---
title: "Hex Trust USDX (USDX) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/usdx-hex-trust/"
description: "Build-time stablecoin profile for Hex Trust USDX (USDX). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Hex Trust USDX (USDX)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

Hex Trust's USDX has 80% T-bills and 20% cash at global tier-1 banks under a Hong Kong TCSP license, which makes its D safety grade a case study in how clean reserves mean nothing without functional market infrastructure. Supply sits across three chains (Ethereum, Flare, Songbird), but the single DEX pool holding the float with a few hundred dollars in effective TVL is not a liquidity profile — it's a rounding error, and the F liquidity grade says as much. Hundreds of recorded depeg events and a worst deviation past 7,000 basis points tell the story of a stablecoin that periodically trades around 28 cents on the dollar despite holding Treasuries at par. The stress engine reads USDX as sitting at the calm end of the scale, but that placidity is itself the tell: there is no two-sided market thrashing the price back, so nothing registers as stress. {{term:attestation}}attestation{{/term}} from a Hong Kong TCSP-licensed {{term:custody}}custody{{/term}} provider and 270+ institutional clients haven't translated into the on-chain arbitrage loops that keep prices honest, and same-day issuer {{term:redemption}}redemption{{/term}} cannot substitute for the missing secondary market — leaving USDX as expensive proof that custodial credibility and stablecoin stability are entirely different problems.

## Collateral

Cash and cash equivalents, primarily 1–3 month U.S. Treasury bills held at global tier-1 financial institutions

## Peg Mechanism

Direct 1:1 redemption through Hex Trust

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Hong Kong | Companies Registry | TCSP License |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xf8750b54d86be7ae9e32b4a0c826811198d63313` | 18 |
| flare | `0x4a771cc1a39fdd8aa08b8ea51f7fd412e73b3d2b` | 6 |
| songbird | `0x4a771cc1a39fdd8aa08b8ea51f7fd412e73b3d2b` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/usdx-hex-trust.