Hex Trust Launches USDX, a Stablecoin on the Flare Network
CryptoNewsTerminal Staff21 May, 2024
Hex Trust Launches USDX, a Stablecoin on the Flare Network
Hex Trust, a Hong Kong-based crypto custodian, has launched USDX, a native stablecoin on the Flare (FLR) network. USDX is pegged 1:1 to the US dollar and backed by equivalent assets. Stakers will receive cUSDX, which can be used as collateral in Flare-based DeFi protocols. Hex Trust's launch of USDX is a significant development for the Flare ecosystem. It provides a stablecoin for use in DeFi applications and opens up new possibilities for the network.
