- Hex Belief launches USDX, the primary native stablecoin on Flare, backed 1:1 by USD.
- USDX might be staked in Clearpool’s T-Pool for real-world yield with out lock-ups.
- USDX goals to boost Flare’s DeFi ecosystem, supporting lending and borrowing.
Hong Kong-based digital asset custodian, Hex Belief Group, has launched USDX, the primary native stablecoin on the Flare community.
The transfer by Hex Belief Group will bolster the decentralized finance (DeFi) ecosystem on Flare, a layer-1 blockchain tailor-made for data-intensive functions.
USDX stablecoin by HT Digital Belongings
USDX, developed by HT Digital Belongings, Hex Belief’s tokenization ecosystem, is a stablecoin backed 1:1 in opposition to the U.S. greenback or equivalently valued belongings.
The stablecoin’s reserves primarily include 1-3 month Treasury Payments, held securely by regulated tier-1 monetary establishments, guaranteeing stability and belief within the stablecoin’s worth.
The stablecoin is designed to function a elementary constructing block for DeFi on the Flare blockchain. It is going to be accessible for varied functions, corresponding to lending and borrowing protocols, in addition to perpetual futures exchanges.
USDX’s integration with Clearpool
Whereas launching the USDX stablecoin, Hex Belief Group additionally introduced a strategic partnership with Clearpool, a decentralized credit score market.
By this collaboration, USDX holders can stake their tokens in a devoted T-Pool created by Clearpool.
This revolutionary staking mechanism permits customers to earn real-world yields with out the constraints of lock-up intervals.
In return for staking USDX, customers obtain cUSDX tokens, which might be utilized as collateral throughout DeFi protocols on the Flare community, together with Flare Labs’ FAsset system. This technique helps the usage of non-smart contract belongings like Bitcoin (BTC) and Dogecoin (DOGE) in DeFi functions.
Market affect and future prospects
Hex Belief’s CEO, Alessio Quaglini, emphasised that the launch of USDX will cut back cryptocurrency market volatility and streamline transactions. He highlighted that USDX bridges the hole between conventional monetary safety and blockchain innovation, enhancing belief and safety throughout the digital asset ecosystem.
As well as, Hugo Philion, the Co-Founding father of Flare, remarked on the important function of stablecoins in creating a vibrant DeFi ecosystem and famous that the collaboration between USDX and Clearpool on Flare delivers a steady, yield-generating asset that may drastically profit the community’s customers.
Jakob Kronbichler, the CEO & Co-founder of Clearpool, additionally weighed in on the launch stating that the launch of a customized T-Pool for USDX on Flare gives on a regular basis customers with alternatives to earn real-world yield from their steady holdings.
