Tx launches USTX dollar stablecoin for tokenized asset trading
Tx rolls out a dollar stablecoin for its tokenized asset plans
Real-world asset platform tx has launched USTX, a dollar stablecoin for its wallet and a planned marketplace for tokenized stocks, the company said in a Tuesday announcement shared with Cointelegraph. A stablecoin is a crypto token designed to hold a steady value, usually one US dollar.
Users need USDC, a widely used dollar stablecoin, to mint USTX. They can also redeem USTX for USDC, and the platform accepts deposits from eight blockchains, including Ethereum, Solana and Base.
Key details of the launch
- USTX is issued by fintech platform Brale, which also manages its reserves and handles minting and redemption.
- According to tx, each USTX token is backed by $1 in assets, including cash, bank deposits, government money market funds and short-term US Treasury bills.
- Deposits are accepted from eight blockchains, among them Ethereum, Solana and Base.
- Eligible USTX users may receive rewards through tx wallet programs.
Why tx says USTX is not a USDC wrapper
Ashley Ebersole, tx's co-founder and chief legal officer, told Cointelegraph that USTX "is not a USDC-backed wrapper or synthetic representation of USDC." In his description, USDC is only a way to mint USTX, which has its own 1:1 reserve structure through Brale.
Rewards and the GENIUS Act rule
The GENIUS Act bars stablecoin issuers from paying holders interest or yield just for holding, using or keeping a payment stablecoin. Asked how the rewards comply with that restriction, Ebersole said the overall rewards program "was designed based on legal advice to ensure it falls within what's permissible under the law."
Brale's earlier work with Visa
Brale said in June that it was working with Visa to improve the speed and programmability of blockchain-based stablecoin settlement in settings where privacy, compliance and operational control are essential, according to Cointelegraph's earlier reporting.
Why networks are issuing their own stablecoins
According to the report, blockchain networks and trading platforms are launching their own dollar stablecoins through outside providers that take care of issuance and reserve management. A native stablecoin gives a network a common dollar balance for buying assets, settling trades and posting collateral, which is money set aside as a guarantee.
What is confirmed
- Tx has launched USTX for its wallet and planned tokenized-stock marketplace.
- Brale issues USTX, manages reserves and facilitates minting and redemption.
- USTX is minted with USDC and can be redeemed for USDC, with deposits from eight blockchains.
- Tx says each token is backed by $1 in assets such as cash, bank deposits, government money market funds and short-term US Treasury bills.
- Eligible users may receive rewards through tx wallet programs.
What is still unclear
The source does not state a launch date for the planned tokenized-stock marketplace, which eight blockchains accept deposits beyond Ethereum, Solana and Base, or the exact terms of the rewards program. The statement that each token is backed by $1 in assets comes from tx and was not independently verified in the source.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.