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Hex Trust Issues First Native Stablecoin on Layer-1 Blockchain Flare
The stablecoin is backed 1:1 and can be staked on the Flare blockchain.
Updated May 21, 2024, 6:21 p.m. Published May 21, 2024, 9:00 a.m.
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- USDX stakers will receive a real-world yield and cUSDX in return.
- The stablecoin is backed at a 1:1 ratio against the dollar or equivalently valued assets.
- Flare’s native token rose by 2.4% following the announcement.
Hong Kong-based crypto custodian Hex Trust Group has issued USDX, a new stablecoin on layer-1 blockchain Flare, according to a press release.
USDX becomes the first native stablecoin on Flare as the blockchain gears up for a boost in decentralized finance (DeFi) activity. It will be available to use across lending protocols and exchanges and will also feature staking mechanism to a dedicated T-Pool, which is created by decentralized credit marketplace Clearpool.
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Those staking USDX will receive cUSDX in return, which can be used as collateral across DeFi protocols on Flare.
Backing for the stablecoin is maintained at a 1:1 ratio against the U.S. dollar or equivalently valued assets, the press release added.
"The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real-world yield," Flare's co-founder Hugo Philion said. "This will be particularly useful for FAsset agents, putting their stable collateral to work even while it's locked in the system.”
Hex Trust’s CEO Alessio Quaglini added that the launch of USDX will "reduce cryptocurrency market volatility" and "streamline transactions."
Flare raised $35 million in a private round in February from the likes of Kenetic and Aves Lair. The blockchain currently has $8 million in total value locked (TVL), according to DefiLlama.
Flare’s native token rose by 2.4% in a two-hour period following the announcement.
UPDATE (May 21, 11:52 UTC): Adds FLR price reaction.
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