Real-World Asset Platform Tx Launches USTX Stablecoin
Real-world asset platform tx has launched a dollar stablecoin named USTX issued by Brale to settle tokenized stocks.
Real-world asset (RWA) platform tx has launched USTX, a dollar stablecoin designed for its wallet and planned marketplace for tokenized stocks, according to an announcement shared with Cointelegraph on Tuesday.
Users can mint USTX using USD Coin ($USDC) from eight different blockchain networks, including Ethereum, Solana, and Base. The stablecoin can also be redeemed for USDC. According to Ashley Ebersole, tx's co-founder and chief legal officer, the token operates with its own 1:1 reserve structure through Brale rather than acting as a USDC-backed wrapper or synthetic representation.
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Issuance and Reserves
Fintech platform Brale issues USTX, manages its reserves, and facilitates minting and redemption processes. Each token is backed by $1 in assets, which includes cash, bank deposits, government money market funds, and short-term US Treasury bills. In June, Brale announced it was collaborating with Visa to improve the speed and programmability of blockchain-based stablecoin settlement in environments where privacy, compliance, and operational control are required.
Rewards and Compliance
Native stablecoins provide a common dollar balance for buying assets, settling trades, and posting collateral across a network. Some stablecoin providers also share reserve earnings with clients, and eligible USTX users may receive rewards through tx's wallet programs.
The GENIUS Act prohibits stablecoin issuers from paying holders interest or yield solely for holding, using, or retaining a payment stablecoin. Ebersole stated that the rewards program was designed based on legal advice to ensure it falls within permissible parameters under the law.
Key facts
- Real-world asset platform tx launched the USTX dollar stablecoin issued by Brale.
- Users can mint USTX using $USDC from eight networks, including Ethereum, Solana, and Base.
- Each USTX token is backed by $1 in assets, including cash, bank deposits, government money market funds, and short-term US Treasury bills.
- The GENIUS Act prohibits stablecoin issuers from paying holders interest or yield solely for holding or using a payment stablecoin.
Source: cointelegraph.com
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