Clearpool has partnered with Flare, a blockchain for data, and The Hex Trust Group, a digital asset custodian, to launch a dedicated vault for earning yield on the newly introduced stablecoin, USDX. Developed by Hex Trust’s tokenization ecosystem, USDX is designed to be a key asset for financial management on the Flare network.
USDX is backed 1:1 against the U.S. dollar or equivalent assets, primarily consisting of 1-3 month T-Bills. These reserves are securely held by regulated tier-1 financial institutions, ensuring the stability and value of the stablecoin. USDX holders can now stake their stablecoin into a dedicated T-Pool on Clearpool to earn real-world yield.
Clearpool will launch a yield vault for Hex Trust’s USDX stablecoin on Flare Networks. This new product, known as a dedicated T-Pool, allows users to stake their USDX and earn real-world yield along with bonus FLR incentives. Hex Trust, a digital asset custodian with billions in assets, launched this new product.
This staking process allows for flexible deposits and withdrawals without lock-up periods, optimizing returns through both base yield and additional FLR incentives. Staking USDX on Clearpool generates cUSDX, which can be used as collateral in Flare Labs’ FAsset system. This supports the use of non-smart contract assets like BTC and DOGE in decentralized finance (DeFi) on Flare.
Hugo Philion, Co-Founder of Flare, emphasized the importance of stablecoins in the development of a vibrant DeFi ecosystem. The collaboration between USDX and Clearpool on Flare provides a 1:1 backed stable asset with immediate access to real-world yield. This is particularly beneficial for FAsset agents, as it allows them to put their stable collateral to work even while it’s locked in the system.
The launch of the yield vault on Flare represents Clearpool’s expansion to its seventh blockchain, joining Ethereum, Polygon, Polygon zkEVM, Optimism, Mantle, and Avalanche. This new product showcases Clearpool’s commitment to innovation and addressing the growing demand for real-yield earning opportunities in the ecosystem.
Jakob Kronbichler, CEO & Co-founder of Clearpool, highlighted that Clearpool is the leading borrowing and lending dApp active on the top EVM-compatible chains. The launch of a custom T-Pool for USDX on Flare benefits everyday users who want to earn real-world yield from their stablecoin holdings, as well as FAssets agents who can earn additional yield for their USDX while it’s collateralized in the system.
Alessio Quaglini, CEO & Co-Founder of Hex Trust, stated that the launch of USDX on the Flare network, in collaboration with Clearpool, marks a significant evolution in stablecoins. Powered by Hex Trust’s tokenization ecosystem, USDX bridges the gap between traditional financial security and blockchain innovation. It aims to reduce cryptocurrency market volatility, streamline transactions, and enhance trust and security in the digital asset ecosystem.
Clearpool, supported by leading investors like Sequoia Capital, HashKey Capital, and Arrington Capital, is a premier decentralized finance credit marketplace. Since its launch, Clearpool has originated over $529 million in loans and has attracted a user base that spans both the crypto and traditional finance sectors.
Founded in 2018, Hex Trust is a fully licensed digital asset custodian, providing services to protocols, financial institutions, and the web3 ecosystem. Hex Trust offers custody, DeFi, brokerage, and other services built on a regulated infrastructure. Flare, on the other hand, is an EVM smart contract platform designed to support data-intensive use cases.
With decentralized and enshrined oracles secured at the network layer, Flare is optimized for decentralized data acquisition. This includes price and time series data, blockchain event and state data, and web2 API data. Flare expands blockchain utility and fosters the development of innovative use cases by providing developers with trustless access to a wide range of data at minimal cost.
Overall, the collaboration between Clearpool, Flare, and Hex Trust opens up new opportunities in the DeFi landscape. It provides secure, flexible, and yield-generating solutions for stablecoin holders and demonstrates the potential for innovative financial products to bridge traditional and decentralized finance. Such partnerships are poised to drive further advancements and adoption in the digital asset space as the ecosystem continues to evolve.
