Frax Pursues Payment Stablecoin Charter Under GENIUS Act
Frax Pursues Payment Stablecoin Charter Under GENIUS Act
馃彟 Frax Eyes Historic Charter
Frax is positioning to secure one of the first payment stablecoin charters globally for frxUSD under the US GENIUS Act legislation. This follows their recent launch of frxUSD, developed in partnership with BlackRock and Superstate Funds.
Key features of frxUSD:
- Separates issuance from custody
- Offers cash mint/redeem capability
- Maintains high on-chain yields via sfrxUSD
- Supports 1:1 upgrades from legacy FRAX
- Multi-chain deployment planned
The stablecoin represents a strategic evolution in Frax's position as they adapt to increasing mainstream stablecoin adoption.
Good description of why the US GENIUS Act stablecoin legislation is such a huge opportunity. Frax is aiming to get one of the first payment stablecoin charters in the world for $frxUSD馃憞
Stablecoin bill's biggest innovation hiding in plain sight.
Frax Hires Former Mastercard Executive as VP of Strategic Initiatives
Frax has appointed Vince Dowdle as VP of Strategic Initiatives & Alliances, marking a significant step in expanding their institutional presence. The former Mastercard executive will focus on: - Building institutional relationships - Preparing for US payment stablecoin charter for frxUSD - Developing strategic partnerships This move aligns with Frax's commitment to US-based crypto innovation, following their support of organizations like @standwithcrypto and @coincenter. [Read the full announcement](https://www.prnewswire.com/news-releases/mastercard--startup-exec-joins-frax-to-spearhead-institutional-strategy-302424857.html)
Frax Partners with Origin Protocol for New High-Yield Pool on Curve
Frax has launched a new yield-generating pool on Curve Finance in collaboration with Origin Protocol. The pool pairs frxETH with OETH and features LST (Liquid Staking Token) yield-boosted incentives. This follows Frax's recent expansion of yield opportunities, including their deployment on Fraxtal with dTRINITY_DeFi's lending loops and Ethena Labs integrations. - Pool is now live on Curve Finance - Features frxETH/OETH pairing - Includes LST yield boosting - Part of Frax's ongoing DeFi partnership strategy
Fraxtal Announces North Star Hard Fork and AI Integration Plans
Fraxtal, now a top 4 sovereign rollup with $300M TVL, announces major updates coming in February 2024: - Implementation of real-time blocks in 2025 - Partnership with IQWIKI for Agent Tokenization Platform - Development of AIVM (AI Virtual Machine) for onchain agents - Introduction of Frax Burn Engine (FBE) for gas fee management - FXTL tokenization with $FRAX tail emissions The protocol aims to excel in three key areas: decentralization/security, speed, and AI integration. Through Optimism Superchain, Fraxtal maintains Ethereum-level security while focusing on performance improvements and AI capabilities. *Note: Official updates only through Frax X and Telegram accounts.*
Ethena Labs Launches on Fraxtal L2 with New Curve Pools
**Ethena Labs** has launched on Fraxtal L2, introducing new Curve Finance pools for USDe/FRAX and sUSDe/FRAX trading pairs. Key features: - LPs earn trading yield plus 30X Ethena Ethereal points - All activities on Fraxtal earn $FXTL points - Assets can be bridged via Stargate Finance Fraxtal recently achieved $200M TVL and aims to become a central DeFi liquidity hub. The platform emphasizes security, warning users to access only through official channels. *Bridge your assets now to participate in the new liquidity pools.*