Clearpool launches stablecoin USDX on Flare Network (FLR) for real-world yields

Clearpool has confirmed plans to launch a yield vault for Hex Trust’s stablecoin USDX on the Flare (FLR) blockchain.

USDX will be the first native 1:1 backed USD stablecoin on @FlareNetworks, powered by the leading institutional digital asset custodian @Hex_Trust.

USDX launches with a dedicated @ClearpoolFin vault, enabling holders to earn real-world yield.https://t.co/ano7wMARVX pic.twitter.com/jTVmE8nxpC

— Flare ☀️ (@FlareNetworks) May 21, 2024

Hex Trust Group is a cryptocurrency custody company based in Hong Kong. 

USDX becomes the first stablecoin on the Layer1 network and promises a more advanced decentralized finance environment. 

New stablecoin introducing real-world utility 

USDX will ensure reliability and stability through a 1:1 peg against the USD. The stablecoin will play various roles within the Flare’s DeFi ecosystem. 

Besides its compatibility with multiple exchanges and lending protocols, USDX will incorporate a staking tool linked to Clearpool’s unique T-Pool.

Meanwhile, USDX stakers will earn cUSDX – redeemable as collateral in decentralized finance platforms within the Flare network. 

That will allow stakers to receive real-world yields while ensuring a stable asset. Flare’s co-founder Hugo Philion stated, 

“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.” 

FLR price outlook

Flare’s native coin traded with an upside bias amidst the developments, up 8% over the past day to hover at $0.02901.

Broad market recoveries added to FLR’s surges. Bitcoin (BTC) has climbed past $71K following a 6.45% jump in the last 24 hours.

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