Hex Trust Introduces USDX Stablecoin With Clearpool Yield Vault, Enhancing DeFi On Flare
In Brief
Hex Trust has launched its USDX stablecoin on Flare, featuring a dedicated vault on Clearpool, enabling holders to earn real-world yields.
Digital asset custodian Hex Trust Group announced the release of its first native stablecoin, USDX, on the blockchain for data Flare (FLR). The new stablecoin will be launched with a dedicated vault on Clearpool, allowing holders to earn real-world yields.
“The launch of Hex Trust’s first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a pivotal evolution in stablecoins,” said Alessio Quaglini, CEO & Co-Founder of Hex Trust, in a written statement. “Powered by Hex Trust’s tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation. It promises to reduce cryptocurrency market volatility, streamline transactions, and enhance trust and security within the digital asset ecosystem,” he added.
USDX, created by HT Digital Assets, Hex Trust’s tokenization ecosystem, will be pegged at a 1:1 ratio to the United States Dollar or equivalently valued assets. The reserves backing USDX primarily consist of 1-3 month Treasury Bills and are held by regulated tier-1 financial institutions. This setup ensures that holders can trust in the stablecoin’s value and stability, according to the written statement.
The new stablecoin will become a foundational element for decentralized finance (DeFi) and the bridging ecosystem on Flare. USDX is expected to be used in various applications, including lending and borrowing protocols and perpetual futures exchanges.
Clearpool Introduces T-Pool For Staking USDX, Enhancing Yield Opportunities
Additionally, USDX can be staked in a dedicated T-Pool created by Clearpool to offer real-world yield. Users will have the flexibility to stake and unstake at any time without lock-up periods, maximizing returns through both the base yield and bonus FLR incentives. Staking USDX on Clearpool will return cUSDX, which can be used as collateral in Flare Labs’ FAsset system, enabling the use of non-smart contract assets like BTC and DOGE in DeFi on Flare.
Furthermore, the release of USDX on Flare aims to reduce cryptocurrency market volatility, streamline transactions, and improve overall security and trust within the digital asset ecosystem. As USDX gains adoption among Flare-native projects, its utility will expand, offering users new opportunities to earn returns on their digital assets.
Hex Trust offers services for protocols, foundations, financial institutions, and the Web3 ecosystem. It enables access to custody, DeFi, and brokerage, along with other services built on regulated infrastructure. Last year, the organization obtained a full operational license in Dubai.
Recently, Hex Trust has collaborated with WalletConnect, enabling Hex Trust’s users to interact with 6,000 Web3 and Web2 applications across Ethereum virtual machine-compatible blockchains.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
