Nexus Announces USDx – A Revenue‑Sharing Stablecoin Backed by U.S. Treasuries
June 28, 2026 – The upcoming Layer‑1 protocol Nexus unveiled its first native stablecoin, USDx, a dollar‑pegged token designed to distribute protocol revenue to applications that hold it. Built in partnership with the treasury‑focused platform M0, the coin promises to channel short‑term Treasury bill yields back into the Nexus ecosystem.
What is USDx?
USDx is positioned as the default on‑chain dollar for Nexus, replacing the assorted legacy stablecoins that currently circulate on the network. The token is fully collateralised by U.S. Treasury securities, with the exact composition of the backing left to the protocol’s monetary policy. Rather than paying interest directly to individual users who swap USDT or USDC for USDx, the system allocates a share of the generated yield to dApps based on metrics such as total value locked (TVL) and transaction volume.
The distribution mechanism is called the Global Yield Distribution System (GYDS). Under GYDS, every application that maintains a USDx balance receives a proportion of the protocol’s revenue, effectively turning the stablecoin into a revenue‑sharing instrument for the application layer.
Technical Foundations
- Zero‑Knowledge Virtual Machine (zkVM): Nexus runs its smart contracts on a zkVM, enabling cryptographic proof of every state transition while preserving user privacy. This “verifiable finance” model means that the flow of funds and yield can be audited without exposing sensitive data.
- M0 Integration: M0 supplies the Treasury‑bill yield component, allowing USDx to earn a predictable, low‑risk return that is then redistributed through GYDS.
- Unified Currency Layer: By offering a single, protocol‑native stablecoin, Nexus hopes to streamline on‑chain economics and encourage developers to route conversions from other USD‑pegged assets into USDx.
Funding and Backing
Nexus has raised $27.2 million across two financing rounds (a seed round led by Dragonfly Capital and a Series A co‑led by Pantera Capital and Lightspeed Venture Partners). The capital has been earmarked for core protocol development, the launch of USDx, and broader ecosystem incentives.
CEO Perspective
Daniel Marin, CEO of Nexus, emphasized that the token’s yield will be allocated according to each application’s contribution to the network, such as the amount of USDx they lock or the transaction throughput they generate. While he did not disclose the exact formula for yield distribution, Marin highlighted that the design “opens up a new economic model that aligns incentives across the protocol, developers, and end users.” He also noted that the yield‑sharing approach is intended to fund decentralized governance and on‑chain activities, rather than serve as a direct user‑facing interest product.
Market Implications
USDx enters a crowded stablecoin market where most tokens either rely on fiat collateral or algorithmic mechanisms. Its distinctive feature is the revenue‑sharing layer that rewards protocol participants instead of individual holders. If successful, this could:
- Drive Adoption: dApps may prefer to integrate USDx to earn a share of protocol revenue, creating a positive feedback loop that boosts TVL.
- Shift Liquidity: Users could be incentivised to convert USDT/USDC into USDx indirectly, as the downstream benefits accrue to the platforms they use.
- Set a Precedent: The model could inspire other blockchains to experiment with protocol‑level yield distribution rather than traditional staking rewards.
Risks and Open Questions
- Yield Transparency: The lack of a public, formulaic description of how yield is calculated may deter risk‑averse participants.
- Regulatory Scrutiny: Being fully backed by U.S. Treasury securities could attract regulator attention, especially if the token is marketed as an investment product.
- Economic Sustainability: The long‑term viability of routing Treasury yields to a decentralized ecosystem depends on the spread between Treasury returns and the cost of maintaining the protocol.
Key Takeaways
- Revenue‑Sharing Stablecoin: USDx is the first Nexus‑native stablecoin that redistributes Treasury‑bill yield to applications rather than to end‑users.
- Zero‑Knowledge Architecture: Built on Nexus’s zkVM, the token aims to provide full auditability while preserving privacy.
- Strategic Backing: The $27.2 M raised from notable investors underwrites the launch and ecosystem incentives.
- Potential Ecosystem Boost: By aligning application incentives with USDx holdings, Nexus hopes to consolidate liquidity and accelerate on‑chain activity.
- Open Questions Remain: Details on yield calculation, regulatory classification, and the token’s long‑term economics are still pending clarification.
As Nexus prepares to go live later this year, market participants will be watching closely to see whether the revenue‑sharing model can deliver the promised alignment of incentives and foster a cohesive, high‑yield DeFi environment.
Source: https://thedefiant.io/news/defi/nexus-to-launch-revenue-sharing-usdx-stablecoin
