This week, Hex Trust Group has unveiled the inaugural native stablecoin for Flare blockchain – USDX. Backed by a fortress of assets under custody, this 1:1 U.S. dollar pegged stablecoin is primed to galvanize Flare's burgeoning DeFi ecosystem, bolstered by a bespoke Clearpool vault offering lucrative real-world yields.
Crafted within Hex Trust's tokenization enclave, HT Digital Assets, USDX stands as a pivotal DeFi primitive on Flare, steadfastly mirroring the value of the U.S. dollar. This stability is underpinned by a reservoir of reserves, predominantly comprising 1-3 month T-Bills, securely ensconced within the vaults of regulated tier-1 financial institutions.
The result? A stablecoin ecosystem built on bedrock, assuring holders of unwavering value and resilience. It serves as the cornerstone for Flare's burgeoning DeFi landscape, finding application in diverse protocols ranging from lending and borrowing to perpetual futures exchanges.
What's more, holders can stake their USDX within the bespoke T-Pool concocted by Clearpool, reaping real-world yields sans any lock-up periods. The flexibility afforded ensures maximal returns, augmented by bonus FLR incentives, all while facilitating seamless collateralization within Flare Labs' FAsset framework.
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Hugo Philion, the visionary Co-Founder of Flare, underscores the pivotal role stablecoins play in nurturing a robust DeFi ecosystem.
"Stablecoins are fundamental for the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real world yield. This will be particularly useful for FAsset agents, putting their stable collateral to work even while it's locked in the system.”
Hugo Philion, Co-Founder of Flare
Alessio Quaglini, CEO & Co-Founder of Hex Trust said: “The launch of Hex Trust's first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a pivotal evolution in stablecoins. Powered by Hex Trust's tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation. It promises to reduce cryptocurrency market volatility, streamline transactions, and enhance trust and security within the digital asset ecosystem.”
Jakob Kronbichler, CEO & Co-founder of Clearpool added: “Clearpool is the leading borrowing and lending dapp active on the top EVM-compatible chains. Launching a custom T-Pool for USDX on Flare is great for both everyday users who want to earn a real world yield from their stable holdings, and for FAssets agents who can earn additional yield for their USDX while it's collateralized in the system.”
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The advent of USDX on Flare heralds a paradigm shift, mitigating crypto market volatility, streamlining transactions, and fortifying the digital asset ecosystem's bedrock. As USDX permeates Flare's native projects, its utility burgeons, promising a cornucopia of opportunities for users to realize returns on their digital assets.
About Hex Trust
Hex Trust stands tall as a fully licensed digital asset custodian, steadfastly committed to furnishing services for protocols, foundations, financial institutions, and the Web3 ecosystem. Its suite of offerings spans custody, DeFi, brokerage, and beyond, all underpinned by a bedrock of regulated infrastructure.
About Clearpool
Clearpool emerges as the vanguard of decentralized finance credit marketplaces, boasting backing from marquee investors such as Sequoia Capital and HashKey Capital. Since its inception, Clearpool has facilitated over US$529 million in loans, attracting a diverse array of users spanning both crypto and TradFi institutions.
About Flare
Flare, the blockchain for data, emerges as a bastion of innovation, tailored to support data-intensive applications spanning Machine Learning/AI, RWA tokenization, gaming, and social. With enshrined oracles and decentralized data acquisition mechanisms, Flare represents a veritable playground for developers, promising a panoply of use cases.
