According to Foresight News, Hong Kong digital asset custodian Hex Trust has issued a new stablecoin USDX based on the Layer1 blockchain Flare, which is backed by the US dollar or assets of equivalent value at a 1:1 ratio. USDX will be available in lending protocols and exchanges, and also has a staking mechanism for a dedicated T-Pool created by the decentralized credit market Clearpool. Users who pledge USDX will receive cUSDX in return, which can be used as collateral for DeFi protocols on Flare.