USDX is a crypto-backed US dollar stablecoin. It has about $9.9M in circulation, ranking #133 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is USDX?
USDX is a crypto-backed US dollar stablecoin. It has about $9.9M in circulation, ranking #133 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: USDX is the crypto-backed native stablecoin of the Kava DeFi hub.
USDX supply history
USDX supply fell 0.7% over the past 30 days, to $9.9M. Its peak was $176M in April 2022, and supply is 94% below that high.
Is USDX holding its peg?
There is no live market price for USDX. It is not actively traded on any exchange or DEX we can see, which is common for bank-issued and permissioned stablecoins that are only minted and redeemed directly with the issuer.
Where USDX lives: supply by blockchain
Supply is concentrated: Kava 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: Using the Kava app, users mint USDX by depositing an accepted collateral asset into a vault. When the loan is repaid to retrieve the collateral, the paid back USDX is burned.
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.
With $9.9M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
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?
USDX is a crypto-backed US dollar stablecoin. It has about $9.9M in circulation, ranking #133 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
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 Kava ($9.9M).
How much USDX is in circulation?
About $9.9M of USDX was in circulation at the last update, -0.7% over 30 days. That makes it the #133 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. Its supply is small, so liquidity can be thin. It currently shows "no market price" on our peg monitor. This page is information, not investment advice.