Frax Finance has officially launched FraxNet, a platform designed to serve as a fintech hub for its flagship stablecoin, frxUSD.

FraxNet aims to serve as a hub for institutions and users seeking seamless integration with digital dollars. The platform incorporates KYC and KYB verification, direct bank connections for quick onramping, and real-time rewards, positioning itself as a fintech layer in the evolving landscape of blockchain-based finance. Built to align with the GENIUS stablecoin standard, FraxNet emphasizes safety, performance, and accessibility across multiple blockchains.

At the core of FraxNet is frxUSD, a stablecoin backed 1:1 by tokenized U.S. Treasuries from prominent institutions such as BlackRock, Superstate, and WisdomTree. This backing ensures high levels of security and yield generation, making it suitable for institutional adoption. The platform realizes Frax's vision of a comprehensive stablecoin operating system, comprising three key components: FraxNet as the account layer for onboarding and transactions, frxUSD as the asset layer, and Fraxtal as a high-performance Layer 1 blockchain for issuance, settlement, and real-time payments.

FraxNet launches with multichain support across over 20 blockchains, powered by a custom implementation of LayerZero for cross-chain functionality, with Fraxtal serving as the primary hub for routing and issuance. Currently available to individuals in the United States (excluding New York and Alaska) and businesses in more than 40 countries, the platform promises global expansion in the near future. Frax highlighted that this is just the beginning, with upcoming features tailored for custodians, investors, whitelabel solutions, and infrastructure providers, underscoring its role as flexible digital dollar infrastructure for the future of stablecoin finance.