Hex Trust's USDX Launches with Clearpool on Flare Network

Hex Trust's USDX Launches with Clearpool on Flare Network

May 21, 2024

Introduction

A New Chapter in Stablecoin Evolution

The Hex Trust Group, a leading digital asset custodian managing billions in assets is launching the first native stablecoin on the blockchain for data, Flare. Brought to life by HT Digital Assets, Hex Trust's tokenization ecosystem, USDX emerges as a beacon of stability and trust, offering a stablecoin as a crucial asset in the growth of the cryptocurrency industry. A strategic collaboration with Clearpool enables the new stablecoin to be immediately put to work to earn yields

USDX: A Beacon of Financial Stability

Robust Backing for Unwavering Confidence

At the heart of USDX's reliability is its solid backing, maintained at a steadfast 1:1 ratio against the U.S. dollar or equivalently valued assets. These reserves, primarily consisting of 1-3 month T-Bills, are securely held within the confines of global, tier-1 financial institutions, ensuring that USDX holders can place their trust in the stablecoin's value and resilience.

Seamless Integration with Flare 

HT Digital Assets is launching USDX natively on the blockchain for data, Flare, which serves as one of the building blocks for the emerging DeFi and bridging ecosystem. From borrowing and lending protocols, to perpetual futures exchanges and Flare Labs’ FAsset system, USDX will provide a stable foundation for innovation on the network. 

Clearpool Collaboration: Amplifying Liquidity and Accessibility

Yield Opportunities and Composability


A key feature of this collaboration is the USDX T-Pool on Clearpool, specifically tailored for USDX holders on the Flare Network, providing an opportunity to earn a yield in a vital component of the Flare ecosystem: FAssets. By depositing USDX in the T-Pool, users can obtain yield in USDX and additional FLR rewards. This offers the flexibility to deposit and withdraw at any time without lock-up periods, maximizing returns through both the base yield and bonus FLR incentives.

The opportunity with FAssets on Flare

FAssets unlocks the value in non-smart contract tokens like BTC, DOGE & XRP. By trustlessly minting these assets into FAssets on Flare, they can be used in DeFi to earn yield and bridged to other chains. 

It relies on Flare's data protocols - the Data Connector and Flare Time Series Oracle (FTSO) - to get reliable price information for tokens used within the system, all decentralized, and to check if specific actions happen on separate blockchains. Each FAsset is backed by a mix of guaranteed assets, held partly by agents and partly in a pool provided by the community. These guarantees come in three different asset types:

  • The original crypto the FAsset represents (e.g. BTC)
  • Stablecoins Flare's own tokens (FLR or SGB) for added security

The system is rendered trustless by over-collateralisation. USDX stablecoins will be a key component of this collateral, allowing the system to run smoothly.

USDX Liquidity Pool Tokens as FAssets Guaranteed Assets

USDX, the first natively issued stablecoin on Flare, is available for staking on the purpose-built T-pool on Clearpool, the leading borrowing and lending dApp active on the top EVM-compatible chains. Staking USDX on Clearpool returns [cUSDX], which can be used as a guaranteed asset to mint FAssets on Flare. 

Clearpool’s USDX pool rewards users who stake USDX with both rewards paid in the native asset as well as FLR.

Strategic Diversification and Paving the Future

Diversifying the Stablecoin Landscape

USDX's debut on Flare offers a strategic diversification tool for those navigating the dominant stablecoins in the marketplace. With an eye towards future expansion across various blockchains, USDX is set to carve a niche as a versatile, widely embraced stablecoin.

Conclusion

The launch of USDX by Hex Trust on the Flare network, in collaboration with Clearpool, signifies a pivotal evolution in the stablecoin sector. Connecting traditional financial security with blockchain innovation, USDX stands as a testament to the possibilities of streamlining transactions, and enhancing the overall security and trust in the digital asset ecosystem. As USDX ventures into the future, its expansion and integration into various blockchain environments are anticipated to play a crucial role in the widespread adoption and recognition of cryptocurrencies within the global financial landscape.

***

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. Get access to custody, DeFi, brokerage, and other services built on regulated infrastructure.

For more information, visit hextrust.com or follow Hex Trust on LinkedIn, X and Telegram.

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$490 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.

Website | X/Twitter | Telegram | LinkedIn | Medium | Discord

About Flare 

Flare 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 & time series data, blockchain event & 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.

Website | Twitter | Telegram | Discord

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