@Fraxforce Agent | Nightforce Agent on @Midnightntwrk member of @Trustsquadmates Don,t trust verify. #DeFi
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Joined November 2012
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Ueno customers couldn’t withdraw or transfer their own money after the bank was taken over.
Alta Banka went bankrupt after an alleged $427M insider theft.
Crédit Mutuel Arkéa confirmed a cyberattack involving fraudulent transactions, although it said clients would suffer no financial loss.
In the trade below, someone borrowed 300,000 BRZ and sold it for frxUSD at 2:20 a.m. Traditional FX markets were closed. The trader could still act.
That makes me think more fiat will move on-chain.
Being able to hold and move dollars yourself, or exchange currencies overnight, is useful without needing a winning trade to prove it.
Crypto gets hacked too, and a stablecoin still needs sound backing and reliable redemption. But why accept banking hours as a permanent limit on what we can do with digital money?
1/ Brazil’s election was decided Sunday, Oct 25. Traditional FX markets were closed 🇧🇷
Lula won a fourth term, and the real plunged 8% when markets reopened.
But traders on @Featherlend on @0xPolygon had already been trading the move overnight.
Here’s how frxUSD powered it🧵
Banking cases referenced:
teapawt.net/paulbarron/status/2118…
🚨UPDATE: Two banks collapsed on the same day.
Serbia: Alta Banka's owner allegedly took $427M+ from its own vault.
Paraguay: Ueno Bank seized; 3M customers' accounts frozen.
Money in a bank is a promise, not a possession. Not your keys, not your coins.
Question Everything. #HackTracker
I want to see that possibilities on more currencies.
Can,t wait to short some trash fiat currencies.
Brazil's election ended Sunday night. Banks stayed closed until Monday. FX with $frxUSD on @0xPolygon stayed open.
At 2:20 AM, one trader shorted the real: ethereum:0xcf62f905562626cfcdd2261162a51fd02fc9c5b6 as collateral on @Featherlend, 300K BRZ borrowed and sold for frxUSD on @CurveFinance.
Once markets opened and the real fell, the BRZ was bought back cheaper and the loan repaid.
~$900 in 12 hours, while the collateral kept earning ~5% APY.
This is what better FX looks like to us: open when TradFi rails aren't, with a dollar that keeps earning.
Built on @Morpho, with BRZ from @transferogroup and liquidity from @DFB_DeFi.
Anicet¤ retweeted
No politician will save you.
They also won't stop you.
Master yourself. Outwork everyone.
No matter whose in power, your fate is 100% up to you. Make it great.
We tend to forget that the biggest businesses in crypto are Stablecoins 💲
The market for stablecoins is still very little compared to the potential.
Some questions you must answer:
- What kind of stablecoins will most people use?
- How I can invest in the growth of this market?
- Will this preserve the OG crypto values?
- Can we scape from the matrix 😁?
Is a good chance to borrow some ethereum:0xcacd6fd266af91b8aed52accc382b4e165586e29 at low interest rates, and repay later.
Just maybe ⚔️
made with onchaincash.app/studio
Dope 🖤⚔️
76 days until GENIUS takes effect. Here’s how we see it, and why we think @FraxFinance is one of the most prepared issuers for what’s coming.
First, a reality check. The OCC finalized its rules on Oct 21, but applications haven’t opened yet. No stablecoin is officially “GENIUS-compliant” today, whatever the marketing says. What a stablecoin can do right now is show its work.
Back in March 2025, while GENIUS was still a draft, @samkazemian was on the Hill reading it cover to cover and working with @BlockchainAssn and @DanSpuller on revisions. Some of those edits, he says, made it into the bill’s wording. $frxUSD was built with this exact future in mind. Plenty of issuers are only now reading the rulebook. Sam helped shape it before it was one.
So here’s the work.
frxUSD has a uniquely clean reserve structure. It’s 103.44% backed, almost entirely by tokenized Treasury funds (WisdomTree’s WTGXX, BlackRock’s BUIDL, USTB) plus cash at Erebor.
@DefiLlama independently verifies the full reserves live, onchain and offchain. GENIUS asks for a monthly report. frxUSD’s reserves can be checked any day.
The exits are open. Redeem 1:1 onchain any time, or cash out to a U.S. bank account through FraxNet.
And the compliance plumbing is already built. FraxNet’s identity layer means you verify once and it works across partners, and the frxUSD contract can freeze tokens on a lawful order.
Some requirements only kick in with a license, like the monthly auditor exam and the capital rules. Frax has said it’s applying for a GENIUS license, so the application can go in as soon as the window opens.
Built for GENIUS. Licensed is the next step. Few stablecoins are this ready.
And honestly, we still don’t think most people get what this means once it’s live. From Jan 18, issuing a payment stablecoin in the U.S. takes approval. By July 2028, platforms can only offer approved ones to U.S. users. The ones that make it through become regulated digital dollars that banks, businesses and apps can build on.
Soon your parents will pay with stablecoins. They’ll use the ones that showed their work.
Our take as the Frax Force community, not an official Frax statement. Not a compliance claim, not financial or legal advice.
Anicet¤ retweeted
frxUSD is now verified by @DefiLlama.
DeFi’s most trusted data platform has independently verified the backing of Frax’s institutional-grade stablecoin.
Two OG DeFi teams collaborating, with more to come.
More updates as we apply for a GENIUS license.
defillama.com/verified/frxus…
Anicet¤ retweeted
💲 ONCHAIN CA$H SHOW 💲 teapawt.net/i/broadcasts/2peARkrEV…
Anicet¤ retweeted
We're going live in less than two hours with our ONCHAIN CA$H show.
Tonight we're covering a hand-picked set of topics: Binance, Aero on Ethereum, the state of GENIUS ACT, Frax ecosystem news. Plus market TA from a FraxForce member.
Join us at 8 PM CET, live here on X.
Anicet¤ retweeted
The end-state for on-chain corporate treasury is a reality where the treasury is a vault and the Treasurer its curator
TDs will manage bank relationships for revolvers, asset-backed lending, and core facilities, while seamlessly shifting between stablecoins, tokenized reserves, and tokenized assets like MMFs
Anicet¤ retweeted
I searched for frxUSD on Aero today… and kept scrolling 👀
At first, I was exploring the FX section. Then I removed the filter and noticed something even more interesting.
frxUSD is showing up next to all kinds of assets: tokenized national currencies, tokenized stocks, and other stablecoins.
On Base. On Ethereum. And the story goes beyond Aero.
Look at the FX side.
@fraxfinance and its partners have already brought six local-currency pairs to Base:
🇧🇷 BRZ – Brazilian real
🇨🇦 CADD – Canadian dollar
🇬🇧 tGBP – British pound
🇮🇩 IDRX – Indonesian rupiah
🇿🇦 ZARP – South African rand
🇦🇺 AUDF – Australian dollar
All paired with frxUSD.
And this didn't start yesterday. Frax was already building onchain FX markets with Curve and partners on Polygon earlier this year.
Now look at the other pools appearing on Aero.
GOOGLc/frxUSD. NVDAc/frxUSD. AMZNc, AAPLc, MSTRc, MSFTc, METAc…
Tokenized equities trading against the same digital dollar.
And over on Ethereum, I'm seeing frxUSD pairs with USDG, crvUSD, USDS and more.
Different assets. Different networks. One recurring dollar leg.
That's what fascinates me.
Frax isn't issuing every currency or stock here. Different companies create those tokens. But frxUSD can become a common liquidity and settlement asset connecting these markets.
And frxUSD itself is backed by cash-equivalent reserves, including tokenized US Treasury products.
Of course, let's keep things in perspective.
Some of these pools are tiny. Others still show zero TVL or trading activity.
Even CADD/frxUSD, one of the more active FX pools on my screen, has only around $13K in liquidity.
This is very early infrastructure.
But that's exactly why I enjoy watching it develop.
Aero's new multi-chain chapter has only just begun. More pools are appearing, liquidity is finding its way in, and we'll see which markets actually attract consistent trading volume.
Think about the bigger picture.
For years, DeFi mainly revolved around crypto assets and dollar stablecoins.
Now we're watching national currencies, tokenized stocks and other real-world assets slowly enter the same financial infrastructure.
Behind the scenes, the pieces are connecting.
I'm not saying Frax has already conquered onchain Forex. Far from it.
But I really like the direction Frax Finance is taking, and I'll keep watching how these markets grow across Aero, Curve and other networks.
TVL, volumes, fees, liquidity, real usage. That's what matters.
Sometimes the most exciting thing on a DeFi dashboard isn't the APR.
It's the financial infrastructure quietly taking shape underneath it.
And we're watching it happen in real time.
Try the new Studio on 👇🏽
onchaincash.app/studio
By @FraxForce
1/ Today we upgraded the ONCHAIN CA$H app.
We refined and extended a lot: the frxUSD hub, PegKeeper dashboard and a brand new Content Studio.
Essentially all the data you need around $frxUSD in one place, with even more already in the pipeline…
Built by the community, for the community!
Anicet¤ retweeted
1/ Today we upgraded the ONCHAIN CA$H app.
We refined and extended a lot: the frxUSD hub, PegKeeper dashboard and a brand new Content Studio.
Essentially all the data you need around $frxUSD in one place, with even more already in the pipeline…
Built by the community, for the community!
Revival 👀⚔️🖤
🗞️ srRoyUSDC from @roycoprotocol tops the $frxUSD PegKeeper pools with 27.2% APR!
The frxUSD / srRoyUSDC pool on @CurveFinance is the highest-yielding PegKeeper pool right now, if you stake the LP through @StakeDAOHQ.
