USDX
USDX is a yield-generating cross-chain stable coin backed by USDC
Demo
About
USDX is a cross-chain stable coin that generates yield on the base chain and allows users to mint it for free on any destination chain. USDX is backed by USDC which will be transferred over using BridgeKit for free transfers. We want to allow users to bridge USDC without paying fees, and we want users to be able to mint USDX on any chain without paying fees. We hope to accelerate the growth of stablecoins in this rapidly expanding space because with a DeFi-native project like USDX, we can launch on new chains much faster than incumbents like Circle can. demo. https://main.dnrm062bu337h.amplifyapp.com/ presentation. https://docs.google.com/presentation/d/1ypfIj6x8PBf13JReZLw1dM0ddXXJNOfZZalHQKUaULs/edit?usp=sharing
How it's made
It all starts with getting the user's USDC to the Hub chain. This happens using BridgeKit for free transfers. Then from there, we use either the layer 0 o-vault, or the hyperlane yield routes to generate yield on this USDC at rest. We wish to use Yearn or any other such Yield Vault that has curators. We then use either R, HyperLane, or Layer0 and cross-chain message passing to allow the user to mint USDX 1:1 on whatever destination chain they wish to.