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USX Stablecoin on Solana Loses USD Peg, Crashes to $0.10
The USX stablecoin on the Solana network lost its USD peg on December 26, collapsing to as low as $0.10 on secondary markets. The sharp depeg was triggered by a severe liquidity shortage, marking one of the most extreme stablecoin failures of the year.
Blockchain security firm PeckShield flagged the incident early, noting that depleted liquidity across trading platforms was the primary cause of the crash.