Hex Trust USD (USDX): What It Is, Uses and Risks

Hex Trust USD (USDX) is a stablecoin designed to track the US dollar, with a target value of 1 USD per token. The issuer describes it as fully backed by at least a 1:1 amount of cash and cash-equivalent reserves, or assets of equivalent fair value.

The token is issued by HT Digital Asset, which public sources describe as the issuance arm of Hex Trust. It is not a native token of any blockchain. It is an asset that runs on several networks, including Ethereum, Songbird and Flare, and it is categorised as a fiat-backed stablecoin.

According to the project description, USDX is minted rather than mined or traded into existence. When Authorised Merchants deposit US dollars into a designated account, an equal amount of USDX is minted and sent to their digital wallet. The issuer says that for every USDX minted there is at least 1 USD or an equivalent asset held in reserve.

The stated uses are as a store of value, a payment and settlement medium, and an asset for smart contract interactions. A 2024 announcement described USDX as a building block for lending, borrowing and bridging applications on Flare, and said holders who staked USDX would receive a derivative token called cUSDX that could be used as collateral in DeFi. Those are announcements from the time, so check current availability before relying on them.

At the time of writing, the data shows a circulating supply of about 19.8 million USDX, with circulating and total supply equal and no stated maximum. The price was about $0.99, a market capitalisation of about $19.7 million, and a rank of 859 among tracked cryptoassets, all as of 2026-11-05. Trading volume over the last 24 hours in that snapshot was extremely low, at about $9, which suggests very thin market activity at that moment.

Over the past year the price has stayed close to its peg in the snapshot, but its recorded range has been wider. The all-time high was about $1.34 on 2025-05-07 and the all-time low was about $0.535 on 2025-06-06. A search result also mentioned a milestone of crossing a $30 million market cap, which is above the current figure, so supply figures change over time and should be checked on a live source.

USDX is issued on Ethereum, Songbird and Flare, so the same asset can exist on several networks. Moving it between chains typically depends on bridges or cross-chain tools, and each bridge adds its own smart contract and operational risk. Holders should confirm which network they are using before sending tokens.

The main risks are the reserve backing, the issuer and the market itself. The project does not include reserve audit reports or attestation details, so readers cannot verify the 1:1 backing from this data alone. The recorded all-time low shows the price has traded well below $1 in the past, meaning the peg can fail. Liquidity was also very thin in the snapshot, so selling a large amount could move the price. A stablecoin is not insured in the way a bank deposit is, and holding it in a wallet means you control the keys, so losing access or sending to the wrong address can be permanent.

Holders who want to store USDX should use a wallet that supports the network they hold it on, and should check the contract address against the issuer's published information before sending funds. Keep recovery phrases offline and never share them. Test with a small amount first when moving tokens between chains.

This page is research and education, not advice to buy, sell or hold. Anyone considering the token should read the issuer's own disclosures about reserves and terms, and should judge whether a dollar-pegged asset with low trading volume fits their needs.