Hong Kong-based Hex Trust crypto custodian issues first native stablecoin USDX on Layer-1 block Flare

Hong Kong-based crypto custodian Hex Trust has announced the issuance of the first native stablecoin USDX on the Layer-1 block Flare. USDX has also become the first native stablecoin on the Flare blockchain. The stablecoin is backed 1:1 with USD or equivalent assets, can be used in lending protocols and exchanges, and also has a staking mechanism for a dedicated T-Pool created by decentralized credit marketplace Clearpool.