TL;DR
- Hex Trust Group launches USDX, the first native stablecoin on the Flare blockchain, backed 1:1 by the US dollar.
- USDX can be used in DeFi applications such as lending protocols and perpetual futures, offering stability and reliability in digital transactions.
- The collaboration with Clearpool will allow users to stake USDX, earning real-world yields without lock-up periods and using cUSDX as collateral in Flare’s FAsset system.
Hex Trust Group, a digital asset custodian with billions in assets under management, has launched USDX, the first native stablecoin on the Flare blockchain. This new asset, backed 1:1 by the US dollar or equivalently valued assets, aims to strengthen and boost the decentralized finance (DeFi) ecosystem on Flare, offering users real-world yield opportunities.
USDX is a creation of Hex Trust’s tokenization ecosystem, HT Digital Assets, and will play a crucial role in Flare’s DeFi infrastructure. The stablecoin will be used in various applications, including lending protocols, perpetual futures exchanges, and more. It will become a fundamental pillar for users seeking stability and reliability in their digital transactions.
Hex Trust will collaborate with Clearpool, a decentralized credit platform. Users will have the opportunity to stake their assets in a dedicated T-Pool created by Clearpool. This process will allow stakers to earn real-world yields without facing lock-up periods, maximizing their returns through a base yield and additional FLR bonuses. Additionally, by staking USDX, users will receive cUSDX, an asset that can be used as collateral in Flare’s FAsset system, integrating non-smart contract assets like Bitcoin and Dogecoin into Flare’s DeFi ecosystem.
Hex Trust Arrives to Boost the Flare Blockchain
Alessio Quaglini, CEO and co-founder of Hex Trust, addressed the benefits that USDX will bring to the crypto market. “It will reduce crypto market volatility, streamline transactions, and enhance trust and security within the digital asset ecosystem. USDX represents a bridge between traditional financial security and blockchain innovation,” said Quaglini.
The Flare blockchain raised $35 million in a private round in February. It is now preparing for a significant increase in DeFi activity thanks to the launch of USDX. Currently, the blockchain has $8 million in total value locked (TVL), and with the arrival of USDX, this figure is expected to increase as more Flare-native projects adopt the stablecoin.
