Solomon Labs' USDv Goes Live on Solana via Sunrise, Anchored by Raydium Liquidity

Solomon Labs' USDv, a dollar stablecoin that passes reserve income to holders who opt in, went live on Solana on September 23. Sunrise posted the listing at 17:06 UTC, naming USDvUSpnhCr9yBgj3UyVrD239HRUv4RsHwH2FxsWuMk as the canonical USDv mint and describing the token as "a fully reserved digital dollar designed to make stablecoin capital productive." The official Solana account confirmed USDv was live seven minutes later, and Raydium RAY$2.05-6.2% opened trading at 17:23 UTC.

Raydium has a bigger role than a trading venue. The day before launch, Solomon Labs said Raydium had committed an initial $1,000,000 of its treasury to USDv, calling it "the first step in a broader partnership, with Raydium becoming USDv's primary liquidity venue and supporting USDv pairs across its markets and launchpads." The post quoted Raydium's own announcement.

Early uptake was quick by Solomon's count. The company said "$5 million+ of USDv was added into circulation in its first hour," a figure it reported itself.

Our own token data lines up with that figure and shows how concentrated the first day is. As of 19:26 UTC on September 23, Solana Compass tracked about $5.06 million of USDv across 82 holder wallets, with two wallets above $1 million holding 69.7% of the balance. Trailing 24-hour DEX volume stood at about $480,000.

How USDv holder rewards work without staking or wrapping

USDv's pitch is that the dollar token itself earns, so holders do not have to move it into a vault or swap it for a separate yield-bearing receipt. According to Solomon's documentation, a holder signs one transaction to verify wallet ownership and choose where rewards go, and from then on eligible balances earn "without staking, wrapping, or locking." The docs displayed a 3.1% APY when we checked on September 23.

The routing detail matters for anyone running a treasury or a market-making desk. Solomon's reward-routing page says USDv "separates where principal is held from where rewards are received": a cold wallet can hold the principal while rewards accrue for a later claim or stream on a schedule to a different address. Per the docs, routing only redirects rewards, and ownership of the principal stays with the holding wallet.

For liquidity providers, the appeal is that the dollar leg of a pool keeps earning while it sits in the pool. Usman Saleem, whom Solomon's website lists as CEO of Oro Finance, is quoted there saying the design lets LPs "keep their gold exposure, stay in the pool earning swap fees, and the dollar side earns on top of that natively." That LP use case fits the choice of Raydium, with its pools and launchpads, as the primary venue.

What backs USDv: USDC, USDG and a move toward Treasuries

Solomon's website says USDv rewards are supported by income from its reserve assets, "primarily short-dated U.S. Treasuries." The reserves page in its docs is more precise about timing: reserves today include USDG and USDC, and Solomon "is adding direct exposure to short-dated U.S. Treasuries, which is expected to become the primary reserve component."

That gap is the thing to watch. Rewards are funded by reserve income, so the rate holders see is tied to how quickly Treasuries become the main reserve asset. Solomon's transparency dashboard at app.solomonlabs.org/stats is meant to show outstanding supply, reserve composition and ratio, and Treasury exposure as that shift happens.

The docs name four supports for the $1 peg: dollar assets held against outstanding USDv, direct minting and redemption for approved counterparties, on-chain market liquidity, and active liquidity management by Solomon. They add that these mechanisms "do not guarantee that USDv will always trade at exactly $1 in every market."

USDv audits and risk disclosures

Solomon's audit page lists three reviews of the current USDv programs: a preliminary Accretion audit on July 10, 2026, a completed Accretion audit of programs and controls on August 16, and a Zenith audit on September 15. It also lists earlier, now-deprecated programs reviewed by Cantina in January 2026 and by Zigtur in July 2024, so USDv has been in development for some time before this public Solana listing.

The risk page states that "Rewards are variable and not guaranteed" and that USDv "is not a bank deposit," not a money market fund share, and not government-guaranteed. It names peg, liquidity, reserve-asset, custodian, Solana program, integration and regulatory risk.

Solomon Labs, SOLO and the MetaDAO raise

Solomon Labs' website lists backers including MetaDAO META$4,821.53-1.7%, through which it raised $8 million, plus Colosseum, Theia Investments and the Solana Incubator, and names Ceffu as custodian. Its governance token SOLO, which the team describes in a launch-eve post as "Solomon's ownership asset, with governance over its core assets, intellectual property, treasury and economic rights," is separate from USDv.

Why Sunrise and Raydium matter for a new Solana dollar

Sunrise passed $1 billion in weekly trading volume the day before USDv listed, and its recent listings, such as Injective's INJ, mostly brought tokens from other chains to Solana. USDv is a Solana-native dollar using the same front door. Pairing that listing with a treasury-backed Raydium commitment gives the token a trading venue and launchpad pairs from day one, which matters for a dollar whose selling point is being held inside pools and apps.

Whether holders stay depends on things the launch cannot settle: how the reward rate moves once Treasuries make up more of the reserve, and whether Raydium pools deepen beyond the initial commitment.