USDX by Hex Trust integrates DeFi with Flare Network, offering 1:1 USD backing, yield generation and crosschain capabilities.
The rising demand for a natively-issued, 1:1 dollar-backed asset in decentralized finance (DeFi) led to the creation of USDX, the first native stablecoin launched on Flare Network by HT Digital Assets.
Amid Markets in Crypto-Assets Regulation (MiCA)-induced compliance stress on Tether (USDT), Alessio Quaglini, co-founder and CEO of Hex Trust, explains in an interview with Cointelegraph how USDX aims to be a cornerstone stablecoin for DeFi applications.
USDX is fully backed by cash and cash equivalents, including short-term Treasury bills, and serves a dual purpose as both a stablecoin and gas token in the Flare ecosystem.
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