- Clear launched USDXP, a proprietary stablecoin backed 1:1 by the U.S. dollar, for clients of its brokerage platform in Brazil.
- USDXP runs on Rayls, the blockchain infrastructure developed by Parfin, while governance, custody, and product responsibility remain with XP Inc.
- The token is designed to give clients 24/7 on-platform U.S. dollar exposure for trading, hedging, and diversification, with instant execution inside the Clear app.
Clear, the Brazil-based trading brokerage owned by XP Inc., has launched a dollar-backed stablecoin called USDXP. Clear adds a blockchain-based foreign-exchange product to its retail investing platform as brokerages and fintechs look for ways to offer round-the-clock dollar exposure inside regulated financial apps.
As per local reports in Brazil, the product went live on March 3 and is available across Clear’s client base, which exceeds 800,000 users. According to XP’s investor-relations site, the group held R$1.491 billion in client assets in 2025.
USDXP is structured as a proprietary stablecoin backed 1:1 by the U.S. dollar and issued on Rayls, the blockchain network developed by Parfin.
Rayls is a private-public blockchain built for financial institutions, with compliance, governance controls and privacy features. Parfin has raised $38 million in total funding till date. The last funding was $10 million Series A led by ParaFi Capital in 2024. The network has also been linked to Brazil’s Drex-related experimentation around tokenized finance.
Clear says the token is designed to give clients 24/7 on-platform exposure to the dollar for trading, hedging and diversification, with instant execution embedded in the brokerage experience and no added platform fees. USDXP also provides dollar exposure without Brazil’s IOF tax, levied on various financial operations, including FX transactions.
“USDXP was created to address a clear customer pain point: simple, efficient, and transparent access to U.S. dollar exposure,” Lucas Rabechini, XP Inc.’s director of financial products, said in a statement shared with AlexaBlockchain.
“It’s a solution designed for those who trade, want to hedge, or diversify, without friction and with the seamless experience that is already part of Clear,” Lucas added.
The rollout is narrower than a conventional crypto-stablecoin launch. In its initial phase, USDXP is confined to Clear’s own environment: it cannot be transferred externally, used for payments or moved off-platform, according to the company’s description of the product. That makes it closer to a controlled digital dollar instrument for brokerage clients than to an open, freely circulating stablecoin such as Tether’s USDT or Circle’s USDC.
That distinction matters in Brazil, where regulators have been tightening oversight of digital assets just as stablecoin use has accelerated. In November 2025, Brazil’s central bank extended financial-sector rules to virtual-asset service providers, with the measures taking effect in February 2026. Under those rules, purchases, sales and exchanges involving stablecoins are treated as foreign-exchange transactions. Earlier, central bank chief Gabriel Galipolo said around 90% of the country’s crypto flows were tied to stablecoins, underscoring how central dollar-linked digital assets have become in Brazil’s market.
The launch of USDXP stablecoin is part of a broader crypto adoption strategy the company had already telegraphed to investors. On XP’s Q4 2025 earnings call, management revealed it would roll out a proprietary dollar-backed stablecoin in the first half of 2026 aimed at clients looking to diversify or hedge FX volatility while gaining “true 24/7 liquidity.” That suggests USDXP is less an isolated product launch than part of a broader effort to fold digital-asset rails into XP’s brokerage infrastructure.
The competitive landscape is already crowded, though not all rivals are pursuing the same use case.
Globally, Tether dominates the stablecoin market, while USDC remains the second-largest dollar token.
In Brazil, BTG Pactual launched BTG Dol in 2023 through its Mynt platform, and Mercado Pago introduced Meli Dolar in 2024, also offering clients digital dollar exposure inside its app and waiving trading fees. Outside Brazil, PayPal launched PYUSD in 2023, while Interactive Brokers began allowing eligible clients this year to fund brokerage accounts around the clock with USDC, with support planned for RLUSD and PYUSD. Société Générale-FORGE, meanwhile, launched its USD CoinVertible in 2025 for institutional and cross-border use cases.
What sets Clear’s approach apart is that it is using a proprietary token primarily as an on-platform brokerage tool rather than as a broadly interoperable payments asset. That may limit immediate network effects, but it also reduces operational and regulatory complexity by keeping issuance, custody, governance and usage inside a single controlled ecosystem. In a market where institutions are increasingly interested in stablecoins but remain cautious about compliance, that contained model could prove easier to scale than open-ended crypto distribution.
The broader significance of the launch is that it adds another example of financial firms using blockchain less for speculation and more for balance-sheet, treasury and FX functionality. Stablecoins were first adopted mainly as trading instruments on crypto exchanges. Increasingly, banks, brokers and payment companies are adapting the same structure for internalized dollar access, 24/7 settlement and programmable cash management.
MercadoLibre’s fintech arm launched a dollar-backed token for Brazilian users in 2024; this year Interactive Brokers moved stablecoin funding into brokerage accounts; and Société Générale-FORGE has been building regulated fiat tokens for institutional finance. Clear’s USDXP sits squarely in that shift from crypto-native use toward embedded financial infrastructure.
Marcos Viriato, Parfin’s co-founder and chief executive officer, described the market as being in an early phase. “Stablecoin adoption in financial markets is still in its early stages, and infrastructure will determine how responsibly this market scales,” he said in the announcement. “Clear’s launch of USDXP on Rayls reinforces the direction the industry is taking, offering digital assets with strong controls, traceability, and institutional-grade security, while keeping accountability with the issuer.”
Clear has said USDXP is only the first step in a wider digital-currency strategy and that it plans to add other currency-backed assets over time, including products linked to the euro and pound. Whether those products remain closed-loop instruments for brokerage clients or evolve into more widely transferable tokens may determine how far Clear can push the model beyond FX exposure and into payments, remittances or tokenized capital-markets services. For now, the message is narrower and more pragmatic: brokerages are starting to use stablecoins not to mimic crypto exchanges, but to repackage familiar financial functions in a form that runs all day.
The article “XP’s Clear Launches USDXP Stablecoin for Brokerage Clients” was first published on AlexaBlockchain. Read the complete article here: https://alexablockchain.com/XP-Clear-Launches-USDXP-Stablecoin-for-Brokerage-Clients/
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Image Credits: Lucas Rabechini LinkedIn, Shutterstock, Canva, Wiki Commons
