USDX Expands Reach with Axelar's Inter-blockchain Token Service

usdx.money, a stablecoin issuance protocol, has announced the integration of Axelar's Inter-blockchain Token Service (ITS). This integration will allow USDX and its yield-bearing token, sUSDX, to exist natively on multiple blockchains, including Arbitrum, BNB Chain, and Ethereum. USDX is a delta-neutral stablecoin pegged to the US dollar, while sUSDX is generated by staking USDX in a smart contract to earn exchange fees from centralized exchanges (CEX).

Axelar's ITS enables tokens like USDX and sUSDX to exist on multiple blockchains, allowing for greater interoperability and liquidity. With a current total value locked (TVL) of $6 billion, USDX is expected to leverage Axelar's technology to achieve further growth across multiple chains.

The integration of Axelar's ITS is a significant step for usdx.money, as it opens up new opportunities for the stablecoin to expand its reach and user base. By existing on multiple blockchains, USDX and sUSDX can be used in a wider range of decentralized applications (dApps) and services, increasing their utility and value.

The stablecoin market has seen significant growth in recent years, with a increasing number of stablecoins being issued on various blockchains. The integration of Axelar's ITS by usdx.money highlights the importance of interoperability and cross-chain compatibility in the stablecoin ecosystem. As the market continues to evolve, it is likely that we will see more stablecoins adopting similar technologies to expand their reach and increase their utility.