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, pegged 1:1 to the US dollar, debuts with a Clearpool vault, allowing holders to earn real-world yields.
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 decentralized finance (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.
The stablecoin is set to play a foundational role in Flare’s emerging DeFi and bridging ecosystem, being utilized across various applications, including lending and borrowing protocols and perpetual futures exchanges.
Staking USDX
Users can also stake USDX in a dedicated T-Pool created by Clearpool, offering them real-world yield opportunities.
Staking has no lock-up periods, so users can maximize returns through both base yield and bonus FLR incentives.
Staking USDX on Clearpool yields cUSDX, which can be used as collateral in Flare Labs’ FAsset system, integrating non-smart contract assets like Bitcoin (BTC) and Dogecoin (DOGE) into Flare’s DeFi ecosystem.
The importance of stablecoins in DeFi
Hugo Philion, Co-Founder of Flare, emphasized the importance of stablecoins in building a vibrant DeFi ecosystem, stating:
“Stablecoins are fundamental for the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real world yield. This will be particularly useful for FAsset agents, putting their stable collateral to work even while it’s locked in the system.”
Alessio Quaglini, CEO & Co-Founder of Hex Trust, likewise described the launch of USDX on Flare as a significant milestone.
Quaglini noted that USDX bridges traditional financial security and blockchain innovation, promising reduced market volatility, streamlined transactions, and enhanced trust within the digital asset ecosystem.
Democratizing yield from stable holdings
Jakob Kronbichler, CEO & Co-Founder of Clearpool, highlighted Clearpool’s position as a leading borrowing and lending platform on Ethereum Virtual Machine (EVM)-compatible chains, stating:
“Clearpool is the leading borrowing and lending Dapp active on the top EVM-compatible chains. Launching a custom T-Pool for USDX on Flare is great for both everyday users who want to earn a real world yield from their stable holdings, and for FAssets agents who can earn additional yield for their USDX while it’s collateralized in the system.”
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.
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