Hex Trust releases USDX stablecoin on the Flare blockchain
Date: 2024-05-22 Author: Gabriel Deangelo Categories: BLOCKCHAIN
Hong Kong-based cryptocurrency custodian Hex Trust has introduced a new stablecoin, USDX, pegged to the US dollar, on the Flare layer-1 blockchain. This move boosted the network's native token by 6.4%.
First stablecoin on Flare
Developed by Hex Trust subsidiary HT Digital Assets, USDX became the first stablecoin in the Flare ecosystem. It is backed at a 1:1 ratio to the US dollar and is backed primarily by US Treasury bonds.
Implications for the Flare Ecosystem
Hex Trust claims that USDX will be a key element of DeFi development on the Flare platform. In addition to facilitating mutual settlements between projects, this stablecoin opens up new opportunities, such as use in landing protocols and receiving rewards in Flare tokens for staking.
Partnership with the Clearpool platform
The Clearpool platform announced the launch of a T-pool with the USDX stablecoin. This will allow holders to lock up assets and receive cUSDX, which can be used as collateral to obtain loans on Flare's lending protocols.
Positive dynamics of the asset
Since Hex Trust announced the release of USDX and its integration into the Flare ecosystem, the asset has shown growth of 6.4%. Currently, according to CoinMarketCap, the price of USDX is $0.029.
Partnership with Google Cloud
This event comes after Flare announced a partnership with Google Cloud, which has joined the network's validators. These steps confirm the growing importance and active development of the Flare ecosystem.
