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Clearpool

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Flare

Dubai, United Arab Emirates, May 21st, 2024, Chainwire 
Digital asset custodian Hex Trust Group, with billions in assets under custody, has announced the first native stablecoin on blockchain for data, Flare. The 1:1 U.S. dollar referencing USDX is launching with a dedicated Clearpool vault that enables holders to earn a real world yield.&nbsp;
Developed by HT Digital Assets, Hex Trust's tokenization ecosystem, USDX will provide a vital DeFi primitive on Flare, with backing maintained at a steadfast 1:1 ratio against the U.S. dollar or equivalently valued assets. These reserves, which primarily consist of 1-3 month T-Bills, are securely held by regulated tier-1 financial institutions, ensuring that holders can place their trust in the value and resilience of the stablecoin.
USDX will serve as a building block for the emerging DeFi and bridging ecosystem on Flare. In addition to being utilized in applications including lending and borrowing protocols or perpetual futures exchanges, USDX can also be staked to a dedicated T-Pool, created by Clearpool to offer real world yield. Users will be able to stake and unstake at any time without lock-up periods, maximizing returns through both the base yield and bonus FLR incentives. Staking USDX on Clearpool returns cUSDX, which can be used as collateral in Flare Labs’ FAsset system, supporting the use of non-smart contract assets such as BTC and DOGE in DeFi on Flare.&nbsp;
Hugo Philion, Co-Founder of Flare, said: "Stablecoins are fundamental for the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare delivers a 1:1 backed stable asset with immediate access to real world yield. This will be particularly useful for FAsset agents, putting their stable collateral to work even while it's locked in the system.”
Alessio Quaglini, CEO &amp; Co-Founder of Hex Trust said: “The launch of Hex Trust's first native stablecoin, USDX, on the Flare network, in collaboration with Clearpool, marks a pivotal evolution in stablecoins. Powered by Hex Trust's tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation. It promises to reduce cryptocurrency market volatility, streamline transactions, and enhance trust and security within the digital asset ecosystem.”
Jakob Kronbichler, CEO &amp; Co-founder of Clearpool added: “Clearpool is the leading borrowing and lending dapp active on the top EVM-compatible chains. Launching a custom T-Pool for USDX on Flare is great for both everyday users who want to earn a real world yield from their stable holdings, and for FAssets agents who can earn additional yield for their USDX while it's collateralized in the system.”
The introduction of USDX on Flare will help to mitigate crypto market volatility, streamline transactions, and enhance the overall security and trust in the digital asset ecosystem. As USDX sees further adoption by Flare-native projects, its utility will grow, providing new opportunities for users to generate a return on their digital assets.
 
About Hex Trust
Established in 2018, Hex Trust is a fully licensed digital asset custodian dedicated to providing services for protocols, foundations, financial institutions, and the web3 ecosystem. It provides access to custody, DeFi, brokerage, and other services built on regulated infrastructure.
For more information, visit <a href="http://hextrust.com/" rel="noopener noreferrer nofollow" target="_blank">hextrust.com</a> or follow Hex Trust on <a href="https://www.linkedin.com/company/hextrust" rel="noopener noreferrer nofollow" target="_blank">LinkedIn</a>, <a href="https://twitter.com/Hex_Trust" rel="noopener noreferrer nofollow" target="_blank">X</a> and <a href="https://t.me/hextrustannouncements" rel="noopener noreferrer nofollow" target="_blank">Telegram</a>.
About Clearpool
Clearpool is the leading decentralized finance credit marketplace backed by leading investors, including Sequoia Capital, HashKey Capital, Arrington Capital, and many others. Launched in March 2022, Clearpool has originated over US$529 million in loans with a growing user base spanning both crypto and TradFi institutions such as Wintermute, Jane Street, Fasanara Digital, CoinShares, and others. The protocol is live on Ethereum, Polygon, Optimism, Mantle Network, and Avalanche.
<a href="http://www.clearpool.finance/" rel="noopener noreferrer nofollow" target="_blank">Website</a> |<a href="https://twitter.com/ClearpoolFin" rel="noopener noreferrer nofollow" target="_blank"> X/Twitter</a> |<a href="https://t.me/clearpoolofficial" rel="noopener noreferrer nofollow" target="_blank"> Telegram</a> |<a href="https://www.linkedin.com/company/clearpool/" rel="noopener noreferrer nofollow" target="_blank"> LinkedIn</a> |<a href="https://clearpool.medium.com/" rel="noopener noreferrer nofollow" target="_blank"> Medium</a> |<a href="https://discord.gg/YYzxscA4nu" rel="noopener noreferrer nofollow" target="_blank"> Discord</a>
About Flare&nbsp;
<a href="https://flare.network/" rel="noopener noreferrer nofollow" target="_blank">Flare</a> is the blockchain for data: an EVM smart contract platform specifically designed to support data intensive use cases, including Machine Learning/AI, RWA tokenization, gaming and social. With decentralized, enshrined oracles secured at the network layer, Flare is the only smart contract platform optimized for decentralized data acquisition: price &amp; time series data, blockchain event &amp; state data, and web2 API data. By giving developers trustless access to the broadest range of data and data proofs at scale and for minimal cost, Flare expands the utility of blockchain and supports the development of new and improved use cases.
<a href="https://flare.network/" rel="noopener noreferrer nofollow" target="_blank">Website</a> | <a href="https://twitter.com/FlareNetworks" rel="noopener noreferrer nofollow" target="_blank">Twitter</a> | <a href="https://t.me/FlareNetwork" rel="noopener noreferrer nofollow" target="_blank">Telegram</a> | <a href="https://discord.com/invite/flarenetwork" rel="noopener noreferrer nofollow" target="_blank">Discord</a>
 
<h5>Contact</h5>Dasi Kaplan pr@marketacross.com 
Disclaimer. This is a paid press release. CoinMarketCap does not recommend that any cryptocurrency (bitcoin, ethereum, custom asset) should be bought, sold or held. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

DeFi on Flare Boosted by Hex Trust’s USDX Stablecoin and Clearpool Yield Vault (21 May)

Chainwire

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