Scroll’s USX stablecoin opens pre-deposits with 20x rewards
Ethereum Layer-2 network Scroll announced pre-deposits for its USX stablecoin, offering 20x points on the first $35 million in USDC.
After that, new deposits earn 4x points until USX goes live. Deposited USDC is placed in the lending protocol Morpho to start generating yield immediately. When USX launches, deposits automatically convert 1:1 into USX and can be staked right away to keep earning rewards.
Scroll introduced USX as a private, yield-bearing stablecoin targeting around a 10–15% return. Staking USX gives users sUSX, which lets them earn a share of the protocol’s rewards. The project says privacy will be enabled through Scroll’s Cloak privacy layer, transactions will be gasless for users, and returns will combine traditional finance (TradFi) strategies with on-chain delta-neutral yields.
The project highlighted that USX aims to be “spendable” for everyday payments while keeping on-chain activity private from external observers but auditable for compliance through Cloak. Scroll described USX as a fully collateralized “neodollar” on its L2, with returns sourced from a blend of TradFi and DeFi strategies.
Scroll announced USX in early October, aiming to solve issues such as complex transfers for stablecoin users. USX is designed to operate as a neodollar, using zero-knowledge (ZK) proof technology. According to Scroll, the stablecoin landscape is currently fragmented, forcing users to choose between yield-bearing tokens and easily spendable ones.
“Even if users deposit into yield-bearing vaults, they must jump through hoops, i.e, unstaking, converting to USDC/USDT, transferring to crypto card apps - all of this just to spend their “yield bearing” stablecoins, the project wrote on X, adding “USX addresses this challenge by creating the first ever neodollar, a stablecoin that’s yield-bearing, private, and spendable.”
Currently, Scroll is finalizing integrations for the USX stablecoin and conducting closed testing with ecosystem partners. Scroll launched its mainnet in October 2023 and released its native SCR token about a year later. According to L2Beat, it’s among the top 10 Ethereum Layer 2s, with over $230 million in Total Value Secured.
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