Hex Trust Group, a digital asset custodian managing billions in assets, has just unveiled the first native stablecoin on the Flare blockchain. Flare’s stablecoin, dubbed USDX, maintains a 1:1 peg to the U.S. dollar and is set to launch alongside a dedicated Clearpool vault, offering holders the opportunity to earn real-world yields.
Developed within Hex Trust’s tokenization ecosystem, USDX is positioned as a crucial DeFi element on Flare, backed consistently at a 1:1 ratio against the U.S. dollar or assets of equivalent value. These reserves, primarily comprising 1-3 month T-Bills, are securely held by regulated tier-1 financial institutions, ensuring holders’ trust in the stablecoin’s value and resilience.
CEO & co-founder of Clearpool, Jakob Kronbichler, said, “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.”
USDX is poised to serve as a foundational component for Flare’s emerging DeFi and bridging ecosystem. Beyond its role in lending, borrowing protocols, and perpetual futures exchanges, USDX holders can stake their tokens in a dedicated T-Pool offered by Clearpool to earn real-world yields. This staking process, devoid of lock-up periods, maximizes returns through both base yield and bonus FLR incentives.
Staking USDX on Clearpool generates cUSDX, which can be utilized as collateral within Flare Lab’s FAsset system, facilitating the use of non-smart contract assets like BTC and DOGE in DeFi on Flare.
The debut of USDX on Flare promises to mitigate crypto market volatility, streamline transactions, and elevate overall security and trust within the digital asset ecosystem. As USDX garners adoption from Flare-native projects, its utility is expected to expand, offering users new avenues to generate returns on their digital assets.
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