DeFi
Hex Trust Bolsters DeFi on Flare with USDX Stablecoin and Clearpool Yield Vault By Investing.com
Investing.com — Hong Kong-based crypto custodian Hex Trust Group has launched its native decentralized stablecoin USDX on the Flare blockchain.
Backed 1:1 by the US dollar, USDX serves as the DeFi primitive on Flare, with reserves primarily held in 1-3 month treasuries by regulated Tier 1 financial institutions.
Developed by HT Digital Assets, Hex Trust’s tokenization ecosystem, USDX serves as the cornerstone for DeFi and bridging applications on Flare. These include lending and borrowing protocols, perpetual futures trading, and staking opportunities.
USDX holders can earn real-world returns by placing their tokens in a dedicated T-Pool created by DeFi credit marketplace Clearpool.
“Stablecoins are fundamental to the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare offers a 1:1-backed stable asset with immediate access to real-world yield,” said Hugo Philion, co- founder of Flare.
Alessio Quaglini, CEO and co-founder of Hex Trust, added: “The launch of Hex Trust’s first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a crucial development in the stablecoin space. Powered by Hex Trust’s tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation.
The introduction of USDX is expected to ease volatility in the crypto market, streamline transactions, and improve security and trust within the digital asset ecosystem. As adoption by Flare’s native projects grows, USDX will provide new opportunities for users to generate returns on their digital assets.
Unlike centralized stablecoins like USDC and USDT, which are backed by real cash or cash equivalents, decentralized stablecoins are collateralized by cryptocurrencies and often operate using algorithmic mechanisms.
Established in 2018, Hex Trust is a licensed digital asset custodian catering to protocols, foundations, financial institutions and the web3 ecosystem. It offers custody, DeFi, brokerage, and other services built on regulated infrastructure.
Jakob Kronbichler, CEO and co-founder of Clearpool, said: “Launching a custom T-Pool for USDX on Flare is ideal for both everyday users who want to get real yield from their stablecoin holdings, and for FAsset agents who can obtain additional yield. for their USDX while it is collateralized in the system.