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Hong Kong-based crypto custody firm Hex Trust Group has introduced a new stablecoin called USDX on the Layer-1 Blockchain network Flare (FLR). This launch marks the release of the first stablecoin on Flare and aims to enhance the Blockchain’s decentralized finance (DeFi) ecosystem.
USDX Will Open Many Use Cases
According to the press release, USDX will be pegged 1:1 against the US dollar or equivalent valuable assets to ensure its stability and reliability. USDX will play a significant role in Flare’s DeFi activities and can be used in various lending protocols and exchanges. Additionally, it will include a staking mechanism linked to a special T-Pool created by the decentralized credit market Clearpool.
USDX stakers will receive cUSDX, which can be used as collateral in DeFi protocols on the Flare network. This system will not only provide a stable asset but also allow stakers to earn real-world yields.
The collaboration between USDX and Clearpool on Flare is designed to offer a stable asset with instant access to real-world yields. Flare co-founder Hugo Philion emphasized the benefit of this system for FAsset agents, allowing them to use their stable collateral even while it remains locked in the system. This feature is expected to be particularly beneficial in increasing liquidity and stability within the Flare ecosystem.
Hex Trust CEO Alessio Quaglini highlighted that the launch of USDX will help reduce volatility in the cryptocurrency market and facilitate transactions. By providing a stable and reliable asset, USDX is expected to ease smoother and more efficient transactions in the cryptocurrency market and contribute to a more stable and predictable trading environment.
Raised $35 Million in a Private Funding Round
In February, Flare demonstrated its active expansion of features and ecosystem by raising $35 million in a private funding round with investors including Kenetic and Aves Lair.
According to DefiLlama data, the Blockchain network currently has a total locked value (TVL) of $8 million. This significant financial support and growing TVL indicate strong backing and confidence in Flare’s potential to become a major player in the DeFi space.
