Ryan Day on USX and SLX

Three years before tokenizing

Ryan Day, who calls himself a "glorified tweet boy" at Solstice, says the firm had $200M in AUM in the basis trade before going on chain. He compares that with DeFi protocols that backtest a strategy for three months and then run it live with $25K. He says he joined around May last year, when the work of tokenizing the product began.

Largest native stablecoin

Day says USX is the largest native stablecoin on Solana. He acknowledges that USDC and USDT are larger there but are not native. He says Solstice Labs now holds half a billion dollars in TVL and works with Kamino, Exponent and Loop Scale to push DeFi use. He adds that the protocol is often rated nine out of 10 for security, with 24-hour time locks and a larger multisig.

StretchUSX and AI yield

Day says StretchUSX will be available on Solana around mid-June, launching with junior and senior tranches. It is Solstice's tokenized version of Strategy's Stretch, which he says yields 11.5% right now. "Stretch is stripping up the volatility of Bitcoin," he says, while StretchUSX strips out the volatility of Stretch to make it composable.

Solstice Labs is backed by Data Sex Capital, which Day describes as a billion dollar investment fund. He says Solstice is using partnerships with the fund's portfolio companies to set up AI infrastructure lending yield.

The SLX token

SLX went through its TGE this week. Day says the token is meant to help Solstice get through the regulatory gray area before the Clarity Act passes. According to him, staked SLX acts as a hedge on EUSX: its APY is currently 20% and falls when EUSX's APY rises. Unstaking takes seven days.