Over the past weeks, Nexus has continued to expand across infrastructure partnerships, global industry engagement, educational initiatives, and community-led creativity.
USDX is the native U.S. dollar stablecoin of the Nexus ecosystem — a conservative, 1:1-backed instrument designed to endure. It is backed by U.S. Treasury bills and cash equivalents, issued within a licensed framework, and custodied institutionally.
USDX exists to be boring in the best possible way: reliable, transparent dollar liquidity that compounds trust and utility over time, while giving users and institutions access to U.S. sovereign debt yields and programmatic liquidity rewards across Nexus, Ethereum, and beyond.
The USDX thesis
At the core of Nexus is a simple observation: the most durable, high-margin businesses in crypto are Layer 1 blockchains, exchanges — especially perpetuals — and stablecoins. Most projects pick one. We're building all three as a single economic engine.
The Nexus Layer 1 is a blockchain built for finance. The enshrined exchange delivers centralized exchange (CEX)-class performance onchain. And USDX is the monetary layer that settles and collateralizes everything. These three components aren't independent products sharing a brand. They're a flywheel. The more the exchange is used, the more demand accrues to USDX. The more USDX circulates, the deeper and cheaper liquidity becomes for the exchange. The stronger these two become, the more valuable and busy the L1 is. USDX is the quiet center of that cycle.
Stablecoins are crypto's dominant product-market fit. They intermediate global dollar demand, power onchain settlement, and anchor risk across DeFi. Aggregate supply has exceeded $150B and continues to grow, even through market drawdowns. At the same time, crypto derivatives are trading tens of billions of dollars daily, with onchain venues rapidly compounding volume and market share.
In this context, a native, credibly conservative stablecoin isn't a nice-to-have for a financial L1 with an enshrined exchange. It's the monetary substrate.
USDX's job is to serve as the base collateral and settlement currency for the Nexus Exchange, a neutral liquidity primitive for builders and institutions, and a conduit for real-world yield exposure that can be programmatically shared with the ecosystem in transparent, predictable ways. That's a deliberately narrow mandate.
What we mean by conservative
When we say USDX is conservative, we mean it structurally — not as a marketing qualifier.
Reserves are 1:1 in short-duration U.S. Treasury bills and cash equivalents. Issuance happens within the M0 framework through a licensed issuer. Nexus-controlled balances are custodied with institutional partners.
USDX is the default margin and settlement asset for the Nexus Exchange, treated as premier collateral across the ecosystem. Builders can compose with it freely, but USDX governance remains conservative and scope-limited.
Positioning: the conservative dollar for programmable markets
The stablecoin landscape has plenty of options. What it doesn't have enough of is institutional-grade dollars that are simultaneously credible to a treasury desk and composable in a smart contract.
USDX is designed to be both. It's 1:1 backed by T-bills and cash equivalents with institutional custody and operations. It launches Ethereum-first — where distribution is deepest — with a clean path to Nexus mainnet and cross-chain interoperability. And as tokenized assets and 24/7 synthetic markets expand onchain, USDX serves as the neutral denominator for risk-managed portfolios.
This is the gap we're filling: a dollar that a fund can hold with confidence, that a protocol can build on without second-guessing the backing, and that an exchange can settle against at scale.
From Ethereum to Nexus
USDX launches on Ethereum via the M0 Peg Stability Module — simple, permissionless 1:1 swaps from major stablecoins into USDX — then extends natively to Nexus at mainnet. This sequencing is deliberate. Ethereum gives us immediate distribution: integrations with leading DeFi venues, institutional custodians, on/off-ramps, and market-making desks. Nexus gives us first-party utility: exchange margin and settlement, wallets, vaults, portfolio margin, and builder-deployed markets where USDX is the default settlement currency.
Over time, we expect USDX to become a bridge between TradFi and DeFi. Treasuries, funds, and corporates access conservative dollar yield with onchain usability. DeFi protocols gain a neutral, institutionally credible base asset. Post-mainnet, USDX remains mintable and redeemable via PSMs on both Ethereum and Nexus, with public dashboards for supply, TVL, and yield history.
Yield streaming and the Global Yield Distribution System
One of the most distinctive aspects of USDX is how yield flows through the ecosystem. Nexus streams USDX yield directly to users and builders on the L1 through what we call the Global Yield Distribution System, or GYDS.
The mechanics work like this. Real T-bill yield generated via M0 is reflected onchain as USDX yield. Each week, the system measures time-weighted USDX balances across registered app sources — contracts and modules that builders have opted into — and streams yield accordingly. A global USDX yield pool is split between the protocol and builders, with builder allocations proportional to attributed USDX TVL. Where supported, yield flows through to end users based on their balances.
This creates a predictable, programmatic incentive loop. Builders are rewarded for attracting real USDX usage. Users are rewarded for holding and deploying USDX on Nexus. And the system is transparent end to end — no discretionary allocations, no opaque distributions. During the early phase, a time-limited NEX overlay may complement USDX yield to accelerate integrations, but the long-term design relies on organic demand and real yield.
USDX as economic policy
This is where the vision gets ambitious. USDX is more than a payment rail. It's how Nexus expresses an economic policy.
The baseline of that policy is the U.S. yield curve — short-duration Treasury yields as the monetary foundation. On top of that baseline, Nexus can layer additive, protocol-native incentives: portions of exchange revenue, subject to governance and risk budgets, directed at strategic segments like builders bringing new markets or liquidity.
We plan to publish a clear, quarter-by-quarter policy for USDX: a target onchain yield that reflects the baseline Treasury rate plus any protocol-native additions, reviewed and reaffirmed on a regular cadence. Think of it as monetary policy communication for a software economy — transparent, conservative by default, and implemented as code rather than committee minutes.
The objective is a durable, comprehensible "Nexus policy rate" that compounds credibility over time. Simple to reason about. Conservative by default. Powerful enough to coordinate a global, always-on financial system.
The path to scale
USDX's growth is designed to be measured and compounding. Establish credibility on Ethereum. Activate native demand via the Nexus Exchange. Expand integrations across DeFi and institutional rails.
Near-term, success means a clean Ethereum launch and Nexus native activation with credible reserves and custody in place. Medium-term, USDX becomes the default settlement currency across Nexus and a widely accepted base asset across chains. Long-term, as tokenized markets expand and 24/7 trading becomes the norm, USDX aims to be the conservative denominator for global onchain capital markets — scaling toward $100B AUM with uncompromising risk controls.
In today’s fragmented stablecoin landscape, many systems are either chasing liquidity or retrofitting incentives. Traders face operational complexity, developers
Nexus
Nexus
