Axis USD (USDx) is a crypto-backed US dollar stablecoin. It has about $63.6M in circulation, ranking #67 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDx?
Axis USD (USDx) is a crypto-backed US dollar stablecoin. It has about $63.6M in circulation, ranking #67 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: USDx is Axis's dollar-pegged synthetic dollar, backed by liquid reserves deployed across market-neutral trading strategies. It is used for settlement and liquidity across the Axis ecosystem. sUSDx is the separate yield-bearing vault product.
USDx supply history
It is at or near its all-time high.
Is USDx holding its peg?
USDx is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where USDx lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all USDx. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDx is backed
USDx is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Approved counterparties mint USDx against supported assets through signed orders settled by authorized operators. Redemption burns USDx and returns the assets specified in the order.
Reserve reports and audits: docs.axis.to
USDx risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
USDx vs USDT and USDC
Similar crypto-backed stablecoins
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USDx FAQ
What is USDx?
Axis USD (USDx) is a crypto-backed US dollar stablecoin. It has about $63.6M in circulation, ranking #67 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is USDx pegged 1:1 to the US dollar?
USDx targets 1 USD. At the last update it traded at $0.9992, a deviation of -0.08%, which we classify as "on peg".
What backs USDx?
USDx is a crypto-backed stablecoin. USDx is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is USDx on?
USDx is live on 1 blockchain. The largest by supply are Ethereum ($63.7M).
How much USDx is in circulation?
About $63.6M of USDx was in circulation at the last update. That makes it the #67 stablecoin by supply among those we track.
Is USDx safe?
No stablecoin is risk-free. As a crypto-backed design, USDx's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.