Hong Kong-based Hex Trust Group Launches USDX Stablecoin on Flare Blockchain
Hong Kong-based company Hex Trust Group, known for its digital asset custody, has introduced a new stablecoin called USDX. This digital asset is launched on the first-tier blockchain Flare and is pegged to the US dollar at a 1:1 ratio. The reserve for USDX is mainly backed by short-term US Treasury bonds with maturities ranging from one to three months.
USDX becomes the first stablecoin on the Flare blockchain, which is still in the active development stage of its ecosystem. Recall that Flare raised $35 million in a closed funding round in February of this year, and currently, the total locked value of assets on the platform is $8 million, according to DefiLlama. After the announcement of the USDX launch, the price of the Flare token (FLR) rose by 2.4%.
According to plans, USDX will be available for use on all lending platforms and exchanges, as well as on the decentralized lending platform Cleapool, which will launch a T-pool with this stablecoin. This pool will allow users to lock assets in USDX and receive cUSDX in return.
Flare co-founder Hugo Philion emphasized that the partnership with Cleapool will provide USDX holders with immediate access to real yield. Hex Trust CEO Alessio Quaglini added that the launch of USDX will help reduce volatility in the cryptocurrency market and simplify financial transactions.
Thus, USDX not only expands the capabilities of the Flare blockchain but also offers a new level of stability and functionality in the digital asset space.
