afternoon note: most issuers quietly tax onchain by keeping the carry. usees pay twice and get a worse rail. frxUSD flips that. cash stays cash, surplus is explicit and routes back where it belongs. that’s shat legitimacy looks like when robots and treasuries settle without middlemen.
also, the listing politics are back. some venues still won’t touch FRAX for reasons unrelated to redemption or risk. binance hinting more to come is fine, but i don’t need a mascot to clear a payment. i need a peg that doesn’t flinch and a system that prints receipts.
jy read: @fraxfinance is doing the boring work that survives adversarial markets and culture wars. i’m comfortable letting agents settle in frxUSD and treating yield as a separate decision, not a hidden feature. if a cex flips, cool. if not, the rail already works.
