tx launches USD stablecoin USTX for tokenized asset trading

Odaily reports: Real-world asset platform tx has launched the USD stablecoin USTX for use in its wallet and its planned tokenized stock market. Users can mint USTX using USDC from 8 blockchains and redeem it back to USDC, with supported networks including Ethereum, Solana, and Base.

Fintech platform Brale is responsible for issuing USTX, managing reserve assets, and executing minting and redemption. tx co-founder and Chief Legal Officer Ashley Ebersole stated that USTX is not a USDC-backed wrapped asset or a synthetic representation of USDC; it uses an independent 1:1 reserve structure through Brale.

According to tx's disclosure, each USTX is backed by $1 in assets, with reserves including cash, bank deposits, government money market funds, and short-term U.S. Treasury bills. Eligible USTX users can also earn rewards through the tx wallet program, and Ashley Ebersole said the reward program was designed based on legal advice to comply with the relevant provisions of the GENIUS Act. (Cointelegraph)