A Hong Kong company has released a rival coin to the world's largest stablecoin issuer, Tether (#USDT):

Hong Kong-based crypto custodian Hex Trust Group has released a new stablecoin.

A new rival has arrived in the stablecoin market dominated by Tether (USDT). Hong Kong-based company Hex Trust Group announced that it has launched a new stablecoin called USDX on the Flare blockchain.

USDX became the first native stablecoin on Flare. USDX can be used in staking transactions on lending protocols, decentralized exchanges and a special T-Pool created by Clearpool.

Those who stake USDX in Clearpool pools will receive cUSDX in return, which can be used as collateral across DeFi protocols on Flare. USDX will be executed on a 1:1 collateral basis with the dollar.

Making a statement on the subject, Hugo Philion, co-founder of Flare, made the following statements about the features of USDX:

The Flare collaboration between USDX and Clearpool offers a stable asset backed 1:1 with instant access to real-world returns. This will be particularly useful for FAsset agents; They will be able to trade even while their stable collateral is locked in the system.

Hex Trust's CEO, Alessio Quaglini, stated that USDX will be a cure for the volatility in the cryptocurrency market and will facilitate transactions.