Frax Finance
Founded Year
2019Stage
Seed VC - II | AliveRevenue
$0000Mosaic Score The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.
+65 points in the past 30 days
About Frax Finance
Frax Finance operates in the cryptocurrency and DeFi (Decentralized Finance) protocols. It involves offering a unique type of cryptocurrency that is partially backed by collateral and partially stabilized algorithmically. The company primarily caters to the financial technology industry. The company was founded in 2019 and is based in Grand Cayman, Cayman Islands.
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ESPs containing Frax Finance
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The yield-bearing stablecoin issuers market includes companies that create and issue stablecoins with built-in yield mechanisms that automatically generate returns for holders without requiring external staking or farming. These issuers embed yield-generation directly into their stablecoin architecture through treasury-backed yields, algorithmic distribution systems, automated DeFi strategy deploy…
Frax Finance named as Challenger among 15 other companies, including Paxos, Bridge, and Ethena.
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Research containing Frax Finance
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Frax Finance in 1 CB Insights research brief, most recently on May 29, 2025.
May 29, 2025
The stablecoin market mapExpert Collections containing Frax Finance
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Frax Finance is included in 3 Expert Collections, including Blockchain.
Blockchain
14,813 items
Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Categories include blockchain infrastructure and development, crypto & DeFi, Web3, NFTs, gaming, supply chain, enterprise blockchain, and more.
Fintech
14,153 items
Excludes US-based companies
Stablecoin
458 items
Latest Frax Finance News
Sep 15, 2025
表面上看是 Frax、Sky、Native Market 等几家发行商的利益争夺大战，实际上是稳定币货币铸造权的「公开拍卖」，会改变后续稳定币市场的游戏规则。 我结合 @0xMert_ 的思考，分享几个观点： 1）USDH 铸币权争夺暴露了去中心化应用对原生稳定币的需求和稳定币统一流动性需求之间存在根本矛盾。 简单而言， 每一个主流协议都试图拥有自己的「印钞权」，但这也势必会造成流动性被碎片化割裂。 针对此问题，Mert 提出了两种解决方案： 1、「对齐」生态系统的稳定币，大家统一协定公用一个稳定币，按比例分享收益。问题来了，假定现在的 USDC 或 USDT 就是那个共识最强的对齐稳定币，他们愿意把一大部分利润分出来给到 DApps 吗？ 2、构建稳定币流动性蹭（M0 模型），用 Crypto Native 的思维构建统一流动性层，比如以太坊作为可交互操作层，让各种原生稳定币能无缝互换。然而，谁来承担流动性层的运营成本，谁来保证不同稳定币的架构锚定，个别稳定币脱锚造成的系统性风险呢如何化解？ 这两个方案看似很合理，但却只能解决流动性碎片化问题，因为一旦考虑到每个发行放的利益，逻辑就不自洽了。 Circle 依靠 5.5% 国债收益每年躺赚数十亿美元，凭什么要与 Hyperliquid 这样的协议分享？换言之，当 Hyperliquid 有资格剥离传统发行商的稳定币自立门户时，Circle 等发行商的「躺赢」模式也会受到挑战。 USDH 竞拍事件可以视作是一次向传统稳定币发行「霸权」的示威？在我看来，造反成功或失败都不重要，重要的是揭竿而起的那一刻。 2）为什么这么说，因为稳定币的收益权最终会回到价值创造者的手里。 传统的稳定币发行模式，Circle 和 Tether 等本质上做的都是中间商生意，用户存入资金，他们用来购买国债或者存入 Coinbase 吃固定借贷利息，但大部分利益都据为己有了。 显然，USDH 事件就是要告诉他们这一逻辑有 Bug： 真正创造价值的是处理交易的协议，而非单纯持有储备资产的发行商。 站在 Hyperliquid 的角度，每日处理超 50 亿美元交易，凭什么要将年化 2 亿以上的国债收益让给 Circle？ 过去稳定币的流通「安全不脱锚」才是第一需求，因此 Circle 等付出大量「合规成本」的发行商理应享有这部分收益。 但随着稳定币市场的成熟，监管环境的日趋明朗会趋向把这部分收益权转移到价值创造者的手里。 所以，在我看来，USDH 竞标的意义在于定义了一个全新的稳定币价值收益分配规则： 谁掌握了真实的交易需求和用户流量，谁就优先享有收益分配权； 3）那么终局 Endgame 会是什么：应用链主导话语权，发行商沦为「后台服务方」？ Mert 提到第三种方案很有意思，让应用链生成收入，而传统发行商利润趋于零？该如何理解呢？ 试想 Hyperliquid 一年光交易手续费就能产生数亿美元收入，相较之下，管理储备金潜在的国债收益虽然稳定但却「可有可无」了。 这就解释了为何 Hyperliquid 不自己主导发行而选择把发行权让渡出去，因为大可不必，自己发行除了会增加「信用负债」，所获的的利润远不如做大交易体量的手续费更诱惑。 事实上，你看，当 Hyperliquid 把发行权让渡出去后，竞拍者的反应也足以证明这一切： Frax 承诺将 100% 收益返还给 Hyperliquid 用于 HYPE 回购；Sky 开出 4.85% 收益率加 2.5 亿美元年度回购的筹码；Native Markets 提出 50/50 分成等等； 本质上，原本 DApps 应用方和稳定币发行方的利益争夺战，就已经演化成三方发行方之间的「内卷」游戏了，尤其是新发行方倒逼老发行方改变规则。 以上。 Mert 的第四种方案，听起来有点抽象，真到那一步估计稳定币发行商的品牌价值可能彻底归零了，或者发行铸币权完全统一到监管手里，或者是某种去中心化协议，目前还不得而知。那应该还属于遥远的未来吧。 总之，在我看来， 这场 USDH 的竞拍乱战，能宣告老旧稳定发行方躺赢时代的结束，真正引导稳定币收益权回到创造价值的「应用」手里，就已经意义非凡了！ 至于是不是「贿选」，竞拍是不是透明化，我反倒觉得那是 GENIUS Act 等监管方案真正落实前的窗口机会，看看热闹就足够了。 推荐阅读： 风险提示
Frax Finance Frequently Asked Questions (FAQ)
When was Frax Finance founded?
Frax Finance was founded in 2019.
Where is Frax Finance's headquarters?
Frax Finance's headquarters is located at Willow House Cricket Square Post Office Box 709, Grand Cayman.
What is Frax Finance's latest funding round?
Frax Finance's latest funding round is Seed VC - II.
Who are the investors of Frax Finance?
Investors of Frax Finance include Crypto.com Capital, Balaji Srinivasan, Electric Capital, Dragonfly, Robot Ventures and 4 more.
Who are Frax Finance's competitors?
Competitors of Frax Finance include Bitwise Asset Management and 6 more.
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