DeFi
Hex Trust Launches USDX Stablecoin on Flare with Clearpool
Hex Trust Group, a digital asset custodian managing billions in assets, has just unveiled Flare, the first blockchain-native stablecoin for data. Flare’s stablecoin, dubbed USDX, maintains a 1:1 benchmark to the US dollar and is set to launch alongside a dedicated Clearpool vault, offering holders the opportunity to earn real-world returns.
Developed within the Hex Trust tokenization ecosystem, USDX is positioned as a crucial DeFi element on Flare, consistently backed at a 1:1 ratio against the US dollar or assets of equivalent value. These reserves, comprised primarily of 1-3 month treasury bills, are held securely by top-tier regulated financial institutions, ensuring holders’ confidence in the value and resilience of the stablecoin.
Clearpool CEO and Co-Founder Jakob Kronbichler added: “Clearpool is the leading borrowing and lending app active on major EVM-enabled chains. The launch of a custom T-Pool for USDX on Flare is ideal for both everyday users who want to earn real yield from their stablecoin holdings, and for FAssets agents who can earn additional yield for their USDX for that it is guaranteed in the system.
USDX is poised to serve as a foundational component for Flare’s emerging DeFi and transition ecosystem. Beyond its role in perpetual lending, borrowing, and futures trading protocols, USDX holders can stake their tokens in a dedicated T-Pool offered by Clearpool to earn real-world returns. This staking process, devoid of lock-up periods, maximizes returns through both base yield and FLR bonus incentives.
Staking USDX on Clearpool generates cUSDX, which can be used as collateral in Flare Lab’s FAsset system, facilitating the use of non-smart contract assets like BTC and DOGE in DeFi on Flare.
The debut of USDX on Flare promises to mitigate crypto market volatility, streamline transactions, and elevate overall security and trust within the digital asset ecosystem. As USDX is adopted by Flare’s native projects, its utility is expected to expand, providing users with new avenues to generate returns on their digital assets.
Read also: Astar Studio launches development platform for Astar zkEVM