Frax Finance has opened the waitlist for FraxNet, an account-based platform for its flagship stablecoin, frxUSD. The new platform allows users to mint, redeem, and earn yield on frxUSD across more than 20 blockchain networks.

The frxUSD stablecoin has been repositioned as a regulated, fiat-redeemable asset built to the “GENIUS standard,” indicating compliance with potential stablecoin legislation. It is fully backed by institutional-grade, tokenized U.S. Treasury funds managed by industry leaders such as BlackRock and Superstate. This structure enables frxUSD holders to earn a passive APY of approximately 4.1% directly within their wallets.

This development marks a clear strategic division from its original, algorithmically-backed FRAX stablecoin. By partnering with Securitize to access BlackRock's BUIDL fund, Frax is aiming to bridge the gap between decentralized and traditional finance, prioritizing transparency and regulatory alignment.

The announcement comes as Frax founder Sam Kazemian is scheduled to speak at the Stablecoin Summit in Singapore, joining leaders from M0 and Ethena Labs to discuss the future of stablecoins in DeFi. This move signals a broader industry trend of stablecoin issuers seeking institutional legitimacy and preparing for a more defined regulatory landscape.