frxusd

The stablecoin and payment company Frax, headquartered in the United States, announced that it has submitted an application for its own top-level domain .frax to ICANN, claiming this is the first top-level domain application from a cryptocurrency company published by ICANN. The application is part of the 2026 New Generic Top-Level Domain Program and is supported by ICANN-accredited corporate domain registrar MarkMonitor. If approved, .frax will become a global internet top-level domain similar to .com and .org.Frax plans to allow users to own and manage .frax domain names on its blockchain Fraxtal through the Frax Name Service, while being resolved via the global domain name system. Related registrations will enter the Frax Burn Engine and permanently destroy FRAX. Founder Sam Kazemian stated: the cryptocurrency naming system allows internet identities to be owned, ICANN domains make them universally accessible, and .frax combines both, aiming for ownership to remain on-chain, domain names to be universally available, and to become programmable financial endpoints for people, businesses, applications, and AI agents.The plan will also extend Frax's financial network built around the fully-backed digital dollar frxUSD and the institutional connectivity platform FraxNet. Frax plans to explore the agency and machine payment functionalities of .frax domain names, including support for standards like x402, so that websites, applications, and autonomous software agents can identify counterparties, access services, and programmatically initiate stablecoin payments. Frax claims to have been serving users since 2020 and ranks 5th in the 2026 Fortune Crypto 100 stablecoin category.

ChainCatcher news, Securitize previously proposed to use BlackRock's BUIDL token as collateral for the Frax Finance USD stablecoin, a proposal that has been approved by the governance department, paving the way for the launch of the frxUSD stablecoin. BUIDL will serve as the collateral asset for minting and redeeming frxUSD.According to the statement, the stablecoin will be exclusively backed by assets held in BlackRock's BUIDL, which are invested in cash, U.S. Treasury bills, and repurchase agreements. Frax Finance founder Sam Kazemian stated in a press release, "FrxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock's core treasury products."