The thesis of frxUSD becoming money The longterm game plan is clear, position $frxUSD as a base money instrument that captures major value flows across onchain finance, while FraxNet becomes the banking layer that provides the multifaceted steering wheel. The bet is not only that frxUSD becomes a larger stablecoin, but fundamental omnipresent infrastructure, because that is what “becoming money” means. FX FX and setups for cross border transactions connect frxUSD already to foreign currencies, like KRW, BRZ & GBP. Right now all that, happens mainly on Polygon & base, where I see the TVL rising massively over time, while other Forex setups will strengthen this core later on. STOCKS As tokenized equities and other real world assets move onchain, they will need deep dollar liquidity for trading, redemptions, collateral, and market making. frxUSD can sit as one of the core liquidity pairs, as part of the market infrastructure. That’s why, I very much look in the direction of the partnership between Gearbox, Midas & Frax, I think there can be expected much more on this side in the coming months. INSTITUTIONS frxUSD will become a highly favored treasury settlement asset, specifically with its institutional grade backing, institutions will definitely love to settle with frxUSD, especially as everything is redeemable into the underlying T-Bills & cash equivalents, custodied by BlackRock & Co. This one will take time, but as 2 institutions already went with frxUSD, Balance Canada & ATW Partners, and I strongly believe every user makes the next one easier. PAYMENTS Payments are what turn stablecoin liquidity into actual monetary usage. I am talking cards, business accounts, merchant rails, and cross border payment infrastructure, Neobanks like etherfi already make it possible to earn with frxUSD the T-bill yield on your balance and like this, beat every traditional bank in payouts, while their own Frax card is already on the horizon. All in all, I think near term, USDC and USDT may remain dominant, but the stablecoin market will not stay a duopoly forever and the next major stablecoins will emerge, specifically the ones which work positive sum & share their backing yield with the setup, they get integrated in. Better money.