Digital asset custodian Hex Trust Group announced the release of its first native stablecoin, USDX, on the blockchain for data Flare (FLR). The new stablecoin will be launched with a dedicated vault on Clearpool, allowing holders to earn real-world yields.
“The launch of Hex Trust’s first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a pivotal evolution in stablecoins,” said Alessio Quaglini, CEO & Co-Founder of Hex Trust, in a written statement. “Powered by Hex Trust’s tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation. It promises to reduce cryptocurrency market volatility, streamline transactions, and enhance trust and security within the digital asset ecosystem,” he added.
USDX, created by HT Digital Assets, Hex Trust’s tokenization ecosystem, will be pegged at a 1:1 ratio to the United States Dollar or equivalently valued assets. The reserves backing USDX primarily consist of 1-3 month Treasury Bills and are held by regulated tier-1 financial institutions. This setup ensures that holders can trust in the stablecoin’s value and stability, according to the written statement.
The new stablecoin will become a foundational element for decentralized finance (DeFi) and the bridging ecosystem on Flare. USDX is expected to be used in various applications, including lending and borrowing protocols and perpetual futures exchanges.
Clearpool Introduces T-Pool For Staking USDX, Enhancing Yield Opportunities
Additionally, USDX can be staked in a dedicated T-Pool created by Clearpool to offer real-world yield. Users will have the flexibility to stake and unstake at any time without lock-up periods, maximizing returns through both the base yield and bonus FLR incentives. Staking USDX on Clearpool will return cUSDX, which can be used as collateral in Flare Labs’ FAsset system, enabling the use of non-smart contract assets like BTC and DOGE in DeFi on Flare.
Furthermore, the release of USDX on Flare aims to reduce cryptocurrency market volatility, streamline transactions, and improve overall security and trust within the digital asset ecosystem. As USDX gains adoption among Flare-native projects, its utility will expand, offering users new opportunities to earn returns on their digital assets.
Hex Trust offers services for protocols, foundations, financial institutions, and the Web3 ecosystem. It enables access to custody, DeFi, and brokerage, along with other services built on regulated infrastructure. Last year, the organization obtained a full operational license in Dubai.
Recently, Hex Trust has collaborated with WalletConnect, enabling Hex Trust’s users to interact with 6,000 Web3 and Web2 applications across Ethereum virtual machine-compatible blockchains.
The post Hex Trust Introduces USDX Stablecoin With Clearpool Yield Vault, Enhancing DeFi On Flare appeared first on Metaverse Post.