Hex Trust Issues First Native Stablecoin on Layer-1 Blockchain Flare
Summary
Hong Kong-based Hex Trust Group has launched USDX, a new stablecoin on the Flare blockchain. USDX is the first native stablecoin on Flare and is expected to boost decentralized finance (DeFi) activity. The stablecoin will be used across lending protocols and exchanges and will feature a staking mechanism to a dedicated T-Pool, created by Clearpool. Users staking USDX will receive cUSDX, which can be used as collateral across DeFi protocols on Flare. The stablecoin is backed at a 1:1 ratio against the U.S. dollar or equivalently valued assets. Hex Trust's CEO Alessio Quaglini believes the launch of USDX will reduce cryptocurrency market volatility and streamline transactions.
