Investing.com — Hong Kong-based cryptocurrency custodian Hex Trust Group has launched its native decentralized stablecoin USDX on the Flare blockchain.
Backed 1:1 by the US dollar, USDX serves as a DeFi primitive on Flare, with reserves held primarily in 1-3 month Treasury bills by Tier 1 regulated financial institutions.
Developed by HT Digital Assets, the Hex Trust tokenization ecosystem, USDX serves as a building block for DeFi and bridging applications on Flare. These include lending and borrowing protocols, perpetual futures exchanges, and staking opportunities.
USDX holders can earn real-world returns by staking their tokens in a dedicated T-Pool created by DeFi credit marketplace Clearpool.
“Stablecoins are critical to the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare offers a 1:1 backed stable asset with immediate access to real-world performance,” said Flare co-founder Hugo Philion.
Alessio Quaglini, CEO and co-founder of Hex Trust, added: “The launch of Hex Trust’s first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a fundamental evolution in stablecoins. Powered by Hex Trust’s tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation.”
The introduction of USDX is said to mitigate cryptocurrency market volatility, streamline transactions, and improve security and trust within the digital asset ecosystem. As adoption by native Flare projects grows, USDX will offer new opportunities for users to generate returns on their digital assets.
Unlike centralized stablecoins like USDC and USDT, which are backed by real-world cash or cash equivalents, decentralized stablecoins are collateralized by cryptocurrencies and often operate through algorithmic mechanisms.
Established in 2018, Hex Trust is a licensed digital asset custodian serving protocols, foundations, financial institutions, and the web3 ecosystem. It offers custody, DeFi, brokerage and other services based on a regulated infrastructure.
Clearpool CEO and Co-Founder Jakob Kronbichler noted: “Launching a custom T-Pool for USDX on Flare is great for both everyday users who want to get a real return on their stable holdings and FAssets traders who can get a additional performance. for your USDX as long as it is collateralized in the system.”
