- Hex Belief launches USDX, the primary native stablecoin on Flare, backed 1:1 by the US greenback.
- USDX will be traded in Clearpool’s T-Pool for actual revenue with out locks.
- USDX goals to enhance the DeFi Flare ecosystem by supporting lending and borrowing.
Hong Kong-based digital asset custodian Hex Belief Group has launched USDX, the primary proprietary stablecoin on the Flare community.
The transfer by Hex Belief Group will strengthen the decentralized finance (DeFi) ecosystem on Flare, a Layer 1 blockchain tailor-made for data-intensive functions.
USDX Stablecoin by HT Digital Property
Developed by HT Digital Property, the Hex Belief tokenization ecosystem, USDX is a stablecoin backed 1:1 towards the US greenback or equivalently valued property.
Stablecoin reserves are primarily comprised of 1-3 month Treasury Payments held securely by regulated Tier 1 monetary establishments, offering stability and confidence within the worth of the Stablecoin.
Stablecoin is designed to function a elementary constructing block for DeFi on the Flare blockchain. It will likely be obtainable for varied functions, corresponding to lending and borrowing protocols, in addition to for perpetual futures exchanges.
USDX integration with Clearpool
Throughout the launch of the USDX stablecoin, Hex Belief Group additionally introduced a strategic partnership with Clearpool, a decentralized credit score market.
By way of this collaboration, USDX holders can stake their tokens in a particular T-pool created by Clearpool.
This modern betting mechanism permits customers to earn actual earnings with out the constraints of lock-in intervals.
In alternate for staking USDX, customers obtain cUSDX tokens that can be utilized as collateral via DeFi protocols on the Flare community, together with Flare Labs’ FAsset system. This technique helps the usage of non-smart contract property corresponding to Bitcoin (BTC) and Dogecoin (DOGE) in DeFi functions.
Market influence and future prospects
CEO of Hex Belief, Alessio Quallini, emphasised that the launch of USDX will scale back the volatility of the cryptocurrency market and streamline transactions. He emphasised that USDX bridges the hole between conventional monetary safety and blockchain innovation, rising belief and safety within the digital asset ecosystem.
As well as, Hugo Fillion, co-founder of Flare, famous the important position of stablecoins within the growth of a vibrant DeFi ecosystem and famous that the cooperation between USDX and Clearpool on Flare offers a secure and worthwhile asset that can tremendously profit community customers.
Jakob Kronbichler, CEO and co-founder of Clearpool, additionally commented on the launch, saying that the launch of the customized T-Pool for USDX on Flare offers odd customers the chance to earn actual returns on their secure holdings.
