Real-World Asset Platform tx Unveils USTX Stablecoin to Drive Liquidity Migration to Its Blockchain
The USTX stablecoin features Brale-administered reserve backing and supports minting through USDC deposits from eight different blockchain networks, enabling transactions within tx's digital wallet and forthcoming marketplace for real-world assets.
The real-world asset (RWA) platform known as tx has introduced USTX, a stablecoin pegged to the US dollar designed for use within its digital wallet and upcoming marketplace dedicated to tokenized equities.
According to a Tuesday announcement provided to Cointelegraph, users must utilize USDC to create USTX tokens, which are also redeemable back into USDC. The service accommodates deposits originating from eight separate blockchain networks, among them Ethereum, Solana and Base.
Ashley Ebersole, who serves as tx's co-founder and chief legal officer, clarified to Cointelegraph that "It is not a USDC-backed wrapper or synthetic representation of USDC." He explained that while USDC serves as the mechanism for minting USTX, the latter possesses its own distinct 1:1 reserve framework administered through Brale.
The fintech company Brale handles the issuance of USTX, oversees its reserve holdings and coordinates the minting and redemption processes. As stated by tx, every token maintains backing by $1 worth of assets, encompassing cash, bank deposits, government money market funds and short-term US Treasury bills.
In June, Brale announced its collaboration with Visa aimed at enhancing the velocity and programmability of blockchain-powered stablecoin settlement within environments where privacy, compliance, and operational control are essential.
Various blockchain networks and trading platforms have been introducing their own US dollar stablecoins via external providers responsible for managing issuance and reserve administration. These native stablecoins establish a unified dollar balance suitable for purchasing assets, settling trades and posting collateral throughout a network.
Certain stablecoin providers additionally distribute reserve earnings among their clients. Qualified USTX users stand to gain rewards via tx's wallet programs as well.
Under the GENIUS Act, stablecoin issuers face prohibition from disbursing interest or yield to holders exclusively for holding, using or retaining a payment stablecoin.
When questioned about how the rewards structure aligns with this restriction, Ebersole stated, "The overall rewards program was designed based on legal advice to ensure it falls within what's permissible under the law."