#OnChainLendingSurge
The launch of the frxUSD stablecoin by Frax Finance is a major step in the development of a stable, revenue-generating digital asset. Here are some key points about this launch:
Key Features
- frxUSD is backed by $648 million in BlackRock BUIDL fund.¹
- This stablecoin has a value that is pegged 1:1 to the US dollar and allows direct conversion to fiat currencies through Paxos.²
- Holders of frxUSD are entitled to receive income from the proceeds of BUIDL funds.
Partnership with BlackRock
- Frax Finance is working with BlackRock to develop stablecoins that are stable and generate revenue.
- This collaboration brings a new level of trust and stability to the world of stablecoins [1].
Market Impact
- The launch of frxUSD marks an important collaboration between traditional finance and blockchain.
- It also shows the growth of financial institutions in accepting blockchain-based financial products.