The Hex Trust Group introduces USDX, the first native stable coin in Flare Network

• Hex Trust introduces USDX, the first native stable coin on Flare, which is covered 1-1 by USD.
• USDX can be used in Clearpool in the T-Pool to achieve real yields without blocking periods.
• USDX aims to improve Flare defi ecosystem and to support the lending and recording.

The Hong Kong custodian bank for digital assets, Hex Trust Group, has introduced USDX, the first native stable coin in the flare network.

The step of the Hex Trust Group will strengthen the decentralized financial ecosystem (Defi) on Flare, a layer 1 blockchain that is tailored to data-intensive applications.

USDX stable from HT Digital Assets

USDX, developed by HT Digital Assets, the tokenization ecosystem from Hex Trust, is a stable coin that is covered $ 1: 1 by the US dollar or equivalent assets.

The reserves of the stable coin mainly consist of one to three-month treasure changes, which are safely held by regulated animal 1 financial institutions to ensure stability and trust in the value of the stable coin.

The stablecoin is said to serve as a basic building block for Defi on the Flare Blockchain. It will be available for different applications, such as B. credit and credit logs as well as eternal appointment exchanges.

USDX integration with Clearpool

During the introduction of the USDX stable coin, the Hex Trust Group also announced a strategic partnership with Clearpool, a decentralized credit marketplace.

This collaboration can use USDX owners in a dedicated T-Pool created by Clearpool.

This innovative set mechanism enables users to achieve real income without restrictions through blocking periods.

In return for the stake in USDX, users receive CUSDX tokens that can be used as security for all defi protocols in the Flare network, including the Fasset system from Flare Labs. This system supports the use of non-intelligent contract values such as Bitcoin (BTC) and Dogecoin (Doge) in defi applications.

market effects and future prospects

Alessio Quaglini, CEO of Hex Trust, emphasized that the introduction of USDX would reduce the volatility of the cryptocurrency market and rationalize transactions. He emphasized that USDX closes the gap between traditional financial security and blockchain innovation and strengthens trust and security within the ecosystem for digital assets.

In addition, Hugo Philion, the co-founder of Flare, referred to the essential role of stablecoins in the development of a lively defi ecosystem and pointed out that the cooperation between USDX and Clearpool on Flare provides a stable, income-generating asset that will bring great benefits users of the network.

Jakob Kronbichler, the CEO and co-founder of Clearpool, also commented on the introduction and explained that the introduction of a custom T-pool for USDX on flare everyday users offers the opportunity to achieve real yields with their stable stocks.