Frax Finance
Frax Finance issues frxUSD, a Treasury-backed digital dollar built on BlackRock's BUIDL, and runs the Fraxtal L2 plus the FraxNet mint-and-earn app.
What is Frax Finance?
Frax Finance builds stablecoin infrastructure for global digital money. Users mint frxUSD 1:1 from USDC, USDT, PYUSD, or bank wires through the non-custodial FraxNet app, with reserves held in tokenized U.S. Treasury funds from BlackRock's BUIDL and Superstate. The Fraxtal L2 hosts Frax-native apps like FraxLend, sfrxUSD, and BAMM alongside the frxETH liquid staking token, with around $200M in combined deposits across the stack.
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SkyApp store listings are independently reviewed and written by Alchemy using a combination of inbound submissions, editorial research, public project sources, and third-party directories, including ecosystem data from The Grid under the Open Database License, DefiLlama, DappRadar, Reown, and chain ecosystem pages.
