#MarketRebound USDX Created to Support DeFi Growth: Hex Trust CEO

Hex Trust’s USDX integrates DeFi with Flare Network, providing 1:1 USD backing, yield generation, and cross-chain capabilities. Native to decentralized finance (DeFi) to create USDX, the first native stablecoin launched on Flare Network by HT Digital Assets.

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In an interview with Cointelegraph, Alessio Quaglini, co-founder and CEO of Hex Trust, explains how USDX aims to be a core stablecoin for DeFi applications.

USDX is fully backed by cash and cash equivalents, including short-term treasuries, and serves a dual purpose as a stablecoin and gas token in the Flare ecosystem.

According to Quaglini, “USDX is the first native stablecoin on the data blockchain, Flare, and is being brought to life by HT Digital Assets, the Hex Trust token ecosystem.”

The Hex Trust CEO said that USDX will become a core stablecoin in DeFi with the goal of “integrating further within DeFi applications” to become a “trusted asset for users.”