Tx launches USTX stablecoin, mintable with USDC across eight chains

Real-world asset platform tx launched USTX, a dollar stablecoin intended to settle tokenized stocks and other assets on its chain, the company announced Tuesday in materials shared with Cointelegraph.

Users mint USTX with USDC and redeem it for USDC. The platform accepts deposits from eight blockchains, including Ethereum, Solana and Base. Fintech platform Brale issues the token, manages its reserves and runs minting and redemption.

What backs the token?

Tx says each USTX carries $1 in reserve assets, held in cash, bank deposits, government money market funds and short-term US Treasury bills. That mix mirrors the reserve structures of major payment stablecoins — predominantly short-dated Treasuries and cash equivalents.

Co-founder and chief legal officer Ashley Ebersole drew a boundary around the design. "It is not a USDC-backed wrapper or synthetic representation of USDC," he said, describing USDC as an on-ramp rather than the reserve itself.

The claim is a structural one, not an audited one. The announcement does not disclose an independent attestation provider, a reserve custodian or a publication cadence for reserve reports. Takeaway: the reserve structure is described, not yet independently verified.

How do rewards square with the GENIUS Act?

The federal GENIUS Act prohibits stablecoin issuers from paying holders interest or yield solely for holding, using or retaining a payment stablecoin. Tx nonetheless plans rewards for eligible USTX users through its wallet programs.

"The overall rewards program was designed based on legal advice to ensure it falls within what's permissible under the law," Ebersole said when asked about the restriction.

That is a legal opinion, not a regulatory determination. No agency has ruled on the structure, and the space between loyalty-style rewards and prohibited yield remains largely untested. Takeaway: the compliance question is answered by counsel, not by regulators.

Why do chains want native stablecoins?

Blockchain networks and trading platforms increasingly launch dollar stablecoins through outside providers that handle issuance and reserve management. A native stablecoin supplies a common dollar balance for buying assets, settling trades and posting collateral across a network — functions tx needs if its planned tokenized-stock marketplace is to clear on-chain.

Some issuers share reserve earnings with clients, a revenue hook that raises the same regulatory questions tx now faces. Brale signaled its ambitions in June, saying 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.

What remains unproven?

Three operational questions sit unanswered in the announcement:

• Which jurisdictions and KYC gates will govern access to USTX minting
• Whether an independent attestation of the 1:1 reserve will be published, and how often
• How rewards will be calculated so they do not cross the GENIUS Act's yield prohibition

The marketplace itself is still planned rather than live, so settlement demand for USTX remains theoretical until tokenized stocks actually list. If the GENIUS Act's implementing rules tighten the line between rewards and yield, tx may need to rework its incentive structure before the marketplace opens.