From Investing.com: 2024-05-21 05:39:33

Hong Kong-based crypto custodian Hex Trust Group has launched its native decentralized stablecoin USDX on the Flare blockchain. Backed 1:1 by the U.S. dollar, USDX serves as a DeFi primitive on Flare, with reserves primarily held in 1-3 month Treasury Bills by regulated tier-1 financial institutions. Developed by HT Digital Assets, USDX serves as a building block for DeFi and bridging applications on Flare.

USDX holders can earn real-world yields by staking their tokens in a dedicated T-Pool created by DeFi credit marketplace Clearpool. The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real-world yield, according to Flare Co-Founder Hugo Philion. The introduction of USDX is expected to mitigate crypto market volatility and enhance security and trust within the digital asset ecosystem.

Hex Trust, established in 2018, is a licensed digital asset custodian that caters to protocols, foundations, financial institutions, and the web3 ecosystem. It offers custody, DeFi, brokerage, and other services built on regulated infrastructure. Clearpool CEO & Co-founder Jakob Kronbichler noted the benefits of launching a custom T-Pool for USDX on Flare, offering users new opportunities to generate returns on their digital assets.

Read more at Investing.com: Hex Trust boosts DeFi on Flare with USDX stablecoin and Clearpool yield vault By Investing.com