Hex Trust USDX

The first native stablecoin on the Flare network, USDX comes from HTMI Limited, part of the Hong Kong digital-asset custodian Hex Trust. It is a plain fiat-backed dollar: reserves are held one-for-one in cash and short, one-to-three-month US Treasury bills kept with regulated custodians, and the token also runs on Ethereum and Songbird. Rather than open par redemption to everyone, USDX routes minting and redemption through Hex Trust's institutional rails, so retail holders transact on the secondary market while approved partners handle issuance directly. Yield is not baked into the token; instead holders can stake it in a dedicated Clearpool T-Pool to earn. Hex Trust itself is a licensed and regulated custodian, though USDX carries no dedicated stablecoin license of its own. The design leans on custodial credibility rather than the algorithmic or delta-neutral tricks common elsewhere in the sector.