Real-world asset (RWA) platform tx has launched USTX, a dollar stablecoin for its wallet and planned marketplace for tokenized stocks.
Users will need USDC to mint USTX, which can also be redeemed for USDC, the company said in a Tuesday announcement shared with Cointelegraph. The platform accepts deposits from eight blockchains, including Ethereum, Solana and Base.
“It is not a USDC-backed wrapper or synthetic representation of USDC,” Ashley Ebersole, tx’s co-founder and chief legal officer, told Cointelegraph. USDC provides a way to mint USTX, which has its own 1:1 reserve structure through Brale, he said.
Fintech platform Brale issues USTX, manages its reserves and facilitates minting and redemption. According to tx, each token is backed by $1 in assets, including cash, bank deposits, government money market funds and short-term US Treasury bills.
Brale said in June that it was working with Visa to improve the speed and programmability of blockchain-based stablecoin settlement in environments where privacy, compliance, and operational control are essential.
Blockchain networks and trading platforms are launching their own dollar stablecoins through outside providers that handle issuance and reserve management. 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. Eligible USTX users may also 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.
“The overall rewards program was designed based on legal advice to ensure it falls within what’s permissible under the law,” Ebersole said when asked how the rewards comply with the restriction.
Related: Mastercard launches stablecoin risk screening for banks and payment providers