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

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

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.

FLR 1D Chart on Coinmarketcap

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


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video (Content) is a service of Kalkine Media LLC., having Delaware File No. 4697309 (“Kalkine Media, we or us”) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.


Sponsored Articles


Investing Ideas

Previous Next