RWA Platform tx Launches USTX Stablecoin to Draw Liquidity to Its Chain
Key Takeaways
- •tx has launched USTX, a US dollar stablecoin intended for its wallet and a planned marketplace for tokenized stocks.
- •USTX is minted using $USDC and redeemable for $USDC, with the platform accepting deposits from eight blockchains including Ethereum, Solana and Base.
- •Fintech platform Brale issues USTX and manages its reserves, with each token backed by $1 in assets such as cash, bank deposits, government money market funds and short-term US Treasury bills.
- •tx co-founder and chief legal officer Ashley Ebersole said USTX is not a USDC-backed wrapper and maintains its own 1:1 reserve structure through Brale.
- •Eligible USTX users may receive rewards through wallet programs, which tx says were designed on legal advice to comply with the GENIUS Act's prohibition on paying yield solely for holding stablecoins.
Real-world asset (RWA) platform tx has launched USTX, a US dollar stablecoin built for its wallet and a planned marketplace for tokenized stocks (blockchain-based representations of traditional equities).
The company announced the rollout on Tuesday in an announcement shared with Cointelegraph. Minting USTX requires $USDC, and holders can redeem the token for $USDC. 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. He noted that while $USDC serves as the mechanism for minting USTX, the token maintains its own 1:1 reserve structure through Brale.
Brale handles issuance and reserves
Fintech platform Brale issues USTX, manages the token's reserves and facilitates minting and redemption. According to tx, each USTX is backed by $1 in assets, including cash, bank deposits, government money market funds and short-term US Treasury bills.
In June, Brale said 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.
The launch fits a wider pattern of blockchain networks and trading platforms introducing their own dollar stablecoins through outside providers that manage issuance and reserves. Native stablecoins give a network a common dollar balance for buying assets, settling trades and posting collateral.
Some stablecoin providers also share reserve earnings with clients, income generated on reserve assets such as government money market funds and short-term Treasuries. Under tx's model, eligible USTX users may receive rewards through the company's wallet programs.
The GENIUS Act, the US federal law governing payment stablecoins, prohibits stablecoin issuers from paying holders interest or yield solely for holding, using or retaining a payment stablecoin. Asked how tx's rewards comply with that restriction, Ebersole said: "The overall rewards program was designed on legal advice to ensure it falls within what's permissible under the law."
