USDX

The firm's primary product is USDX, a synthetic stablecoin engineered to maintain its value without relying on traditional banking infrastructure. Its stability mechanism is based on backing the token with delta-neutral trading positions executed across multiple centralized crypto exchanges. This model is designed to offer a censorship-resistant and scalable stablecoin. For clients, the business model revolves around yield generation; users can stake their USDX to receive sUSDX, a token that allows them to earn returns generated from the protocol's arbitrage strategies and other DeFi protocol rewards. Revenue for the platform is derived from transaction fees associated with these staking and yield-unlocking processes. Access to directly mint and redeem USDX is permissioned, available only to whitelisted institutional clients who have passed KYC/KYB screening, while retail users can acquire USDX from external liquidity pools.

In December 2024, the project announced it had secured a significant milestone, raising $45 million in a financing round that placed its valuation at $275 million. This funding round saw participation from investors including NGC Ventures, BAI Capital, Generative Ventures, and UOB Venture Management, joining pre-existing investors like Dragonfly Capital. The stated goal for this capital infusion is to bootstrap USDX liquidity on major decentralized exchanges, integrate USDX as collateral in various DeFi money markets, and enable other stablecoin issuers to leverage its infrastructure. However, the project has also faced significant challenges; in November 2025, the USDX stablecoin experienced a severe de-pegging event, with its value dropping dramatically amid allegations of liquidity draining from DeFi protocols linked to the founder.