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

May 21, 2024 07:05 AM PDT | By Invezz

Clearpool launches stablecoin USDX on Flare Network (FLR) for real-world yields — Image source: Invezz

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.

The post Clearpool launches stablecoin USDX on Flare Network (FLR) for real-world yields appeared first on Invezz

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