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Frax is not affected by the rsETH exploit. All funds remain fully safe and secure. We use a secure 3/3 DVN setup for crosschain transfers. Out of an abundance of caution, we’ve paused cross-chain transfers while LayerZero completes its review and will resume once confirmed safe.
Introducing the frxUSD Bridge. A direct way to move frxUSD across 25 chains. Operated by Frax and powered by @LayerZero_Core, we don’t charge users volume fees or charge chains integration fees. Because we believe DeFi money should move freely. https://frax.com/swap
Last week, FX on @0xPolygon launched 🌎🌍🌏 frxUSD is now the default stablecoin pair with major non-US stablecoins in @CurveFinance pools, with @DFB_DeFi market making. Join us Wednesday as we discuss why FX onchain matters and how you can participate. https://x.com/i/spaces/1pKdRbMZvbLJW
We launched a suite of onchain FX liquidity pools with @fraxfinance, @CurveFinance, and @DFB_DeFi. Six global stablecoin pairs live on Polygon with frxUSD as the base dollar pairing. The world's currencies are moving onchain, with deep liquidity built for cross-border payments.
1/ Frax, Curve, Polygon, and DFB are launching onchain FX markets with top non-USD stablecoin issuers. @CurveFinance FX pools are now live on @0xPolygon with frxUSD as the default dollar pair with market-making by @DFB_DeFi. Global currencies. 24/7 liquidity. Real-world usage.
Activity-Based Rewards Instead of Yield The regulatory line on stablecoin rewards is becoming clearer. The latest CLARITY Act markup would prohibit rewards tied to holding a stablecoin or anything "economically or functionally equivalent" to interest, while explicitly permitting activity-based programs: loyalty, promotional, and transactional rewards tied to what users actually do. That distinction, active versus passive, is now the organizing principle for how stablecoin issuers can compete with bank deposit rates without running into the yield prohibition in the GENIUS Act. The industry's reaction to the latest draft was mixed. Some read it as a workable outcome that preserves the core of what transaction-based rewards programs need to do. Others flagged that the "economic equivalence" standard is vague enough that future regulators could interpret it restrictively, and that restrictions on tying reward amounts to balances or transaction volumes make the mechanics of structuring programs genuinely difficult. The final shape of the framework will depend on how the SEC, CFTC, and Treasury jointly define permissible rewards over the next year. But even in the most permissive reading of where this lands, one thing is clear: the architecture of a compliant rewards program matters as much as the policy box it sits in. A program that rewards activity has to demonstrably reward activity: not holding, not balances, not anything that looks like passive yield in disguise. That requires eligibility logic that is rule-based, auditable, and not subject to discretionary override. The operational gap nobody talks about For centralized issuers with large internal compliance and product teams, running activity-based rewards is primarily a legal and product design problem. The infrastructure to compute eligibility, manage distribution, and document program parameters in a way that satisfies regulators is something they can build and control in-house. Decentralized stablecoin protocols are in a fundamentally different position. Ethena, Sky, Frax, and Usual do not have a centralized operations team to run a rewards program, and more importantly, they do not want one. The point of being a decentralized protocol is that no single entity makes discretionary decisions about who qualifies for what. A rewards program that routes through a centralized intermediary doesn't just create operational complexity; it undermines the trust model the protocol is built on. The problem is that building a rewards program without a centralized intermediary is technically hard. Eligibility logic needs to evaluate historical activity across wallets and contracts. Anti-abuse controls need to detect wash trading, sybil attacks, and manufactured volume. Distribution needs to be deterministic, auditable, and executed by smart contract. And the program needs to be demonstrably rule-based, because that is both the technical requirement for decentralization and the regulatory requirement for distinguishing rewards from yield. What compliant, decentralized rewards infrastructure requires The distinction regulators are drawing is between rewards that are discretionary and relationship-based (which resemble yield) and rewards that are rule-based and activity-triggered (which do not). For a decentralized protocol, making that distinction stick requires that the eligibility computation itself be verifiable. The rules that determine who qualifies and for how much need to be provable, not just stated. Space and Time is the data blockchain securing onchain finance. It indexes onchain and offchain activity into a decentralized data network, computes reward eligibility through Proof of SQL, a cryptographic proof system that verifies SQL query results are correct and untampered, and distributes rewards via smart contracts. The result is a rewards program with no centralized party controlling eligibility, a fully auditable computation pipeline, and distribution that executes deterministically based on verified activity. For decentralized stablecoin issuers navigating the current regulatory environment, this architecture does something centralized solutions cannot. It makes the rule-based nature of the program provable onchain, not just claimed in a compliance document. As regulators move to define what "economically equivalent to interest" means in practice, the ability to demonstrate that a program is genuinely activity-driven, with eligibility determined by cryptographically verified behavior, not a platform's internal logic, becomes a material advantage.
1/ Frax frxUSD Goes Live on Aave V4 Launch as a Default Stablecoin 🏦 @aave, the largest DeFi lending protocol, launched its much-awaited V4 today. frxUSD is among a select group of stablecoins included on day one, and an even smaller group featured in the Bluechip spoke.
On today’s @therollupco show, our founder and CEO @samkazemian breaks down the two CLARITY stablecoin winners: 1. Tether, which doesn’t pay yield. 2. DeFi-native stablecoins like frxUSD, which already offer “activity-based rewards” to our DeFi partners like PegKeepers + @aave 💪
New PegKeeper Pool with @AlchemixFi 👑 Our long-term partners and DeFi OGs at Alchemix are migrating their alUSD pools from legacy FRAX to frxUSD, unlocking more sustainable liquidity in the process. Alchemix pioneered the self-repaying loan, and we look forward to v3 soon!
1/ frxUSD is live on @tempo from day one 🥳 Major new chain launches are rare. Tempo is one of them. Built for real-world stablecoin payments at scale, Tempo is the kind of chain we want to build on. With @LayerZero_Core, we have a head start bringing frxUSD to Tempo natively.
The routing war is about becoming default liquidity. Our vision for frxUSD is to become one of a handful of default stablecoins widely accepted across DeFi and real-world payments. We get there by being positive-sum: making frxUSD the most valuable stablecoin to partner with.
Sonic Labs announced the launch of a network-native U.S. dollar stablecoin, USSD (US Sonic Dollar), positioned as the stable liquidity layer of the Sonic ecosystem. USSD is built on Frax Finance infrastructure and is backed 1:1 by U.S. Treasury assets issued by BlackRock, Superstate, and WisdomTree. https://x.com/SonicLabs/status/2031006467571298594
Sonic Labs taps Frax infrastructure for native network stablecoin https://www.theblock.co/post/392860/sonic-labs-taps-frax-infrastructure-native-network-stablecoin?utm_source=twitter&utm_medium=social
Introducing USSD, the US Sonic Dollar. A network-native USD stablecoin built to be the stable liquidity layer across the Sonic ecosystem and a core piece of our vertical integration initiative. Built on @fraxfinance's infrastructure. Backed 1:1 by U.S. Treasury bills from @BlackRock, @SuperstateInc, and @WisdomTreeFunds. Zero minting fees. Permissionless. Cross-chain. 📝 Learn more below.
🇰🇷 KRWQ is coming to Curve and they've chosen frxUSD as their default stablecoin to pair with for productive liquidity. Frax FX is only going to grow.
Forex with Frax 🌎 frxUSD is becoming a default stablecoin pair: as secure as incumbents, with more sustainable liquidity powered by its underlying yield. FX is a natural extension. Great to see frxUSD bringing similar benefits to regional stablecoin markets on Hydrex.
Some question frxUSD becoming the third default stablecoin. Others see the vision we are building towards.
One week after launch, the frxUSD/OUSD pool on @CurveFinance has surpassed $1M in TVL. LPs are currently earning up to 19.7% APY through co-incentives from @fraxfinance and Origin, elevated further by Pool Booster 🧵 (1/3)
1/ KRWQ Launches on Fraxtal 🇰🇷 @KrwqCash, the first Korean won stablecoin, is launching on Fraxtal, our high-performance L1 built for the future of stablecoins.
The frxUSD/OUSD pool is now live on @Curvefinance, launched in collaboration with @fraxfinance. The pool is supported by Origin’s Pool Booster and co-incentivized by Frax and Origin to bootstrap deep, durable liquidity from day one 🧵 (1/3)
Head into the new year with top stablecoin yields on Frax assets with partners like @asymmetryfin. You can earn 22% APR on the frxUSD-USDaf pool on @CurveFinance. Get started: https://t.co/J1GbMnOpR2
frxUSD has been selected as one of only three stablecoins supported at @DEIN_fi launch to bring insurance to DeFi, alongside USDC and USDT. Learn more about our partnership below.
Making DeFi safe for users has always been a core part of our mission. We're collaborating with @DEIN_fi to use frxUSD as collateral, alongside USDC and USDT, to power the future of DeFi insurance.
Stable is set to launch with LayerZero powering its interoperability. Day one expansion assets include: • @StargateFinance: USDC.e, WETH • @fraxfinance: frxUSD, sfrxUSD • @USDT0_to: USDT0, XAUT0 • @Theo_Network: thBILL • @ether_fi: weETH https://x.com/1875020395557883905/status/1996943572319588459 https://t.co/Gn5YIbD9ON
1/ NFTs are coming to Fraxtal 💥 Frax is partnering with @rarible to bring creator-owned marketplaces and curated drops to Fraxtal, our high-performance L1 built for the future of stablecoins. https://x.com/rarible/status/1995564755600453876 https://t.co/Z2n6L64G9f
1/ Last week, we announced that we partnered with @brale_xyz to issue stablecoins backed by frxUSD. Today we're announcing the first stablecoin to have frxUSD backing will be @CUSD by @Send. https://t.co/dpQSXFAMnY
1/ When launching a stablecoin, two choices define everything: issuance and backing. Today we’re announcing our partnership with @brale_xyz, pairing Brale’s best-in-class stablecoin issuance platform with frxUSD, our GENIUS-aligned digital dollar built for better money backing. https://t.co/qrNmqJemg2
Trillions are coming on-chain through stablecoins. We built the first stablecoin operating system for this future. @AleaResearch covers our ecosystem in their latest article. Follow them for deep analysis on top DeFi protocols.
Our top pool on @CurveFinance is frxUSD/deUSD with @elixir. Elixir powers deUSD, a fully collateralized, yield-bearing synthetic dollar, bringing funds from BlackRock, Hamilton Lane, and others to DeFi. Get started: https://www.curve.finance/dex/ethereum/pools/factory-stable-ng-585/deposit https://t.co/S0ONAcyZcQ
Announcing KRWQ: The First Korean Won Stablecoin on Base IQ in partnership with @fraxfinance launches @KrwqCash as the first tradeable KRW stable with multi-chain support powered by @LayerZero_Core. http://KRWQ.cash is launching on @base with liquidity on @aerodromefi. https://t.co/lGDQ9SqAve
Korea’s first multi-chain stablecoin has arrived 🇰🇷 Built by IQ AI (@IQAICOM) in partnership with Frax (@fraxfinance), KRWQ has adopted LayerZero's OFT standard to move everywhere. The Korean Won. Accessible Everywhere. https://t.co/EAYzann2Ad
Pendle has established itself as a leading DeFi protocol for innovating when it comes to trading yield. They make a perfect partner for our high-performance assets. We look forward to collaborating with @pendle_fi more in this next phase of growth🤝
Proud to partner in positive sum with nearly every team listed by Ethereum for institutional DeFi. FraxNet and frxUSD are bringing institutions on-chain. For those unaware, we also offer the highest yielding ETH liquid staking token: sfrxETH. When DeFi wins, @ethereum wins.
Proud to partner in positive sum with nearly every team listed by Ethereum for institutional DeFi. FraxNet and frxUSD are bringing institutions on-chain. For those unaware, we also offer the highest yielding ETH liquid staking token: sfrxETH. When DeFi wins, @ethereum wins.
1/ FraxNet frxUSD Backing 🏦 Creating institutional-grade stablecoins requires collaboration with the top financial institutions leading blockchain innovation. We are proud to partner with the funds backing frxUSD, ensuring safety, liquidity, and instant settlement on FraxNet👇 https://t.co/o3EsxoyNoZ
Launched yesterday, FraxNet is your portal to stablecoin finance. Catch our founder @samkazemian breaking down the crypto neobank future on @Bankless. While FraxNet is a neobank, it is also open infrastructure that anyone can use to supercharge their offering with better money.
Feather is LIVE on @SeiNetwork! sfrxUSD, built to provide the best risk-adjusted stablecoin yield, is one of 8 collateral assets approved at launch, with the highest Max LTV of 91.5%💪 Powered by @MorphoLabs, @Featherlend launches with extra SEI and FTRP rewards. Get started👇 https://t.co/qM5sme48Jc
Concrete 🤝 Frax Our high-performace assets, combined with @ConcreteXYZ automated vault architecture, will help bring institutions onchain. Learn about how we're partnering to supercharge $sfrxETH capabilities below. More to come👇
Frax new farms just dropped on @katana: $frxUSD / $sfrxUSD and $frxUSD / $AUSD. Stable meets yield, backed by @Frax. LP and earn $KAT rewards! Farm now: https://www.sushi.com/katana/explore/pools?farmsOnly=false&protocols=SUSHISWAP_V3,SUSHISWAP_V2&tokenSymbols=frx https://t.co/dvbVjDkbZJ
Whatever chain you call home, make it a rewarding one. sfrxUSD, designed to offer the highest risk-adjusted stablecoin yield, is available on 20+ chains and counting. 🧐 Want your chain added? Comment below. Start earning: http://frax.com/earn https://t.co/xHLf0ZCgUH
Incentives are now live for frxUSD lenders on @eulerfinance, with plenty of liquidity available for borrowing. These rewards are sustainably powered by frxUSD's U.S. Treasury backing and distributed by @merkl_xyz. Get ready, additional rewards are coming! 👀 https://t.co/84tq6XvjQe
FraxNet Waitlist Now Open FraxNet is our account-based platform that lets you mint, redeem, and earn across 20+ chains with frxUSD, our flagship stablecoin built to the GENIUS standard. Learn more and join the waitlist: http://net.frax.com https://t.co/HNcpunNdYG
There's still a week left in September, but it's already confirmed that Frax @LayerZero_Core transfers will hit another monthly all-time high. With FraxNet launching soon, we expect this growth to accelerate📈 https://t.co/kMbO7WaJ9a
"If you want to go fast, go alone. If you want to go far, go together." We are proud to partner with @tempo to bring our stablecoin infrastructure to their ecosystem. Both frxUSD and Tempo are built for payments. Together, we'll go far in bringing global payments onchain. https://t.co/lbS94FBD8X
Make sure your stablecoins are working for you. In less than a minute, you can start earning the highest risk-adjusted stablecoin yield in DeFi with $sfrxUSD, currently at 8% APY. Available on 20+ chains and counting: https://frax.com/earn https://t.co/YTtpBsr2a7
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