Frax targets enterprise stablecoin finance with app marketplace and DeFi card

Frax is developing an enterprise-focused financial platform that brings stablecoin payments, custody and receivables financing together. Its plans center on an app marketplace for adding purpose-built services and a DeFi card designed differently from existing products. In an Oct. 18 interview with The Rollup, Frax founder Sam Kazemian said the company is turning FraxNet into a neobank platform with an app store after concluding that a single product could not meet every user’s needs. Frax is a consortium member of the Open USD Network and can mint and redeem its stablecoin at zero basis points. Kazemian described it as a payment-oriented stablecoin whose economics are intended to depend on transaction flows rather than the amount of currency held.

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