Frax is developing lending products and payment infrastructure to encourage corporate stablecoin adoption after signing agreements with several large companies whose announcements are expected soon. Its FraxNet platform is testing receivables financing through individual lending vaults, followed by generalized vaults that can pool multiple receivables and bring in outside liquidity providers. Companies holding frxUSD can earn up to 5% annually through sfrxUSD while retaining the ability to make payments or use their balances as collateral. According to Sam Kazemian, frxUSD has about $100 million in circulation and processes more than $10 million in daily minting, redemptions and transfers, a volume Crypto Briefing has not independently verified and DefiLlama places at slightly less than $100 million in circulation. By 2027, Frax expects large companies to settle payments through FraxPay, maintain operating balances in frxUSD and sfrxUSD, and have suppliers retain stablecoins rather than immediately converting them into traditional currencies.
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