USDX

USDX is the crypto-backed native stablecoin of the Kava DeFi hub. According to Kava Labs, "Anyone in the world can deposit digital assets as collateral on Kava and use that balance to mint USDX tokens."

Minting and Redemption

Using the Kava app, users mint USDX by depositing an accepted collateral asset into a vault. When the loan is repaid to retrieve the collateral, the paid back USDX is burned.

Sources:

• https://defillama.com/peggedasset/usdx