- Hex Trust has unveiled a new stablecoin.
- The stablecoin launched on a fairly new blockchain.
- Its utility will include staking.
Institutional crypto custodian Hex Trust Group has launched USDX natively on the Flare network, an EVM-based Layer 1 blockchain with $35 million in funding raised in a private round in February.
USDX is Hex Trust’s new stablecoin backed at a 1:1 ratio against the dollar or equivalently valued assets, such as 1-3 month T-Bills held at global, tier-1 financial institutions. As part of its launch, Hex Trust has collaborated with Clearpool, enabling USDX “to be immediately put to work.”
USDX on Flare Blockchain
According to a statement dated May 21, Hex Trust’s tokenization ecosystem, HT Digital Assets, is launching USDX as the first native stablecoin on Flare, priming the blockchain for an uptick in decentralized finance (DeFi) activity.
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The stablecoin will serve as one of the foundation blocks for building Flare’s emerging ecosystem by powering activities across borrowing and lending protocols, perpetual futures exchanges, and Flare Labs’ FAsset system.
In addition to daily utility, USDX holders can also deposit their stablecoins in the USDX T-Pool on Clearpool to unlock incentives and yields, such as cUSDX, which can be used as collateral across DeFi protocols on Flare.
Hex Trust CEO and Co-Founder Alessio Quaglini lauded USDX’s launch, noting that it marked a pivotal evolution in stablecoins.
“USDX bridges the gap between traditional financial security and blockchain innovation. It promises to reduce cryptocurrency market volatility, streamline transactions, and enhance trust and security within the digital asset ecosystem,” Quaglini stated.
Per the statement, Hex Trust is keen on expanding and integrating USDX into various chains “to play a crucial role” in the widespread adoption of crypto.
Read about Hex Trust’s crypto license in Dubai:
Hex Trust Granted Full Crypto Operating License in Dubai
Stay updated on USDC issuer Circle’s plan to move to the U.S.:
USDC Issuer Circle Eyes Setting up Shop in US Ahead of IPO
