Stablecoin project UXD Protocol on Solana announces closure.

According to DLNews, the stablecoin project UXD Protocol on Solana has announced its closure and plans to return unused capital to investors. The project currently holds $7.50 million in user deposits. The UXD team stated that due to insufficient liquidity and the failure of its stablecoin model to succeed in the market, they have decided to shut down the project. The closure process is expected to take up to two years to convert illiquid assets into $USDC and return them to investors.