Brief
Stablecoin protocol behind frxUSD, sFRAX, and frxETH. Reserves backed by BUIDL (BlackRock) and treasury assets. One of the first stablecoin issuers to go fully RWA-backed. May 5, 2026: extended the frxUSD architecture to issue and operate Somnia's native USDso stablecoin, with 90% of reserve yield routed back to DeFi on Somnia.
Recent activity
Latest moves on the changelog feed.
- May 5, 2026WIRED
Frax → Somnia. frxUSD architecture extended to issue Somnia's native USDso. Same playbook as MegaETH/USDm. Three native chain stablecoins inside a week. The pattern is the new chain launch.
Snapshot
Key terms and identifiers.
- Asset classes
- Treasuries
- Token standards
- erc-20
- Jurisdiction
- Global
- Analytics
- defillama.com/protocol/frax-finance
Milestones
How this player got here.
- May 2026USDso launched on Somnia, frxUSD architecture extended
- Jan 2025frxUSD launched, BUIDL-backed via Securitize
Connections
Who they build with, build on, integrate with.
Flow
Capital, products, and distribution moving outward.
Dependency
Where this player builds on, integrates, or relies on others.
