- Hex Belief launches USDX, the primary native stablecoin on Flare, backed by USD 1:1.
- USDX will be deposited into Clearpool's T-Pool for actual return with out blocking.
- USDX goals to boost Flare's DeFi ecosystem and help lending and borrowing.
Hong Kong-based digital asset custodian Hex Belief Group has launched USDX, the primary native stablecoin on the Flare community.
The transfer by Hex Belief Group will energy the decentralized finance (DeFi) ecosystem on Flare, a Layer 1 blockchain tailor-made for data-intensive purposes.
USDX stablecoin by HT Digital Belongings
Developed by HT Digital Belongings, Hex Belief's tokenization ecosystem, USDX is a stablecoin backed 1:1 in opposition to the US greenback or belongings of equal worth.
Stablecoin reserves consist primarily of 1-3 month Treasury payments held securely by regulated tier-1 monetary establishments, making certain stability and confidence within the worth of the stablecoin.
The stablecoin is designed to function the essential constructing block for DeFi on the Flare blockchain. Will probably be accessible for varied purposes equivalent to lending and borrowing protocols in addition to everlasting futures exchanges.
USDX integration with Clearpool
Whereas launching the USDX stablecoin, Hex Belief Group additionally introduced a strategic partnership with Clearpool, a decentralized credit score market.
By means of this collaboration, USDX holders can stake their tokens right into a devoted T-Pool created by Clearpool.
This progressive betting mechanism permits customers to earn actual returns with out the restrictions of closings.
In return for staking USDX, customers obtain cUSDX tokens that can be utilized as collateral throughout DeFi protocols on the Flare community, together with Flare Labs' FAsset system. This method helps the usage of non-smart contract belongings equivalent to Bitcoin (BTC) and Dogecoin (DOGE) in DeFi purposes.
Market influence and future prospects
The CEO of Hex Belief, Alessio Quaglini, emphasised that the launch of USDX will scale back the volatility of the cryptocurrency market and make transactions extra environment friendly. He emphasised that USDX bridges the hole between conventional monetary safety and blockchain innovation, growing belief and safety throughout the digital asset ecosystem.
As well as, Hugo Philion, co-founder of Flare, famous the important function of stablecoins within the improvement of a vibrant DeFi ecosystem, noting that the cooperation between USDX and Clearpool on Flare brings a secure revenue-generating asset that can tremendously profit the community's customers.
Jakob Kronbichler, CEO and co-founder of Clearpool, additionally weighed in on the launch, saying that the launch of Flare's personal T-Pool for USDX gives alternatives for on a regular basis customers to get actual return on their secure holdings.
