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Home » Ecosystem » Hex Trust launches first native stablecoin USDX on Flare blockchain

Hex Trust launches first native stablecoin USDX on Flare blockchain

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USDX stablecoin backed 1:1 against US dollar, available for staking on Flare blockchain.

Abstract representation of the USDX stablecoin

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Hong Kong-based crypto custodian Hex Trust Group has issued USDX, the first native stablecoin on Flare Network, an EVM-based layer 1 blockchain. The stablecoin will be available for use across lending protocols and exchanges.

USDX’s launch comes with a unique staking mechanism, enabled through a dedicated T-Pool created by Clearpool, a decentralized credit marketplace. Users staking USDX will receive cUSDX in return, which can be utilized as collateral across DeFi protocols on Flare. According to the press release, USDX will provide a “vital DeFi primitive on Flare.”

Hex Trust CEO Alessio Quaglini said that USDX is designed to reduce the crypto market’s volatility and streamline transactions, enhancing trust and security in the digital asset ecosystem. Flare, which raised $35 million in a private round in February from investors such as Kenetic and Aves Lair, currently has $8 million in total value locked (TVL).

The stablecoin’s backing is maintained at a 1:1 ratio against the U.S. dollar or equivalently valued assets, with reserves primarily consisting of 1-3 month T-Bills securely held by regulated tier-1 financial institutions. This ensures the value and resilience of USDX.

Flare co-founder Hugo Philion claims that USDX would provide “immediate access to real world yield,” a feature of the product that would be of particular use to F-Asset agents, effectively placing their stable collateral to “work even while it’s locked in the system.”

F-Assets on the Flare Network are representations of assets from other blockchains, enabling non-smart contract tokens like XRP, BTC, DOGE, and XLM to be used with smart contracts on Flare. Users can earn rewards in Spark (FLR) by holding F-Assets and participate in DeFi and other network applications. Agents play a critical role in the FAssets system by managing underlying assets and providing collateral to ensure the redemption process for users.

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