fromcrypto – Hong Kong-based cryptocurrency depository Hex Belief Group has launched its native USDX decentralized stablecoin on the Flare blockchain.
Backed 1:1 by the US greenback, USDX serves as a DeFi primitive on Flare, with reserves primarily held in 1-3 month T-bills by regulated tier-1 monetary establishments.
Developed by HT Digital Property, the tokenization ecosystem of Hex Belief, USDX serves as a constructing block for DeFi and bridging functions on Flare. These embody lending and borrowing protocols, everlasting futures exchanges and betting alternatives.
USDX holders can earn actual returns by depositing their tokens right into a devoted T-Pool created by DeFi Credit score Market Clearpool.
“Stablecoins are important to the event of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare offers a secure 1:1 collateralized asset with quick entry to real-world returns,” stated Flare co-founder Hugo Philion.
Alessio Quaglini, CEO and co-founder of Hex Belief added: “The launch of Hex Belief's first native stablecoin, USDX, on the Flare community, in partnership with Clearpool, represents a key improvement in stablecoins. Powered by Hex Belief's tokenization ecosystem, HT Digital Property, USDX bridges the hole between conventional monetary safety and blockchain innovation.”
The introduction of USDX is meant to ease the volatility of the crypto market, streamline transactions, and improve safety and belief within the digital asset ecosystem. With the rising adoption of Flare-native initiatives, USDX will supply customers new alternatives to generate returns on their digital belongings.
Not like centralized stablecoins like USDC and USDT, that are backed by real-world money or money equivalents, decentralized stablecoins are backed by cryptocurrencies and sometimes function utilizing algorithmic mechanisms.
Based in 2018, Hex Belief is a licensed digital asset supervisor that caters to protocols, foundations, monetary establishments and the web3 ecosystem. It affords escrow, DeFi, brokerage and different providers constructed on a regulated infrastructure.
Clearpool CEO and Co-Founder Jakob Kronbichler commented: “The launch of our personal T-Pool for USDX on Flare is nice for each common customers who wish to get an actual return on their secure holdings and FAssets brokers who can get further returns. for his or her USDX whereas secured within the system.”
