Stablecoin Crisis: Solana-based Stablecoin USX Temporarily Depegs to $0.1 Due to Liquidity Crisis

On December 26, Trust Wallet officially confirmed that approximately $7 million in assets have been impacted. All affected users will receive full refunds, the team stated. Supporting affected users is the team’s top priority, and they’re actively streamlining the refund process. Additionally, the team is urging users of the affected v2.68 browser extension to take the following steps immediately: 1. Do NOT open the Trust Wallet v2.68 browser extension on your desktop—this keeps your wallet secure and prevents further issues. 2. Open Chrome’s extension panel by pasting this official shortcut into your address bar: chrome://extensions/?id=egjidjbpglichdcondbcbdnbeeppgdph 3. If the Trust Wallet toggle is still “On,” switch it to “Off.” 4. Click “Developer Mode” in the top-right corner. 5. Click the “Update” button in the top-left corner. 6. Verify the version is 2.69—this is the latest, secure version.

On December 26, the Lighter team announced that its zk circuits for perpetual and spot trading have completed an audit and are now officially open source. The team has released full verification code, enabling external parties to independently verify the authenticity and validity of every order, cancellation, and settlement operation on Lighter’s Layer 2 (L2) network on Ethereum. Developers can generate the ZkLighterVerifier via GitHub build scripts and perform consistency checks against the deployed Ethereum contracts.

On December 26, @BTC__options—a macro researcher at Greeks Live—reported today’s cryptocurrency options expiration is the largest in history by notional value: ~$28 billion. Key details: - Bitcoin (BTC): 267k options expiring; Put/Call ratio 0.35; max pain $95k; ~$23.6B notional. - Ethereum (ETH): 1.28M options expiring; Put/Call ratio 0.45; max pain $3.1k; ~$3.71B notional. Market update: Over half of the options have settled today. Pre-settlement, option block volume and trading share climbed amid position-adjustment demand. Post-settlement, March quarterly options lead total open interest (over 30%), dominated by out-of-the-money calls. Q4 context: This year’s Q4 performance is the worst in recent years. Industry cyclicality and slow growth have depressed sentiment, favoring seller strategies.

December 26 — Per Arkham’s monitoring data, a whale at address 0x2a42 withdrew 87,659 LINK from Binance roughly five minutes ago, valued at approximately $1.08 million. Over the past two days, this whale has pulled a total of 234,979 LINK from the exchange, worth around $2.9 million. Whales appear to be ramping up LINK accumulation recently. Separately, a whale at address 0xEC7B has withdrawn 469,437 LINK from Binance over the past two days, with the total valued at roughly $5.77 million.

**December 26 – Reuters Exclusive** Russian President Vladimir Putin told a businessperson during a late-night December 24 meeting that Russia could be open to swapping Ukrainian territory under its control—but he insisted on securing the entire Donbass region. Putin also addressed the Zaporizhzhia Nuclear Power Plant, noting talks are underway about Russia and the U.S. jointly operating the facility. He added the U.S. has expressed interest in crypto mining near the plant, and the site should supply some power to Ukraine.

Dec. 26 — Coinglass data shows that as of 2025 YTD, total nominal forced liquidations of long and short positions across the entire crypto network have reached approximately $150 billion, translating to an average daily “normal leverage reset” of $4 billion to $5 billion. On most trading days, long/short liquidation volumes range from tens of millions to hundreds of millions of dollars, primarily reflecting daily margin adjustments and short-term position closures in a high-leverage environment — with limited mid-to-long-term impact on market prices and structure. Systemic pressure, however, is concentrated in a handful of extreme event windows — most notably the mid-October Oct. 10–11 deleveraging event.