According to Foresight News, Hong Kong-based digital asset custodian Hex Trust has issued a new stablecoin, USDX, based on the Layer1 blockchain Flare. The stablecoin is backed by the US dollar or assets of equivalent value at a 1:1 ratio. USDX can be used in lending protocols and exchanges, and it also features a dedicated T-Pool pledging mechanism, created by the decentralized lending market Clearpool.
Users who pledge USDX will receive cUSDX as a reward, which can be used as collateral in DeFi protocols on Flare. This development marks a significant step in the digital asset space, as it provides a new avenue for users to leverage their assets and participate in decentralized finance. The introduction of USDX also adds to the growing list of stablecoins in the market, providing more options for users in the digital asset space.
