What We Did
Events
[Token2049] Frax founder and CEO Sam Kazemian was announced as a keynote speaker at TOKEN2049 Singapore, with the Frax team meeting partners and institutions working on stablecoins and onchain finance during the conference week.
[KBW - Korean Blockchain Week] The team was represented during Korean Blockchain week for meetings with partners and prospective clients.
[The Rollup / Anchorage] Nathan McCauley, Founder and CEO of Anchorage, joined Stabled Up on The Rollup, powered by Frax, to discuss stablecoins and the tokenization supercycle, including the role of stablecoins as the liquidity layer for tokenized assets.
Governance
Note: Do not include votes that did not meet quorum. Also, only ongoing and completed votes.
No governance proposals passed in this time period of this newsletter
Partnerships / External Integrations
[Alto] Alto continues to grow its frxUSD PegKeeper pool, supported by rewards from frxUSD reserves.
[Featherlend / Transfero / Morpho / DFB] Featherlend launched markets for Transfero’s BRZ on Morpho on Polygon, supported by FX infrastructure from DFB. Users can borrow BRZ against sfrxUSD or Etherfuse’s TESOURO, expanding onchain borrowing and funding markets for the Brazilian real.
[Gearbox / Midas / Fasanara Capital / kpk] Frax and Gearbox launched automated, one-click RWA leverage using frxUSD as the underlying stablecoin, beginning with Midas’s mF-ONE, managed by Fasanara Capital. The frxUSD vault is curated by kpk, which reported more than $200 million in assets under management.
[Monerium / Uniswap / Capa Finance] EURe from Monerium gained a direct route into frxUSD dollar liquidity through a frxUSD/EURe pool on Uniswap on Polygon, with Capa Finance bringing FX and payment flows. Explore the pool.
[Own / Fables] A new frxUSD PegKeeper pool went live on Robinhood Chain with Own’s eUSD, an overcollateralized stablecoin minted against eSPY, tokenized S&P 500. Explore the market on Fables.
[RIFT] RIFT launched its onchain API with frxUSD support from day one on Ethereum, Base, and Ink.
[Robinhood Chain / Arrow Finance / Fables] Following the frxUSD/aUSD launch on Robinhood Chain, the first stablecoin pool on Fables, Arrow Finance introduced a frxUSD PSM offering 1:1, zero-fee conversions into aUSD, with yield-bearing reserves supporting protocol revenue. Explore the frxUSD/aUSD pool on Fables.
[Saffron / Fables] Frax’s first volatile pair on Robinhood Chain launched, pairing frxUSD with Saffron’s SFI token. Explore the market on Fables.
[United Founders Group] sfrxETH went live on Robinhood Chain backing United Founders Group’s Immutable Treasury v2, replacing the ETH held in v1 so that the assets supporting UFG’s token floor earn staking yield.
[USDai / Re7 Labs / Morpho] The frxUSD/sUSDai PegKeeper pool on Curve Finance reported up to 24% APR, with vote incentives also available through Stake DAO Votemarket. Explore the Curve pool. Separately, the Frax USDai Ecosystem Vault launched on Morpho, curated by Re7 Labs and lending against sUSDai collateral. The vault subsequently reported 13.8% APY. Explore the Morpho vault
[WisdomTree] Frax highlighted its use of WisdomTree’s WTGXX as frxUSD reserves, reflecting the companies’ ongoing work on tokenized assets.
Tech
[FraxNet]
Shipped the Contact Support form, address-add and editing improvements, expanded manual bank-account fields, and related user-interface fixes.
Built an identity-layer implementation that uses FraxNet as the KYC system of record, enabling one-time Persona verification and partner enrollment through adapters. Completed the initial Bridge adapter, enrollment pipeline, provider-settings interface, tests, and documentation; sandbox validation and an allowlisted test rollout remain next steps.
Advanced the RIFT integration across the app and orchestration backend, including a Bitcoin deposit proof of concept. Broader integration work remains in progress.
Expanded indexing for RWA movements, sfrxUSD transfers, frxUSD M2 snapshots, and OFT/HopV2 bridging.
Advanced the transfer API, updated FraxNet documentation, improved swap flows and operational tooling, and applied audit-feedback fixes with redeployments.
Enabled FraxNet access through frxUSD.org and prototyped an MCP server using FraxNet OAuth.
[frxUSD]
Launched frxUSD FX vaults.
Expanded balance-sheet tracking to include USDT and Gearbox frxUSD positions for sfrxUSD, and the AUSD custodian for frxUSD.
Advanced the Stake DAO Accelerator vault structure for PegKeeper partners and related vote-incentive arrangements.
[Multichain / LayerZero]
Audited the Frax LayerZero mesh’s onchain configuration and performed configuration cleanup.
Deployed and verified audit-scope implementations for OFT rate limiting, Tempo MintRedeemHop variants, and a fee-inclusive wrapper, and worked on fixes arising from audit findings. Production upgrades remain subject to audit completion.
Added support for new LayerZero chains in the main backend and FraxNet operations, while continuing backend changes for chain shutdowns.
Other
[Frax Force - Onchain Cash] Frax Force covered Binance’s $100 million Circle equity stake and USDC deal, and the Fed’s request for comments on GENIUS Act rules for fully backed payment stablecoins. The episode also highlighted sfrxUSD reaching 5.1% APY and recapped Frax’s Robinhood and Gearbox integrations. Watch the episode.
[Frax Force - Onchain Cash] Frax Force examined Robinhood’s push into U.S. perpetuals and social trading, Avalanche’s growth in tokenized stocks, and Goldman Sachs bringing a $100 billion Treasury fund onchain. The episode also covered the Own PegKeeper pool, new Morpho vaults, and the EURe-frxUSD FX connection. Watch the episode.
About Frax
At Frax, we’re building the world’s most scalable stablecoin infrastructure for the next generation of finance.
You can see a more detailed overview here.
Legal Disclaimers
This announcement is not intended to provide financial, legal, or investment or other advice and we recommend that you do not rely on, and do not make any financial or other decision based on this announcement. It has been written and published by members of the Frax team and provides no guarantee, commitment, or undertaking to utilize any Frax-related funds, assets, properties, or personnel. Frax does not owe, and does not intend to assume, any duties or obligations to Frax users or participants. The Frax community (namely veFXS holders) may decide, through voting mechanisms, to direct the protocol in an entirely different direction than that of the team, and the latter would be obligated to follow said vote(s).
To the maximum extent permitted by applicable law, all software relating to Frax is being provided on an as-is, where-is basis, with no representations or warranties being made to Frax participants and with no liability to the Frax protocol or any other person involved in the development of Frax. The statements set forth in this announcement also are not intended to be warranties, representations, guarantees, or assumptions of duty or liability of any kind. The protocol will not be liable for any damages arising from its use or misuse.
The forward-looking statements in this announcement are subject to numerous assumptions, uncertainties, and risks which are subject to change over time. Such assumptions, risks and uncertainties could cause actual results or developments to differ materially from the results and developments anticipated by us. Even if anticipated results and developments are realized, such results and developments may nevertheless fail to achieve any or all of the expected benefits anticipated by this announcement.