Stablecoin

DeFi

Clearpool

Flare

Aves

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/hex-trust-launches-usdx-stablecoin" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hex Trust Launches USDX Stablecoin</a><br></p>
<p style="text-align: justify">Hex Trust Group, a Hong Kong-based crypto custody firm, has rolled out a new stablecoin named USDX on the Flare (FLR) Layer-1 Blockchain. This development signifies the introduction of the first stablecoin on Flare and is set to bolster the decentralized finance (DeFi) ecosystem on the platform.</p>
<h2 id="how-will-usdx-shape-flare-s-ecosystem">How Will USDX Shape Flare’s Ecosystem?</h2>
<p style="text-align: justify">USDX is designed to be pegged 1:1 to the US dollar or equivalent valuable assets, ensuring its stability and dependability. It is poised to become a pivotal element in Flare’s DeFi activities, featuring prominently in various lending protocols and exchange mechanisms. Moreover, it incorporates a staking mechanism tied to a unique T-Pool established by the decentralized credit market, Clearpool.</p>
<p style="text-align: justify">Stakers of USDX will obtain cUSDX, which can serve as collateral within DeFi protocols on the Flare network. This setup not only offers a stable asset but also enables stakers to earn tangible yields. The collaboration between USDX and Clearpool aims to deliver a stable asset with immediate access to real-world yields, enhancing liquidity and reliability within the Flare ecosystem.</p>
<h2 id="what-are-the-benefits-for-flare-users">What Are the Benefits for Flare Users?</h2>
<p style="text-align: justify">Hex Trust CEO Alessio Quaglini emphasized that the introduction of USDX would mitigate volatility in the cryptocurrency market and streamline transactions. By providing a stable and trustworthy asset, USDX is anticipated to facilitate smoother and more efficient transactions, contributing to a more stable and predictable trading environment.</p>
<h2 id="key-takeaways-for-users">Key Takeaways for Users</h2>
<p style="text-align: justify"><strong>Key Insights</strong></p>
<p style="text-align: justify">– USDX is pegged to the US dollar, ensuring stability.<br> – USDX can be used in various lending protocols and exchanges.<br> – Stakers receive cUSDX, which can be used as collateral in DeFi protocols.<br> – Real-world yields are accessible through staking mechanisms.<br> – The initiative enhances liquidity and transaction efficiency within Flare’s ecosystem.</p>
<p style="text-align: justify">In February, Flare showcased its commitment to expanding its features and ecosystem by securing $35 million in a private funding round. Investors such as Kenetic and Aves Lair participated, highlighting strong <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="external">financial</a> backing and confidence in Flare’s potential to become a significant player in the DeFi <a href="https://newslinker.co/category/science/space/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">space</a>. According to DefiLlama data, the network’s total locked value (TVL) currently stands at $8 million, underscoring the growing support and belief in Flare’s capabilities.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/hex-trust-launches-usdx-stablecoin" data-wpel-link="internal" rel="noopener noreferrer nofollow">Hex Trust Launches USDX Stablecoin</a></h5>

Hex Trust Launches USDX Stablecoin

Table of Contents

BH NEWS

Other articles published on May 21, 2024

Best Crypto Strategy: Turning $100 into $50,000

Gala Games Faces $200M Security Breach

Alchemy Pay Unveils ‘the Web3 Digital Bank,’ ACH Price Rallies 10%

Ethereum Surges Due to ETF Approval News

Revolutionizing Forex Trading: Avenix Fzco’s Launch of FXProBot

XRP whales’ buying spree heightens; rally anticipated for new AI crypto

Join our free newsletter for daily crypto updates!