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Tx just opened USTX minting to anyone holding USDC on eight different blockchains. That’s a pretty big move for a platform still building out its tokenized stock marketplace.
Why It Matters
The move gives Tx a broader funding and settlement base at a time when tokenized assets are increasingly competing on ease of access rather than just product design. If USTX gains traction across multiple chains, it could help Tx reduce friction for users moving between stablecoins and tokenized stock exposure, while also testing whether a platform-specific dollar unit can support an integrated onchain trading ecosystem.
The real-world asset platform made the announcement Tuesday. Users can deposit USDC from Ethereum, Solana, Base, and five other networks to mint USTX — a dollar stablecoin tx built specifically for its wallet and the marketplace it’s planning for tokenized stocks. Redemption runs the other direction too: USTX can be swapped back for USDC. The mechanics are straightforward, but the design choices underneath are worth unpacking, especially for anyone who’s going to use this thing to settle trades.
Brale Handles Issuance and Reserves
Fintech platform Brale issues USTX. Full stop. Brale also manages the reserves and handles both the minting and redemption process on the back end. Tx says each token is backed by $1 in assets — cash, bank deposits, government money market funds, and short-term U.S. Treasury bills. So it’s not some thin wrapper sitting on top of USDC.
And that’s a distinction tx co-founder and chief legal officer Ashley Ebersole was pretty direct about. USTX isn’t a USDC-backed wrapper, and it’s not a synthetic representation of USDC. USDC is just the on-ramp — the tool you use to mint the token. Once minted, USTX carries its own 1:1 reserve structure through Brale, separate from whatever USDC is doing. Ebersole’s point seems to be that the two tokens don’t move in lockstep at the reserve level, even if USDC is what kicks off the process.
It’s a subtle but real difference. Plenty of stablecoins in the market are essentially wrapped versions of another stablecoin, which creates layered exposure. Tx is saying USTX doesn’t work that way.
Brale, for its part, isn’t new to this kind of work. In June, Brale said it was working with Visa to improve the speed and programmability of blockchain-based stablecoin settlement — specifically in environments where privacy, compliance, and operational control matter. That context probably isn’t irrelevant here. Tx is building toward a tokenized stock marketplace, and that’s exactly the kind of setting where those requirements come up.
Wallet Rewards and the GENIUS Act Question
Tx also wants USTX to work inside its wallet rewards programs. Eligible users can earn rewards — though the announcement didn’t specify where those rewards actually come from. Some stablecoin providers fund that kind of thing through reserve earnings, passing a slice of the yield back to users. Tx didn’t say whether that’s the model here. Unclear.
But the GENIUS Act is sitting in the background of all this. The law prohibits stablecoin issuers from paying holders interest or yield purely for holding, using, or retaining a payment stablecoin. Ebersole said the rewards program was designed with legal advice to stay within what the law permits. He didn’t spell out exactly how, but the implication is that tx’s lawyers looked at the structure and believe it holds up.
That’s probably going to be a live question for a lot of stablecoin-adjacent products over the next couple of years. The line between a “reward” and “yield” isn’t always obvious, and regulators are going to be watching how platforms draw it.
No launch date for the marketplace. The announcement left that open.
Native dollar stablecoins have become a common infrastructure layer across blockchain networks. Platforms use them as a shared dollar balance — buying assets, settling trades, posting collateral. Tx is basically building USTX to fill that role on its own network, with tokenized stocks as the primary use case down the road.
The mint-and-redeem loop runs through USDC, Brale manages the token and its reserves, and tx sits on top building the wallet and marketplace products. Eight networks supported at launch, with Ethereum, Solana, and Base explicitly named.
The marketplace launch date wasn’t given.
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Frequently Asked Questions
What blockchains can users mint USTX from?
Tx accepts USDC deposits from eight blockchain networks, including Ethereum, Solana, and Base, to mint USTX.
Is USTX the same as a wrapped USDC token?
No. Tx co-founder and chief legal officer Ashley Ebersole said USTX is not a USDC-backed wrapper or synthetic representation of USDC — it has its own 1:1 reserve structure managed by Brale, backed by cash, bank deposits, government money market funds, and short-term U.S. Treasury bills.
What is Brale’s role in USTX?
Brale issues USTX, manages its reserves, and facilitates the minting and redemption process. Brale also said in June it was working with Visa on faster, more programmable blockchain-based stablecoin settlement.
