Clearpool Set to Launch Yield Vault for Hex Trusts USDX Stablecoin on Flare Network

Clearpool has joined forces with Flare, the blockchain for data, and The Hex Trust Group, a prominent digital asset custodian, to introduce a specialized vault for earning yield on the recently launched stablecoin, USDX. Developed by HT Digital Assets, within Hex Trust’s tokenization ecosystem, USDX aims to become a key DeFi asset for financial management on the Flare network.
USDX is backed 1:1 against the U.S. dollar or equivalent assets, primarily comprising 1–3 month T-Bills. These reserves are securely held by regulated tier-1 financial institutions, ensuring the stablecoin’s value and stability. USDX holders can now stake their stablecoin in a dedicated T-Pool on Clearpool to earn real-world yield.
Clearpool to introduce yield vault for @Hex_Trust’s latest stablecoin USDX on @FlareNetworks!
The new offering, a dedicated T-Pool, allows USDX to be staked for real-world yield along with bonus $FLR incentives.
Launched by Hex Trust, a digital asset custodian with billions in… pic.twitter.com/D3r6XAXyXc
— Clearpool (@ClearpoolFin) May 21, 2024
This staking process enables flexible deposits and withdrawals without lock-up periods, maximizing returns through base yield and extra FLR incentives. Staking USDX on Clearpool generates cUSDX, which can serve as collateral in Flare Labs’ FAsset system, facilitating the use of non-smart contract assets like BTC and DOGE in DeFi on Flare.
Hugo Philion, Co-Founder of Flare, highlighted, “Stablecoins play a crucial role in fostering a dynamic DeFi ecosystem. The partnership between USDX and Clearpool on Flare offers a 1:1 backed stable asset with immediate access to real-world yield. This will be especially beneficial for FAsset agents, allowing them to put their stable collateral to work even while it remains locked in the system.”
Expanding Ecosystem and User Base
The launch of the yield vault on Flare marks Clearpool’s expansion to its seventh blockchain, after Ethereum, Polygon, Polygon zkEVM, Optimism, Mantle, and Avalanche. This new product demonstrates Clearpool’s commitment to innovation and meeting the increasing demand for real-yield earning opportunities within the ecosystem.
Jakob Kronbichler, CEO & Co-founder of Clearpool, emphasized, “Clearpool is the leading borrowing and lending dApp operating on the top EVM-compatible chains. Launching a custom T-Pool for USDX on Flare is beneficial for both regular users seeking to earn real-world yield from their stable holdings, and for FAssets agents who can earn additional yield for their USDX while it’s used as collateral in the system.”
Alessio Quaglini, CEO & Co-Founder of Hex Trust, commented, “The debut of Hex Trust’s first native stablecoin, USDX, on the Flare network in collaboration with Clearpool represents a significant step in stablecoin evolution. Powered by Hex Trust’s tokenization ecosystem, HT Digital Assets, USDX bridges the gap between traditional financial security and blockchain innovation, promising to reduce cryptocurrency market volatility, streamline transactions, and enhance trust and security in the digital asset ecosystem.”
Clearpool, supported by prominent investors like Sequoia Capital, HashKey Capital, and Arrington Capital, is a premier decentralized finance credit marketplace. Since its inception in March 2022, Clearpool has facilitated over $529 million in loans and has attracted a diverse user base spanning both the crypto and traditional finance sectors, including Wintermute, Jane Street, Fasanara Digital, and CoinShares.
Established in 2018, Hex Trust is a fully licensed digital asset custodian, offering services to protocols, foundations, financial institutions, and the web3 ecosystem. Hex Trust provides custody, DeFi, brokerage, and other services built on a regulated infrastructure. Meanwhile, Flare is an EVM smart contract platform designed to support data-intensive applications like Machine Learning/AI, RWA tokenization, gaming, and social applications.
With decentralized, secure oracles embedded at the network level, Flare is optimized for decentralized data acquisition, including price and time series data, blockchain event and state data, and web2 API data. By granting developers trustless access to a wide range of data at minimal cost, Flare enhances blockchain utility and fosters the development of innovative applications.
This collaboration between Clearpool, Flare, and Hex Trust opens up new opportunities in the DeFi landscape, providing secure, flexible, and yield-generating solutions for stablecoin holders. It showcases the potential for innovative financial products to bridge traditional and decentralized finance, offering enhanced trust and security. As the ecosystem evolves, such partnerships are poised to drive further advancements and adoption in the digital asset space.