Key takeaways
Clearpool launches T-Pool for USDX on Flare.
Stake USDX for sustainable yield and FLR rewards.
USDX is backed by 1-3 month US Treasury Bills.
Clearpool Finance, a decentralized finance (DeFi) platform that offers uncollateralized lending pools, has launched a T-Pool for USDX, Hex Trust's new stablecoin on Flare. This stablecoin is backed by 1-3 month US Treasury Bills, and users can stake USDX to earn sustainable yields and receive additional Flare rewards.
USDX will be the first native 1:1 backed USD stablecoin on @FlareNetworks, powered by the leading institutional digital asset custodian @Hex_Trust. USDX launches with a dedicated @ClearpoolFin vault, enabling holders to earn real-world yield.https://t.co/ano7wMARVX pic.twitter.com/jTVmE8nxpC
— Flare ☀️ (@FlareNetworks) May 21, 2024
Clearpool's new T-Pool provides a straightforward way for users to earn yield on their USDX holdings. It's the first stablecoin pool on Flare, offering an innovative product to the Flare community.
Real-World Assets (#RWA) on @FlareNetworks.@ClearPoolFin launches T-Pool for $USDX, the first stablecoin on Flare backed by 1-3 month US Treasury Bills. Stake USDX for a sustainable yield and extra $FLR rewards. https://t.co/HYLkxXMwuj
— Flare ☀️ (@FlareNetworks) May 28, 2024
Understanding USDX and cUSDX
USDX is a stablecoin primarily backed by short-term US Treasury Bills, providing a reliable and secure asset. Users can stake their USDX in Clearpool's T-Pool to earn yields in USDX and FLR. Staked USDX generates cUSDX, an equivalent of an Liquidity Provider token that represents the staked USDX amount in 1:1 ratio.
FLR rewards are earned alongside the staking process. Users can claim both the USDX and FLR without the need to withdraw their staked USDX.
How to earn rewards
Users should follow these steps to stake USDX and earn rewards:
Connect your wallet: Visit https://clearpool.finance/tpool and connect your wallet containing USDX on Flare network.
Deposit USDX: In My Portfolio, click on Deposit and enter the amount of USDX you'd like to stake.
Receive cUSDX: Upon staking, you will receive cUSDX tokens representing your staked USDX amount.
Earn yield and FLR rewards: Your staked USDX will earn yield over time in USDX and WFLR (wrapped FLR).
Claim rewards: You can regularly claim your earned yield in USDX and FLR rewards through Clearpool's platform.
When you decide you would like to end the staking, head to https://clearpool.finance/tpool and once the wallet is connected, click Withdraw on the My Portfolio section, enter the amount of USDX you'd like to unstake and withdraw. Once the process is completed, you'll see the unstaked USDX in your wallet.
Conclusion
Clearpool's launch of the T-Pool for USDX on Flare is an important step to bringing real-world assets to the Flare Network. By staking USDX, a stablecoin backed by 1-3 month US Treasury Bills, on T-Pool, users can enjoy sustainable yields and additional FLR rewards. The staking process is quite simple and should attract new users to the Flare Network.
