Frax Group Inc.

Name

Frax Group Inc.

Legal name

Frax Finance

Website

https://frax.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Stablecoin Infrastructure

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro industry

PRIMARYFSADAMAD

Stablecoin Protocols (Decentralized)

Financial & Insurance/Crypto & Digital Assets/Decentralized Finance (DeFi) Platforms

SECONDARYFSADAMAB

Decentralized Exchanges (DEX) & AMMs

Financial & Insurance/Crypto & Digital Assets/Decentralized Finance (DeFi) Platforms

SECONDARYFSADAMAC

Derivatives, Perpetuals & Options Protocols

Financial & Insurance/Crypto & Digital Assets/Decentralized Finance (DeFi) Platforms

Keywords

• Stablecoin infrastructure
• Decentralized finance protocol
• Digital dollar stablecoin
• EVM layer one blockchain
• Tokenized treasury assets

Headquarters

HQ city

Las Vegas

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Stablecoin Transaction Fees: Fees generated from minting and redeeming frxUSD stablecoin through the FraxNet platform
2. Yield from Treasury Holdings: Passive yield earned from Treasury yields on frxUSD holdings, with returns passed through to users holding in non-custodial wallets

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Frax Group Inc. operates a decentralized finance protocol built on three pillars: (1) frxUSD, a digital dollar stablecoin fully backed by institutional-grade tokenized U.S. Treasury funds from BlackRock BUIDL and Superstate; (2) Fraxtal, a high-performance EVM Layer 1 blockchain targeting 100k+ TPS with minimal fees; and (3) FraxNet, a non-custodial platform for minting, redeeming, and earning Treasury-yield on frxUSD with multi-asset support and direct wallet integration.

Product overview

Frax Group Inc. operates a unified stablecoin infrastructure platform built on three core pillars: frxUSD (a U.S. dollar stablecoin backed by tokenized Treasuries), the Fraxtal Blockchain (an EVM Layer 1), and FraxNet (the non-custodial platform for interacting with frxUSD). The ecosystem provides an open financial system for minting, redeeming, and earning yield on digital dollars.

Differentiator

Problem solved

Functional benefit

Products and services

• frxUSD Stablecoin A secure, stable, and scalable digital dollar stablecoin fully backed by institutional-grade tokenized U.S. Treasury funds (BlackRock BUIDL, Superstate USTB/USCC), enabling passive yield from Treasury yields to holders in non-custodial wallets.
• Fraxtal Blockchain A high-performance EVM Layer 1 blockchain designed for extreme scalability, minimal fees, and Ethereum-level security, with planned capability for 100k+ transactions per second and real-time blocks.
• FraxNet A non-custodial platform for minting, redeeming, and earning yield on frxUSD with direct wallet integration and multi-asset support including USDC, USDT, PYUSD, bank wires, and tokenized treasuries.

Quantifiable outcome

• frxUSD fully backed by tokenized U.S. Treasury assets

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• BlackRockcoreTechnology or Integration · 1 January 2025BlackRock provides its BUIDL fund as the institutional-grade tokenized U.S. Treasury asset backing frxUSD stablecoin. The BUIDL fund powers the stablecoin infrastructure with compliant Treasury holdings.
• SuperstatecoreTechnology or Integration · 1 January 2025Superstate provides USTB and USCC tokenized Treasury products approved to support frxUSD. Superstate's funds serve as alternative backing assets for the stablecoin ecosystem.
• SecuritizecoreTechnology or Integration · 1 January 2025Securitize powers the frxUSD stablecoin alongside BlackRock's BUIDL, providing compliance and tokenization infrastructure for institutional-grade digital asset management.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Circle: Issuer of USDC, the dominant regulated USD stablecoin. Comparable in product category (USD stablecoin) but operates a centralized, fully reserved model with full regulatory licensing rather than Frax's DeFi/protocol architecture.
• Paxos: Regulated stablecoin issuer and tokenization infrastructure provider behind PayPal's PYUSD. Comparable as both a USD stablecoin issuer and a tokenization/compliance infrastructure player (analogous to Frax's Securitize/BUIDL stack).
• Tether: Issuer of USDT, the largest USD stablecoin by circulating supply. Direct product overlap (USD-pegged token) but with a centralized issuance model and very different reserve composition.

Emerging players

• Aave: Largest DeFi lending protocol. Comparable via FraxLend overlap (lending markets) and GHO (Aave's native stablecoin), and integrates Frax assets across its markets.

Direct peers

• MakerDAO (Sky): Decentralized stablecoin (DAI/USDS) issuer and DeFi protocol. Most direct comparable: pioneered the crypto-collateralized stablecoin model that Frax historically competed with, and now pivoting toward RWA-backed design similar to frxUSD.
• Ondo Finance: Tokenized U.S. Treasuries and RWA-backed yield products (OUSG, USDY). Comparable in that it builds institutional-grade RWA yield products onchain, and is a backer/partner-adjacent to the same BlackRock BUIDL ecosystem that backs frxUSD.
• Liquity: Decentralized stablecoin (LUSD) protocol with non-custodial architecture and zero-interest borrowing. Comparable as a DeFi-native stablecoin competitor targeting a similar user base of crypto-native users.
• Curve Finance: Leading stablecoin-optimized AMM DEX. Direct peer via FraxSwap and tight integration of frxUSD liquidity pools; competes for stablecoin swap volume on the same corridors.
• Ethena Labs: Issuer of USDe, a synthetic dollar that captures funding-rate and basis yield on crypto perps. Direct competitor in the yield-bearing dollar primitive category where frxUSD also competes.
• Reserve Protocol: Decentralized stablecoin protocol (RSV, eUSD) with RWA-backed basket collateral. Comparable as a DeFi-native, RWA-collateralized stablecoin targeting similar crypto-native yield-seeking users.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fraxfinance
• GitHubgithub.com/fraxfinance
• LinkedInlinkedin.com/company/fraxofficial

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Frax Group Inc.