Hex Trust Unveils USDX Stablecoin on Flare with Clearpool Partnership

Tuesday, 21 May 2024, 09:00

Hex Trust Group introduces USDX, a 1:1 pegged stablecoin on the Flare blockchain, offering real-world yields through Clearpool. The stablecoin, backed by US dollar equivalents, plays a crucial role in Flare's emerging DeFi ecosystem, allowing staking with no lock-up periods and collateral utilization. The launch signifies a significant milestone bridging traditional finance and blockchain innovation for reduced market volatility and improved trust in the digital asset space.
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Hex Trust Unveils USDX Stablecoin on Flare with Clearpool Partnership

Hex Trust launches USDX stablecoin on Flare, offering real-world yields through Clearpool partnership

Hex Trust Group, a leading digital asset custodian with billions in assets under management, has unveiled USDX, the first native stablecoin for the Flare blockchain, according to the information shared with Finbold on May 21.

USDX, the critical DeFI asset on Flare

USDX is a product of HT Digital Assets, Hex Trust’s tokenization ecosystem, and serves as the key DeFi asset on Flare. Its value is backed by US dollar equivalents, primarily 1–3 month Treasury Bills, securely held by regulated tier-1 financial institutions, ensuring reliability and trustworthiness.

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The introduction of USDX on Flare is expected to reduce crypto market volatility, streamline transactions, and enhance overall security. As more Flare-native projects adopt USDX, its utility will expand, offering new opportunities for users to earn returns on their digital assets.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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