Clearpool has announced its collaboration with Flare, the blockchain for data, and The Hex Trust Group, a leading digital asset custodian, to launch a dedicated vault for earning yield on the newly introduced stablecoin, USDX. Developed by HT Digital Assets, Hex Trust’s tokenization ecosystem, USDX is designed to be a key DeFi asset for financial management on the Flare network.
The stablecoin is backed 1:1 against the U.S. dollar or equivalent assets, primarily consisting of 1–3 month T-Bills. These reserves are held securely by regulated tier-1 financial institutions, providing assurance of the stablecoin’s value and stability. USDX holders can now stake their stablecoin into a dedicated T-Pool on Clearpool to earn real-world yield.
Clearpool to launch yield vault for @Hex_Trust’s new stablecoin USDX on @FlareNetworks!The new product, a dedicated T-Pool, enables USDX to be staked to earn real-world yield plus bonus $FLR incentives.Launched by Hex Trust, a digital asset custodian with billions in… pic.twitter.com/D3r6XAXyXc
— Clearpool (@ClearpoolFin) May 21, 2024
This staking process allows for flexible deposits and withdrawals without lock-up periods, optimizing returns through both base yield and additional FLR incentives. Staking USDX on Clearpool generates cUSDX, which can be used as collateral in Flare Labs’ FAsset system. This supports the use of non-smart contract assets like BTC and DOGE in DeFi on Flare.
Hugo Philion, Co-Founder of Flare, emphasized, “Stablecoins are fundamental for the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real world yield. This will be particularly useful for FAsset agents, putting their stable collateral to work even while it’s locked in the system.”
Expanding Ecosystem and User Base
The launch of the yield vault on Flare represents Clearpool’s expansion to its seventh blockchain, following Ethereum, Polygon, Polygon zkEVM, Optimism, Mantle, and Avalanche. This new product underscores Clearpool’s dedication to innovation and addressing the growing demand for real-yield earning opportunities within the ecosystem.
Jakob Kronbichler, CEO & Co-founder of Clearpool, highlighted, “Clearpool is the leading borrowing and lending dApp active on the top EVM-compatible chains. Launching a custom T-Pool for USDX on Flare is great for both everyday users who want to earn a real world yield from their stable holdings, and for FAssets agents who can earn additional yield for their USDX while it’s collateralized in the system.”
Alessio Quaglini, CEO & Co-Founder of Hex Trust, remarked, “The launch of Hex Trust’s first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a pivotal evolution in stablecoins. 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.”
Clearpool, backed by leading investors like Sequoia Capital, HashKey Capital, and Arrington Capital, is a premier decentralized finance credit marketplace. Since its launch in March 2022, Clearpool has originated over $529 million in loans and has attracted a user base that spans both the crypto and traditional finance sectors, including Wintermute, Jane Street, Fasanara Digital, and CoinShares.
Founded in 2018, Hex Trust is a fully licensed digital asset custodian, providing services to protocols, foundations, financial institutions, and the web3 ecosystem. Hex Trust offers custody, DeFi, brokerage, and other services built on a regulated infrastructure. Meanwhile, Flare is an EVM smart contract platform designed to support data-intensive use cases, such as Machine Learning/AI, RWA tokenization, gaming, and social applications.
With decentralized, enshrined oracles secured at the network layer, Flare is optimized for decentralized data acquisition, including price and time series data, blockchain event and state data, and web2 API data. By providing developers with trustless access to a broad range of data at minimal cost, Flare expands blockchain utility and fosters the development of innovative use cases.
Overall, this collaboration between Clearpool, Flare, and Hex Trust sets the stage for new opportunities in the DeFi landscape, providing secure, flexible, and yield-generating solutions for stablecoin holders. It exemplifies the potential for innovative financial products to bridge traditional and decentralized finance, offering enhanced trust and security. As the ecosystem evolves, such partnerships are poised to drive further advancements and adoption in the digital asset space.