Frax Finance
Courtesy of Frax Finance
- CategoryStablecoins
Frax Finance was founded in 2020 by current CEO Sam Kazemian, Jason Huan, Travis Moore, and former economic advisor to Donald Trump, Stephen Moore. The founding team was one of the first to experiment with an algorithmic stablecoin, which maintains its dollar peg through code-based adjustments, not through the assets that back the token. Frax pivoted to a fully collateralized stablecoin in 2023. FrxUSD, its current stablecoin is partly backed by BlackRock's tokenized treasury fund.