• Hex Belief has unveiled a brand new stablecoin.
• The stablecoin launched on a reasonably new blockchain.
• Its utility will embrace staking.

Institutional crypto custodian Hex Belief Group has launched USDX natively on the Flare community, an EVM-based Layer 1 blockchain with $35 million in funding raised in a personal spherical in February.

USDX is Hex Belief’s new stablecoin backed at a 1:1 ratio in opposition to the greenback or equivalently valued belongings, equivalent to 1-3 month T-Payments held at world, tier-1 monetary establishments. As a part of its launch, Hex Belief has collaborated with Clearpool, enabling USDX “to be instantly put to work.”

USDX on Flare Blockchain

In line with a statement dated Could 21, Hex Belief’s tokenization ecosystem, HT Digital Property, is launching USDX as the primary native stablecoin on Flare, priming the blockchain for an uptick in decentralized finance (DeFi) exercise.

The stablecoin will function one of many basis blocks for constructing Flare’s rising ecosystem by powering actions throughout borrowing and lending protocols, perpetual futures exchanges, and Flare Labs’ FAsset system.

Along with each day utility, USDX holders also can deposit their stablecoins within the USDX T-Pool on Clearpool to unlock incentives and yields, equivalent to cUSDX, which can be utilized as collateral throughout DeFi protocols on Flare.

Hex Belief CEO and Co-Founder Alessio Quaglini lauded USDX’s launch, noting that it marked a pivotal evolution in stablecoins.

“USDX bridges the hole between conventional monetary safety and blockchain innovation. It guarantees to cut back cryptocurrency market volatility, streamline transactions, and improve belief and safety throughout the digital asset ecosystem,” Quaglini stated.

Per the assertion, Hex Belief is eager on increasing and integrating USDX into numerous chains “to play a vital position” within the widespread adoption of crypto.

Examine Hex Belief’s crypto license in Dubai:
Hex Belief Granted Full Crypto Working License in Dubai

Keep up to date on USDC issuer Circle’s plan to maneuver to the U.S.:
USDC Issuer Circle Eyes Establishing Store in US Forward of IPO