Solstice Yield

What the token is

SOLY rebases. Your balance grows daily and the token stays pegged to one dollar, which is a presentation choice with real accounting consequences: a rebase is a supply change, not a price change, and a tool that books it as income on the price line will get your position right and your P&L wrong.

The stated backing is US Treasury bills under 90 days plus a cash buffer the terms put at 2% to 5%.

What the issuer answered

The corporate side, fully. Cayman incorporation, directors, ultimate beneficial ownership, and the administrator’s engagement letter. They also gave us the rebase mechanics in enough detail to model, including the fact that the daily rate is set by the issuer and published rather than derived from the portfolio.

That last point is worth sitting with. The rate is a decision, not a calculation.

What is still open

Custody. We asked three times for the name of the custodian and the account structure, and the answer each time was that it is covered by the quarterly attestation. It is not: the Q2 2026 attestation confirms a total balance and names no institution.

Also open are the redemption log, the composition of the cash buffer, and whether the buffer has ever fallen below the 2% floor. The terms allow redemptions to be suspended if it does, so the floor is the interesting number and it is the one nobody will show us.

What that means for an underwriting

You can verify the entity, the mechanics and the total. You cannot yet verify where the assets sit or who is holding them. That is a partial record and we are leaving it visibly partial.