{"id":20980,"date":"2024-05-21T15:00:12","date_gmt":"2024-05-21T12:00:12","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20980"},"modified":"2024-05-21T15:06:49","modified_gmt":"2024-05-21T12:06:49","slug":"hex-trust-releases-first-native-stablecoin-on-flare-blockchain","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/hex-trust-releases-first-native-stablecoin-on-flare-blockchain\/","title":{"rendered":"Hex Trust Releases First Native Stablecoin on Flare Blockchain"},"content":{"rendered":"<p>Hong Kong-based crypto custody provider Hex Trust Group has launched a new stablecoin called USDX on the Layer-1 blockchain Flare, according to a press release. USDX became the first native stablecoin to launch on Flare, and this development comes at a time when the blockchain is preparing for a surge in decentralized finance (DeFi) activity. USDX can be used in lending protocols and exchanges, as well as staking into a private pool called T-Pool created by Clearpool.<\/p>\n<p>Those who stake USDX will receive cUSDX in return, and this token can be used as collateral in DeFi protocols. As stated in the press release, the stablecoin is backed at a 1:1 ratio against US dollars or assets of equivalent value.<\/p>\n<p>Hugo Philion, co-founder of Flare, stated that the collaboration between USDX and Clearpool offers \u201ca 1:1-backed stable asset with instant access to real-world returns.\u201d Philion stated that this will be especially useful for FAsset agents who keep their stablecoins locked in the system. Hex Trust CEO Alessio Quaglini stated that the launch of USDX will \u201creduce cryptocurrency market volatility\u201d and \u201cmake transactions even easier.\u201d<\/p>\n<p>Flare raised $35 million in February from investors including Kenetic and Aves Lair. According to DefiLlama, the blockchain currently has a total locked value of $8 million.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong-based crypto custody provider Hex Trust Group has launched a new stablecoin called USDX on the Layer-1 blockchain Flare, according to a press release. USDX became the first native stablecoin to launch on Flare, and this development comes at a time when the blockchain is preparing for a surge in decentralized finance (DeFi) activity.<\/p>\n","protected":false},"author":6,"featured_media":10741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[6258,6256,6257],"class_list":["post-20980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-flare-blockchain","tag-hex-trust","tag-hex-trust-stablecoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hex Trust Releases First Native Stablecoin on Flare Blockchain - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Cypto custody provider Hex Trust Group has launched a new stablecoin called USDX on the Layer-1 blockchain Flare.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/hex-trust-releases-first-native-stablecoin-on-flare-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hex Trust Releases First Native Stablecoin on Flare Blockchain - 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