On May 21, 2024, Flare Network unveiled its first USD-pegged stablecoin, USDX, fully backed by the US dollar and managed by Hex Trust Group. This stablecoin promises robust security and transparency, with reserves held in 1-3 month US Treasury Bills.
Launching alongside Clearpool’s dedicated vault, USDX allows holders to earn yield, marking a significant step forward for Flare's DeFi ecosystem.
100% Backed USD Stablecoin "USDX"
On May 21, 2024, Flare Network (FLR) announced the launch of "USDX," its first USD-pegged stablecoin based on the Flare network.
USDX is a USD-backed stablecoin provided by Hex Trust Group, a digital asset management company that holds billions of dollars in assets. This stablecoin is backed 1:1 by the US dollar and is described as Flare’s first native stablecoin.
The value of the stablecoin is fully backed by USD and cash equivalents. The reserves are primarily composed of 1-3 month US Treasury Bills (T-Bills) and are securely stored by regulated, top-tier financial institutions.
Additionally, USDX will be launched in conjunction with a dedicated vault on the decentralized finance (DeFi) platform Clearpool, allowing USDX holders to earn yield.
Functioning as the Foundation of the DeFi Ecosystem
USDX is expected to function as the "foundation of the DeFi and bridge ecosystem deployed on Flare." It will be utilized in various applications such as lending and borrowing protocols, perpetual futures exchanges, and staked in Clearpool’s dedicated T-pool to earn yield.
This dedicated T-pool enables users to stake and unstake at any time, earning yield and bonus FLR incentives without any lock-up period.
When staking USDX on Clearpool, users receive "cUSDX," which can be used as collateral within Flare Labs' FAsset system. This enables non-smart contract assets like BTC and DOGE to be used in Flare's DeFi ecosystem.
Flare Network has already released multiple tokens and decentralized exchanges (DEXs) based on the Flare platform. The introduction of this stablecoin is expected to contribute significantly to the overall growth of the Flare ecosystem.
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