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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.
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.
Hugo Philion, co-founder of Flare, stated that the collaboration between USDX and Clearpool offers “a 1:1-backed stable asset with instant access to real-world returns.” 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 “reduce cryptocurrency market volatility” and “make transactions even easier.”
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.
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