What is Frax USD (FRXUSD)?

Frax USD (frxUSD) is a stablecoin issued by the Frax Protocol, pegged 1:1 to the USD. Each frxUSD is backed by cash-equivalent reserves, such as tokenized U.S. Treasury funds (e.g., BUIDL, USTB, JTRSY, WTGXX, AUSD), managed by Frax Inc under delegation from the Frax DAO. The Frax ecosystem includes frxUSD, FPI (pegged to a basket of consumer goods), frxETH (an ETH-pegged liquid staking derivative), and sfrxUSD (a yield-generating stablecoin). Subprotocols like Fraxswap, Borrow AMM (BAMM), Fraxlend, AMOs, and Fraxtal enhance the ecosystem’s functionality.

Purpose of Frax USD (FRXUSD)

Frax USD serves as a stable store of value, pegged to the USD. The Frax Protocol strengthens its ecosystem by managing stablecoin collateral and generating yield. sfrxUSD targets the highest risk-adjusted returns through strategies like carry-trade, AMOs, or IORB/T-Bill. Fraxtal, a Layer-2 chain, uses FRAX as its gas token. Frax Bonds (FXB) stabilize frxUSD supply and lock liquidity. The protocol builds trust through decentralized governance and transparency.

How Does Frax USD (FRXUSD) Work?

Frax USD is backed 1:1 by cash-equivalent reserves. Frax Inc handles reserve management, KYC/KYB compliance, audits, and fiat redemptions. frxUSD operates permissionlessly; users interact with frxUSDCustodian contracts, though reserve tokens may have additional requirements (e.g., whitelists).

Key Features:

• Market Registry: Betting markets are created with details like sport, league, team names, bet type (Moneyline, Spread, Total), and game time. A market hash is stored in the Registry.

• Escrow Contract: When a bet is offered and accepted, funds are atomically transferred to the Escrow Contract, held until the outcome is reported (Outcome1, Outcome2, or Void). Void bets are refunded without fees.

• Market Makers: Provide diverse, deep liquidity to support competitive odds.

• Whale and Syndicate VIP Service: Average bet size is ~$345, far larger than traditional platforms; VIP managers offer tailored opportunities.

• Low Latency: Fast order book and reliable data reporting.

Core Components:

• sfrxUSD: An ERC4626-like yield vault distributing weekly profits from staked frxUSD. The Benchmark Yield Strategy (BYS) selects the highest yield among carry-trade, AMOs, or IORB/T-Bill.

• Frax Bonds (FXB): Zero-coupon bond-like tokens that reduce frxUSD supply and stabilize the peg. Sold at a discount via Dutch auction, they convert 1:1 to LFRAX at maturity.

• Fraxlend: A permissionless lending market offering frxUSD and other Frax tokens for borrowing.

• Fraxswap: A TWAMM-enabled AMM for executing large trades over time.

• BAMM: A borrowing/lending module built on Fraxswap, requiring no external oracle or liquidity.

• Fraxtal: An Optimism-based Layer-2 chain using FRAX as its gas token.

Frax USD (FRXUSD) Use Cases

Frax USD is utilized as a stablecoin in DeFi:

• DeFi Transactions: Payments, lending, and liquidity provision.

• sfrxUSD Staking: Earning yield in the vault.

• Fraxlend: Borrowing and lending.

• Fraxswap: Large trades via TWAMM.

• Fraxtal: Using FRAX as a gas token.

Usage Steps:

1. Connect a wallet like MetaMask.

2. Acquire frxUSD (via exchanges or frxUSDCustodian).

3. Stake in the sfrxUSD vault or use in Fraxlend/Fraxswap.

4. Transact on Fraxtal.

Advantages of Frax USD (FRXUSD)

• Stability: 1:1 USD backing with transparent reserves.

• Yield: sfrxUSD offers top risk-adjusted returns.

• Decentralization: Frax DAO governance and permissionless operations.

• Ecosystem: Integration with Fraxswap, Fraxlend, and Fraxtal.

Risks of Frax USD (FRXUSD)

• Regulation: Stablecoin regulatory risks.

• Market Volatility: Crypto market fluctuations.

• Collateral Risk: Performance of reserve assets.

Frax USD (FRXUSD) Tokenomics

• frxUSD: USD-pegged, collateralized stablecoin.

• FRAX: Fraxtal’s gas token with a fixed emission schedule (8% initial inflation, reducing to 3% over 6 years).

• sfrxUSD: Yield vault distributing weekly profits to frxUSD stakers.

• FXB: Zero-coupon bonds converting 1:1 to LFRAX at maturity.

• veFRAX: Staked FRAX granting voting rights and farming boosts.

Frax USD (FRXUSD) Investors

Raised $1.21 million:

• Tier 2: Ascensive Assets.

• Tier 3: Crypto.com Capital, Arbitrum Foundation, A195 Capital, Fairum Ventures.

• Tier 4: DeltaHub Capital.

Frax USD (FRXUSD) Team

• Sam Kazemian (Founder): Visionary behind Frax Protocol.

• Stephen Moore (Co-Founder): Strategy and development.

• Jason Huan (Co-Founder): Technical leadership.

• Travis Moore (Co-Founder & CTO): Technology and infrastructure.

• James Alston (Advisor): Board member.

Official Links

• Website
• X (Twitter)
• Whitepaper

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Bitcoin and Ethereum at the Center of Discussions 

Investors emphasized Bitcoin’s scarcity and its role as a digital money network. BTC price drew attention by breaking a strong resistance level between $16,500–$16,900. Technical indicators suggest potential breakout above the 100 and 200-day moving averages. According to Santiment, investors also discussed Bitcoin’s value-creating aspects beyond store of value, self-custody, and running nodes. The term “btc” frequently appeared in discussions about liquidity and flash crypto offerings. Related words: money, value, adoption, hedge, gold, store of value. 

For Ethereum, investors discussed multi-wallet support and easy transfers using the term “eth.” The “Shanghai” upgrade, staking, and decreasing supply (deflation) boosted ETH price. Whale and large player movements strengthened market sentiment. Santiment also highlighted Ethereum’s central role in the crypto-finance ecosystem through flash tokens and investment opportunities. Related words: move, disinflation, trading, future, value. 

MicroStrategy, Tether, and Stablecoin Updates 

Dogecoin trended on social media with news of the first U.S. Dogecoin ETF and Thumzup’s purchase of 3,500 devices. Additionally, the first Dogecoin satellite launched via SpaceX Falcon 9 attracted attention. These developments increased community support and institutional interest, bringing DOGE to the forefront on social media. The price remains around $0.21 with modest growth expected. Related words: week, trading, Elon Musk, exchange, Falcon. 

MicroStrategy shares drew investor attention with Bitcoin reserves and potential S&P 500 inclusion. Comparisons with ETFs were highlighted. Discussions focused on the company’s low-performing technical support level and strategic position. Santiment also emphasized MSTR’s volatility and relationship with institutional investors. Related words: Bitcoin, buying, holdings, MSTR, coin. 

Tether increased its gold holdings to over $8.7 billion. Investments span gold mining, refining, trading, and royalties. The CEO referred to gold as “natural bitcoin.” Santiment also noted new token listings on platforms like BitMart, enhancing Tether’s market influence. Large USDT transfers from exchanges to private wallets may signal future price movements. Related words: BTC, gold, fund, trade. 

BUSD faced pressure due to SEC unregistered securities claims and CEO statements. De-pegging and supply concerns negatively affected BUSD social media trends. Related words: supply, wrong, token, custody. 

MultiversX became a discussion topic due to increased token supply and declining use cases. Some projects are migrating to alternative chains like SUI. Santiment highlighted xPortal and xMoney infrastructure initiatives generating community optimism, and potential buyback mechanisms could support the price. 

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What Is Plasma (XPL)?

With stablecoins driving over $250 billion in market supply and trillions in monthly transaction volume, Plasma addresses their unique needs through zero-fee USD₮ transfers, customizable gas tokens, support for confidential payments, and unparalleled scalability for global adoption.

Unlike traditional blockchains that struggle with high-volume, low-cost payment systems due to their lack of stablecoin optimization, Plasma is purpose-built to deliver scalability, reliability, and low latency. By embedding stablecoin functionality at the protocol level, it aims to provide a secure, rapid, and user-centric experience for developers and users alike.

Why Choose Plasma?

Plasma stands out by offering an infrastructure tailored for stablecoin transactions, overcoming the shortcomings of conventional blockchains that weren’t designed with stablecoin demands in mind. It tackles performance bottlenecks in high-throughput, cost-efficient payment systems with the following key features:

• Stablecoin-Centric Design: Optimized for high-volume, low-cost payments, Plasma ensures scalability, speed, and reliability to meet global stablecoin demands.

• Native Features: Zero-fee USD₮ transfers, customizable gas tokens, and confidential payment options empower developers to create seamless, cost-effective, and private user experiences.

• Deep Liquidity: Launching with over $1 billion in USD₮ liquidity, Plasma positions itself as one of the most liquid stablecoin networks globally, enabling developers to tap into robust liquidity from day one.

• EVM Compatibility: Fully compatible with the Ethereum Virtual Machine (EVM), Plasma allows developers to deploy contracts using familiar tools like Hardhat, Foundry, and MetaMask, streamlining development workflows.

• Integrated Stablecoin Infrastructure: Plasma provides access to top-tier infrastructure, including card issuance, global on- and off-ramps, stablecoin orchestration, and advanced risk and compliance tools, all supported by trusted third-party providers.

• Native Bitcoin Bridge: A trust-minimized bridge enables developers to move BTC directly into the EVM environment without centralized custodians, unlocking innovative applications at the intersection of stablecoins and the world’s largest digital asset.

What Can You Build on Plasma?

Plasma equips developers with a robust foundation to create global-scale stablecoin payment systems and financial applications. Using familiar tools like Hardhat, Foundry, and MetaMask, developers can deploy applications and protocols with ease. Plasma’s protocol-level contracts are designed for zero-fee USD₮ transfers, customizable gas tokens, and confidential payments, aligning with EIP-4337 and EIP-7702 smart account standards. These features are set to integrate more deeply with block-building and execution processes over time. From wallets to foreign exchange systems or consumer-facing applications, Plasma offers the speed, liquidity, and flexibility needed to operate at a global scale.

Use Cases

• Remittances: Instant, low-cost cross-border transfers without intermediaries.

• Micropayments: Automated, low-fee micropayments for internet-native economies.

• Global Payouts: Seamless, borderless payments to employees and partners worldwide.

• Merchant Acceptance: Enables merchants to accept global payments with instant settlement and reduced fees.

• Dollar Access: Permissionless access to dollars in unstable economies.

• Permissionless Banking: Open access to saving, spending, and earning without traditional banks.

Technical Architecture

Plasma’s infrastructure is built on three core components:

1. PlasmaBFT Consensus Layer: Powered by a pipelined Fast HotStuff consensus algorithm, PlasmaBFT processes proposals, votes, and commits concurrently, delivering high throughput, low latency, and deterministic finality within seconds. Optimized for stablecoin workloads, it ensures Byzantine fault tolerance for global-scale performance.

2. EVM Execution Layer: Built on Reth, a high-performance, modular Ethereum execution client written in Rust, Plasma’s EVM environment supports standard Solidity contracts with full compatibility for existing wallets, SDKs, and developer frameworks, eliminating the need for custom tools.

3. Native Bitcoin Bridge: A trust-minimized, non-custodial bridge allows BTC to be integrated into the EVM ecosystem, enabling smart contract interactions, collateral systems, and cross-asset flows for innovative financial applications.

Stablecoin-Native Contracts

Plasma provides protocol-managed contracts tailored for stablecoin use cases, rigorously audited and designed for integration with smart account wallets. These contracts evolve with the protocol and are built for deeper execution-layer integration:

• Zero-Fee USD₮ Transfers: A paymaster contract covers gas costs for USD₮ transfers, using lightweight identity verification (e.g., zkEmail) and rate limits to ensure security and prevent spam.

• Custom Gas Tokens: A secure, fee-free ERC-20 paymaster allows approved tokens to be used for gas payments, removing the need for users to acquire native tokens.

• Confidential Payments: A privacy-preserving module for USD₮ transfers shields amounts, recipient addresses, and memo data while ensuring regulatory compliance, designed for practical financial use cases like payroll and private settlements.

Plasma (XPL) Tokenomics

XPL is the native token of the Plasma blockchain, used for transaction execution, network security, and validator rewards. The initial supply is 10 billion XPL, distributed as follows:

• Public Sale: 10% (1 billion XPL), allocated through a public sale. Non-US buyers’ tokens are unlocked at the mainnet beta launch, while US buyers face a 12-month lockup until July 28, 2026.

• Ecosystem and Growth: 40% (4 billion XPL), dedicated to strategic initiatives to boost network utility, liquidity, and institutional adoption. 8% unlocks at launch, with the remaining 32% unlocking monthly over three years.

• Team: 25% (2.5 billion XPL), incentivizing current and future team members. One-third unlocks after a one-year cliff from the mainnet beta launch, with the rest unlocking monthly over two years.

• Investors: 25% (2.5 billion XPL), following the same unlock schedule as the team.

Validator Network and Inflation

Plasma operates on a Proof-of-Stake (PoS) model, where validators secure the network by confirming transactions. Future stake delegation will allow XPL holders to delegate tokens to validators and share rewards. Inflation starts at 5% annually, decreasing by 0.5% each year until reaching a 3% baseline. Transaction fees are burned per the EIP-1559 model to balance inflation and limit long-term dilution.

Plasma (XPL) Investors

Plasma raised $24 million at a $500 million valuation, backed by leading venture capital firms and angel investors. Key investors include Founders Fund, Framework Ventures, Bitfinex, 6th Man Ventures, Flow Traders, Laser Digital, Karatage, Anthos Capital, Manifold, DRW Venture Capital, and prominent individuals like Peter Thiel, Paolo Ardoino, Guy Young, Christian Angermayer, Zaheer, and Cobie. This robust investor backing fuels Plasma’s mission to redefine global financial systems.

Plasma (XPL) Team

The Plasma team comprises seasoned industry leaders. Founder Paul Faecks shapes the platform’s vision, while CTO Hans Walter Behrens oversees technical development. COO Lucid manages operational processes, Ecosystem Head Vincent Rong drives ecosystem growth, and Head of Growth Nathan Lenga spearheads expansion strategies. Together, they position Plasma as a leading blockchain for stablecoin payments.

Plasma delivers a revolutionary solution for global stablecoin payments with zero-fee USD₮ transfers, high-performance infrastructure, and compatibility with Bitcoin and Ethereum. By empowering developers and users with speed, liquidity, and flexibility, Plasma aims to reshape the future of finance at internet speed.

Official Links

• Website
• X (Twitter)
• Whitepaper

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A Shift Toward Convergence?

Fabian Dori, Chief Investment Officer at Sygnum Bank, believes that the dynamic between banks and crypto is no longer a simple rivalry—it’s becoming a fusion. As digital assets like Bitcoin and Ethereum gain recognition as reserve assets, banks are starting to appreciate the benefits of crypto technologies such as real-time processing, transparency, and efficiency.

At the same time, crypto platforms are adopting the risk and compliance frameworks of traditional finance (TradFi). The question is no longer “do we need crypto?” but rather “how do we integrate it?”

Shawn Young from MEXC Research shares a similar view. He notes that by 2025, banks are starting to view blockchain not as a threat, but as the foundation of next-generation financial infrastructure. In his view, survival and competitiveness depend on collaboration.

Banks’ Strategy: Absorb, Package, Deliver

Gracy Chen, CEO of Bitget, argues that the relationship between banks and crypto is not purely collaborative or adversarial. Instead, banks are working to domesticate crypto by integrating it into their systems. Just like they’ve done with ETFs and derivatives, they aim to repackage crypto and offer it to traditional clients.

A large share of crypto assets now flows through bank-linked on-ramps, custody services, and regulated stablecoins. In other words, a significant portion of crypto capital is already intertwined with traditional finance.

What’s Next? Banks’ Crypto Ambitions

Major banks are now exploring projects beyond stablecoins. These include tokenization, staking, custodial services, and even proprietary Layer-2 blockchain solutions. These offerings aim to create new revenue models and accelerate digital transformation within banking systems.

According to Anthony Georgiades, some banks have already started offering crypto ETFs, staking rewards, and even crypto-backed loans. Others are venturing into tokenized securities or digitized real estate products.

Still, this evolution won’t be easy. Full crypto integration demands significant changes in both technology and regulation. Banks must now grapple with KYC, AML, wallet management, and blockchain node operations as part of their everyday business.

Growing Competition, Higher Standards

As more banking system enter the crypto space, competition naturally increases. But that doesn’t spell doom for crypto-native firms. In fact, banks often lack the infrastructure or in-house expertise and need external partnerships—opening doors for collaboration.

Chen points out that while banks bring scale and regulatory clarity, crypto-native companies maintain their edge in DeFi, Web3 integration, and protocol development. Dori also highlights that these firms excel in creating agile, user-focused solutions that continue to push innovation forward.

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Silent Preparations for Stablecoin Expansion by JPMorgan

JPMorgan CEO Jamie Dimon revealed the company’s plans to engage in stablecoin and deposit coin-related activities. Prior to this decision, the bank had already attracted attention with a second trademark application quietly filed earlier in 2025. This move clearly indicated JPMorgan’s interest in the stablecoin market and its intention to expand its product offerings in the digital asset space.

JPMorgan’s latest efforts demonstrate that the interest of traditional financial institutions in cryptocurrencies is far from a passing trend.

What is J.P. Morgan Deposit Token (JPMD)?

A deposit token is an electronic payment instrument issued by a bank that represents funds deposited by a customer. It can be used on both public and private blockchain networks, and is designed to be transferable between the issuing bank’s direct clients as well as other eligible customers.

Digital Currencies Are Integrating With the Financial System

Jamie Dimon’s statements show that major banks are no longer just observing assets like Bitcoin, stablecoins, and similar digital innovations — they are now actively developing strategies to integrate them into their core financial services.

JPMorgan’s latest steps are not only likely to shape the industry but may also serve as a model for other major financial institutions.

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Strong Connection Between S&P 500 and Bitcoin 

The S&P 500 has consistently shown positive returns in July over the past decade. The index averages around 2.3% gains, with notable increases in July 2023 and 2024. Despite macroeconomic fluctuations in the 1970s and 1980s, recent data confirms July as a strong month for stocks. 

Every massive Bull Market always started in summer.

This indicator has never missed, and now it shows $BTC hitting $215K in July.

Altseason is also coming, but only for the RIGHT lowcaps.

Here’s why the market is about to pump + 10 alts to buy today pic.twitter.com/d6SZceH8tv

— 0xNobler (@CryptoNobler) June 24, 2025

The increasing correlation between Bitcoin and the S&P 500 suggests similar seasonal rallies may occur in the crypto market. Analyst Crypto Fella states Bitcoin is ready to reach new highs by following the movements of the S&P 500. This points to a growing relationship between traditional financial markets and digital assets. 

July Signals a Rally and Altcoin Season for Bitcoin 

On-chain data and market sentiment indicate Bitcoin could gain strong momentum during summer. Stablecoin movements suggest the Bitcoin rally is far from over. Analyst 0xNobler believes the market has moved past the recent shakeout phase and entered a new uptrend. 

There hasn't been a red July in the past decade pic.twitter.com/4eQg9zN7oZ

— zerohedge (@zerohedge) June 30, 2025

With these developments, investors signal an altcoin season may begin once the “right lows” are reached. Successful investors closely monitor market psychology, regulations, and technological progress to capitalize on cyclical opportunities. 

However, past performance does not guarantee future results. Still, a strong upward trend is expected in both stock and crypto markets in July. Investors should prepare for a selective altcoin rally following the rise led by Bitcoin (BTC). 

In conclusion, investors should always conduct thorough research and balance optimism with caution. Macroeconomic conditions and unexpected events can alter even the strongest trends. 

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This move is part of WLFI’s broader strategy to expand its stablecoin presence on the BNB Chain. The USD1 token is designed to boost the liquidity of the U.S. dollar globally — aligning with one of the Trump administration’s economic priorities.

Lista is recognized as one of the leading liquid staking platforms for BNB. The platform is governed by a DAO backed by Binance Labs, the venture capital arm of crypto exchange Binance. In 2023, Binance Labs invested $10 million in Lista, which was formerly known as Helio Protocol.

WLFI Continues to Attract Institutional Investment

In April, crypto market maker DWF Labs acquired $25 million worth of WLFI tokens, the governance asset of the WLFI ecosystem. As part of the deal, DWF also committed to providing liquidity for the USD1 stablecoin.

In addition, digital asset fund Aqua1 Foundation announced a $100 million investment in WLFI, citing the platform’s focus on stablecoins and tokenized real-world assets as key innovations with the potential to reshape global finance.

On June 13, Trump disclosed in a government ethics filing that he earned $57 million from WLFI — the majority of which appears to stem from token sales.

Despite the high-profile investments and revenues, the Trump family has reduced its WLFI stake by 20% since 2024.

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COIN Stock Surges 40% in One Month

COIN ended Thursday’s trading session up 5.5%. The stock has gained nearly 24% over the past five trading sessions and 40% in the last month. Its previous all-time closing high was $357.39, recorded in November 2021.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The market capitalization of Coinbase Global has now reached approximately $89 billion.

Circle’s Momentum Boosts Coinbase

This rally was partly fueled by the recent IPO of Circle Internet (CRCL), the company behind USDC, the second-largest stablecoin by market cap. CRCL debuted on June 4 at $31 per share and surged over 500% to close at $213.63 on Thursday.

According to regulatory filings, in 2024, Circle paid over 60% of its USDC reserve earnings to Coinbase as distribution fees. The agreement between the two companies gives Coinbase 50% of all remaining interest income from the reserves.

First Pure-Play Crypto Firm in the S&P 500

Coinbase officially became the first crypto-native company to join the S&P 500 index as of May 19, which has attracted increased institutional interest in the stock.

Research firm Bernstein recently raised its price target for COIN to $510, calling Coinbase the “Amazon of crypto financial services.”

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What’s the Situation with Futures and Long/Short Ratio? 

Open interest in Bitcoin futures markets hit a record high, reaching a total of $72 billion. This indicates strong participation from major investors. Notably, open interest on CME increased to $16.9 billion.  Another notable metric is the long/short ratio. According to Coinalyze data, as of May 21, 2025, this ratio is 0.85, meaning 45.84% of investors hold long positions while 54.16% hold short positions. This suggests a cautious short-term outlook, though the ratio can shift rapidly during sudden price surges. 

Where Are the Whale Wallets Moving? 

Large investors known as whales have made significant moves recently. A wallet named “bc1qc” bought 4,611 BTC in one week at an average price of $103,075, amounting to roughly $475 million. This wallet’s total holdings reached 22,223 Bitcoin, ranking it among the top 40 Bitcoin holders. Whale activity reflects strong investor confidence. Another whale opened a 40x leveraged long position worth $838 million, earning $22 million in profit. The liquidation price for this position is $100,000, indicating the investor’s confidence that prices won’t drop below this level. 

Stablecoin Volume Rising, Supported by Macroeconomics 

The combined market cap of stablecoins like USDT and USDC reached $151 billion, the highest ever recorded. Considering new capital inflows, this is a significant metric. The U.S. Dollar Index (DXY), which was around 109 in January 2025, dropped 9% to 99.60, showing investors are turning to alternative assets instead of the dollar. 

Meanwhile, 10-year U.S. Treasury yields have fallen from 4.8% to 4.52%, boosting interest in riskier assets. Market data suggests BTC could challenge the $110,000 level. Record open interest in futures and large whale purchases support this outlook. The growing stablecoin market and falling yields add further backing. 

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Bitcoin Price and Transaction Fees Rise 

Bitcoin’s price hit $105,600 on May 12 before reaching $106,000 on Sunday. However, it soon dropped to $104,500. Despite this, transaction fees continue to climb. The Block’s seven-day moving average data shows fees have reached $2.40. Additionally, Bitcoin’s market dominance has recovered after a decline two weeks ago, indicating a liquidity-driven fluctuation. Dominance peaked at 64.4% on May 8 but fell to 61% by May 19. This coincided with Ethereum (ETH) increasing its market dominance to 9.75% and altcoins rising to 22.35%. Stablecoins’ total market dominance dropped to 6.3%. 

Transaction Count Drops While Supply Tightens 

Despite rising fees, the daily transaction count is declining. The average transaction count, which was 507,000 in April, dropped 35% to 330,000. According to Glassnode data, Bitcoin’s illiquid supply—a measure of BTC held in wallets with minimal spending activity—is increasing. Exchange supply is decreasing, and this metric recently hit a new all-time high. This could create a supply shock if demand rises. 

***NOT INVESTMENT ADVICE*** 

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