Hex Trust Group, a leading crypto custodian based in Hong Kong, has launched USDX, the first native stablecoin on the layer-1 blockchain Flare.
Hex Trust Releases First Native Stablecoin on Layer-1 Blockchain Flare
This stablecoin is backed 1:1 by US dollars or equivalent assets and can be staked on the Flare blockchain.
The launch of USDX is set to enhance decentralized finance (DeFi) activities on Flare by providing new opportunities for users and developers.
The stablecoin will be integrated into various lending protocols and exchanges and will also have a staking mechanism in a private T-Pool created by Clearpool, a decentralized lending marketplace.
Users who stake USDX will receive cUSDX in return, which can be used as collateral in DeFi protocols on the Flare network. This integration aims to provide a stable, yield-generating asset for the Flare ecosystem.
“USDX and Clearpool's collaboration on Flare delivers a stable asset with 1:1 backing that provides instant access to real-world returns,” said Hugo Philion, co-founder of Flare.
This will be particularly useful for FAsset brokers and will work even when their stable collateral is locked in the system,” he said.
Alessio Quaglini, CEO of Hex Trust, highlighted the benefits of USDX, stating that it will help “reduce volatility in the cryptocurrency market” and “facilitate transactions.”
The launch of USDX marks a significant milestone for Flare as it continues to develop its DeFi capabilities.
Earlier this year, Flare raised $35 million in a private financing round from investors including Kenetic and Aves Lair. According to DeFiLlama, the blockchain currently has a total value locked (TVL) of $8 million.
This new development underscores Flare's commitment to expanding its ecosystem and providing robust financial tools for its users. With the launch of USDX, Flare is poised to attract more participants and significantly increase DeFi activity.
*This is not investment advice.
