Clearpool has recently announced a partnership with Flare, the blockchain designed for data, and The Hex Trust Group, a prominent digital asset custodian, to introduce a specialized vault for generating yield on the freshly launched stablecoin, USDX. Created by HT Digital Assets within Hex Trust’s tokenization ecosystem, USDX is intended to serve as a key DeFi asset for financial management on the Flare network.
USDX is backed 1:1 by the U.S. dollar or equivalent assets, mainly comprising of 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 now have the opportunity to stake their stablecoin in a dedicated T-Pool on Clearpool to earn real-world yield.
Clearpool to unveil yield vault for @Hex_Trust’s latest stablecoin USDX on @FlareNetworks!
The new offering, a dedicated T-Pool, allows USDX to be staked for earning real-world yield along with bonus $FLR rewards.
Launched by Hex Trust, a digital asset custodian with billions in…
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— Clearpool (@ClearpoolFin)
May 21, 2024
This staking process enables flexible deposits and withdrawals without any lock-up periods, maximizing returns through both base yield and additional FLR incentives. Staking USDX on Clearpool generates cUSDX, which can be utilized 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, stressed, “Stablecoins play a crucial role in the development of a dynamic DeFi ecosystem. The collaboration between USDX and Clearpool on Flare offers a 1:1 backed stable asset with immediate access to real-world yield. This will be particularly beneficial for FAsset agents, enabling them to leverage their stable collateral even while it’s locked within the system.”
Expanding its Ecosystem and User Base
The launch of the yield vault on Flare signifies Clearpool’s expansion to its seventh blockchain, following Ethereum, Polygon, Polygon zkEVM, Optimism, Mantle, and Avalanche. This new product underscores Clearpool’s commitment to innovation and meeting the increasing demand for real-yield opportunities within the ecosystem.
Jakob Kronbichler, CEO & Co-founder of Clearpool, highlighted, “Clearpool is the leading borrowing and lending dApp operational across the top EVM-compatible chains. Introducing a customized T-Pool for USDX on Flare benefits both everyday users seeking real-world yield from their stable holdings, and FAssets agents who can earn additional yield for their USDX collateralized within the system.”
Alessio Quaglini, CEO & Co-Founder of Hex Trust, commented, “The launch of Hex Trust’s inaugural native stablecoin, USDX, on the Flare network in collaboration with Clearpool represents a significant milestone 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 within the digital asset ecosystem.”
Backed by prominent investors like Sequoia Capital, HashKey Capital, and Arrington Capital, Clearpool 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 use cases such as Machine Learning/AI, RWA tokenization, gaming, and social applications.
With decentralized, secure oracles embedded at the network layer, 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 expands blockchain utility and fosters the creation of innovative use cases.
In essence, the collaboration among Clearpool, Flare, and Hex Trust paves the way for new opportunities in the DeFi landscape, offering secure, flexible, and yield-generating solutions for stablecoin holders. It showcases the potential of innovative financial products to bridge traditional and decentralized finance, providing enhanced trust and security. As the ecosystem evolves, partnerships like these are poised to drive further advancements and adoption in the digital asset space.