Axis USD

Axis USD (USDX) is the dollar-denominated token of Axis, which says it provides liquidity, settlement and credit infrastructure to institutions in digital asset markets, and it is issued on Ethereum. Although it is listed as a stablecoin in the catalogue, Axis's own documentation describes USDX not as a stablecoin but as an overcollateralized synthetic dollar that finances positions between Axis counterparties and settles trades. It is worth noting that other dollar tokens use the same symbol.

USDX is minted through an authorized operator against supported assets and burned when redeemed. On the collateral side there are primarily digital and tokenized assets, followed by traditional assets, as well as futures and hedging positions that keep it market-neutral. For users seeking yield, a rewards vault called sUSDX earns income from strategies such as cross-exchange arbitrage, funding rate arbitrage and over-the-counter trading. The documentation stresses clearly that this yield is not risk-free.

Whether USDX stays at the dollar level depends on the quality of the collateral, how its hedging strategies work, custody and counterparty risks, and the redemption process. Lzzo.com features DefiLlama's US dollar reference price for Axis USD and a chart showing this price's historical movement.