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Hex Trust Releases First Native Stablecoin on Blockchain Flare Layer-1
Hong Kong-based cryptocurrency custodian Hex Trust Group has issued USDX, a new stablecoin on the layer 1 Flare blockchain, according to a press release.
USDX becomes the first native stablecoin on Flare as the blockchain prepares to boost decentralized finance (DeFi) activity. It will be available for use across all lending protocols and exchanges and will also feature a staking mechanism for a dedicated T-Pool, created by decentralized credit marketplace Clearpool.
Those who are staking USDX will receive cUSDX in return, which can be used as collateral through DeFi protocols on Flare.
Support for the stablecoin is maintained at a 1:1 ratio to the US dollar or assets of equivalent value, the press release added.
“The collaboration between USDX and Clearpool on Flare offers a 1:1 guaranteed stable asset with immediate access to real-world returns,” said Flare co-founder Hugo Philion. “This will be especially useful for FAsset agents, as they will put their stable collateral to good use even while it is locked in the system.”
Hex Trust CEO Alessio Quaglini added that the launch of USDX will “reduce volatility in the cryptocurrency market” and “simplify transactions.”
Glow raised 35 million dollars in a private round in February from the likes of Kenetic and Aves Lair. The blockchain reportedly currently has a total value locked (TVL) of $8 million DefilLama.