Hex Trust USDX (USDX) is a fiat-backed US dollar stablecoin. It has about $24.5M in circulation, ranking #95 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
What is USDX?
Hex Trust USDX (USDX) is a fiat-backed US dollar stablecoin. It has about $24.5M in circulation, ranking #95 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
In the issuer's words: USDX is a stablecoin designed to maintain a stable value relative to the US dollar, backed by at least 1 USD or an asset of equivalent fair value kept in reserve.
USDX supply history
USDX supply grew 12.4% over the past 30 days, to $24.5M. Its peak was $51.5M in January 2026, and supply is 52% below that high.
Is USDX holding its peg?
USDX is trading 0.5–2% from its target. Small coins often drift like this on thin markets. A gap that persists usually reflects redemption friction or doubts about the backing.
Where USDX lives: supply by blockchain
Supply is concentrated: Flare holds 96% of all USDX. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How USDX is backed
Each USDX is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: Authorized Merchants who wish to mint directly through USDX' issuer are required to undergo a verification process to comply with KYC requirements.
USDX risks
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
With $24.5M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
At the last update USDX traded at $0.9923 against a target of 1.
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 fiat-backed stablecoins
See all →
USDX FAQ
What is USDX?
Hex Trust USDX (USDX) is a fiat-backed US dollar stablecoin. It has about $24.5M in circulation, ranking #95 among the stablecoins CoinScoop tracks, and runs on 3 blockchains.
Is USDX pegged 1:1 to the US dollar?
USDX targets 1 USD. At the last update it traded at $0.9923, a deviation of -0.77%, which we classify as "slightly off peg".
What backs USDX?
USDX is a fiat-backed stablecoin. Each USDX is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is USDX on?
USDX is live on 3 blockchains. The largest by supply are Flare ($23.6M), Songbird ($934K), Ethereum ($150K).
How much USDX is in circulation?
About $24.5M of USDX was in circulation at the last update, +12.4% over 30 days. That makes it the #95 stablecoin by supply among those we track.
Is USDX safe?
No stablecoin is risk-free. As a fiat-backed design, USDX's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. Its supply is small, so liquidity can be thin. It currently shows "slightly off peg" on our peg monitor. This page is information, not investment advice.