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Ecosystem Comparison
Solana has seen a wave of native stablecoin projects in 2025–2026. Here's an accurate breakdown of how solUSD compares to each competitor — based on their published documentation and mechanics.
The core distinction
Most Solana stablecoins require you to give up your asset. solUSD doesn't. You deposit SOL, keep full upside exposure, and borrow at zero ongoing interest. That's the gap this protocol fills.
Overview Table
| solUSD (Manna) | USX (Solstice) | USDv (Solomon) | jupUSD (Jupiter) | USDGO (OSL) | |
|---|---|---|---|---|---|
| Mechanism | CDP · overcollateralized | Delta-neutral synthetic | Yield-bearing backed | RWA-backed (BlackRock BUIDL + USDe) | Fiat-backed · regulated |
| Backing | SOL (native) | BTC, ETH, SOL + perp shorts, stablecoins, tokenized treasuries | On-chain dollar yield strategies | 90% USDtb (BlackRock BUIDL), 10% USDe (Ethena) | USD deposits · KYC-gated |
| User gives up asset? | ❌ Keep SOL exposure | ✅ Yes | ✅ Yes | ✅ Yes | ✅ Yes |
| Ongoing Interest | ✅ None | N/A | N/A | N/A | N/A |
| Minting | Permissionless (open to all) | Permissioned (institutions only) via DEX otherwise | Permissionless | Permissionless | Permissioned (KYC required) |
| Decentralized | ✅ Fully | ⚠️ Hybrid (custody: Copper + Ceffu) | ⚠️ Partial | ⚠️ Partial (backed by centralized instruments) | ❌ No |
| Hard $1 Floor | ✅ On-chain redemptions | ⚠️ Soft (institutional redemptions) | ⚠️ Soft | ⚠️ Soft | ✅ Fiat-backed |
| SOL upside retained | ✅ Full | ❌ | ❌ | ❌ | ❌ |
| Governance | MetaDAO (Futarchy) | None | Unknown | JUP DAO | Centralized |
| Status | Launching 2026 | Live (Sept 2025) · Largest Solana-native stablecoin | Live | Live (Jan 2026) | Live (Feb 2026) |
Protocol Deep Dives
USX — Solstice Finance
Solstice Finance (backed by Deus X Capital) officially launched USX in September 2025, making it the largest Solana-native stablecoin at launch with $160M in deposited TVL. USX is an overcollateralized synthetic stablecoin — but unlike Manna, it is not a CDP.
How it actually works:
USX is backed by a diversified portfolio of delta-neutral hedged positions — BTC, ETH, SOL, and other liquid assets paired with corresponding perpetual short futures (similar to Ethena's USDe model, but multi-asset). It also holds major stablecoins and tokenized treasuries. The delta-neutral hedging is what keeps the backing stable regardless of price movements.
Minting is split into two tiers:
- Permissioned (institutional): ID-verified participants deposit USDC or USDT 1:1 into the USX Program. Collateral is partially transferred off-chain to custodians Copper and Ceffu for secure settlement.
- Permissionless: Anyone can buy USX on Solana DEXs (Raydium, Orca, Jupiter). No direct mint access.
Solstice also offers eUSX — a yield-bearing wrapper over USX that tracks the performance of their delta-neutral strategies — and is building SLX as a future governance token.
Key difference from Manna: USX is a synthetic, not a CDP. You don't lock SOL and get solUSD — you give up stablecoins (or buy on DEX) to access a dollar unit. There is no SOL exposure retention. Minting is restricted to institutions; retail users are DEX-only.
USDv — Solomon Labs
Solomon is building "the dollar infrastructure layer for Solana" — a stablecoin that doesn't rebase, maintains a $1 peg, and earns yield. Their product is USDv, with a staked variant sUSDv for yield accumulation.
How it actually works:
Solomon captures yield from the "base rate of on-chain dollars" — essentially the risk-free yield available across Solana DeFi lending markets. This yield is:
- Distributed to sUSDv stakers (staked version of USDv), or
- Streamed directly to approved USDv holders via YaaS (Yield as a Service)
USDv itself is designed to stay composable across DeFi — it can be used in swap protocols, perp protocols, and other apps without losing its dollar peg. The yield layer sits on top.
Key difference from Manna: Solomon targets the idle dollar in DeFi problem — money sitting in stablecoins earning nothing. Manna targets a different problem: SOL holders who want liquidity without selling. These are different use cases targeting different users.
jupUSD — Jupiter
jupUSD is Jupiter's own stablecoin, built in partnership with Ethena Labs, and went live in January 2026.
How it actually works:
- 90% backed by USDtb — a stablecoin nearly fully collateralized by BlackRock's BUIDL fund (USD Institutional Digital Liquidity Fund), an on-chain money market fund
- 10% backed by USDe (Ethena's delta-neutral synthetic dollar) — added to optimize yield for holders
- $500M worth of USDC from the Jupiter Perps LP (JLP) was migrated into jupUSD at launch
Use cases within Jupiter's ecosystem:
- Collateral for perps trading (replacing USDC on Jupiter Perpetuals)
- Settlement for Jupiter's prediction markets
- Powering limit orders and DCA tools
- "One-balance UX" for Jupiter's mobile app
Key difference from Manna: jupUSD is heavily integrated within Jupiter's product suite, which gives it enormous distribution. But it is entirely backed by centralized institutional instruments (BlackRock, Ethena). Users do not retain any SOL exposure. It is purpose-built for Jupiter's internal ecosystem, not for SOL-collateralized borrowing.
USDGO — OSL Group
USDGO launched on Solana in February 2026, issued by OSL Group — a licensed digital asset exchange regulated by the Hong Kong Securities and Futures Commission (SFC).
How it actually works:
- Fully fiat-backed, 1:1 with USD
- Requires KYC and compliance onboarding for minting/redemption
- Launched with $50M initial supply
- Targeting enterprises and institutions in Asia for cross-border payment flows
- Built with Solana's Token Extensions for compliance (transfer hooks, permanent delegates)
This is a regulated, institutional-grade payment stablecoin. It is not a DeFi instrument.
Key difference from Manna: USDGO and solUSD are barely in the same category. USDGO is for regulated enterprise payments. solUSD is for permissionless DeFi users who want to borrow against their SOL.
Why solUSD Is Different
Every competitor above falls into one of two models:
| Model | Examples | What you give up |
|---|---|---|
| Synthetic / yield-bearing | USX, USDv, jupUSD | Your original asset and its upside |
| Fiat-backed / regulated | USDGO | Permissionless access, requires KYC |
solUSD is neither. It is the only Solana-native stablecoin built on a pure CDP model, where:
- You deposit SOL — you don't sell it, swap it, or give it to a custodian
- You mint solUSD — borrow against your collateral
- Your SOL keeps appreciating — if SOL 2x, so does your collateral
- You pay zero ongoing interest — one-time 0.5% fee, then nothing
The closer comparable (Liquity on Ethereum) doesn't exist on Solana yet. Manna fills that gap.
A note on CASH
CASH was listed as a comparable Solana-native stablecoin, but no public documentation or verifiable protocol information was found at the time of writing. If and when more details become available, this comparison will be updated.