Heads up: Frax’s sFRAX turns stablecoins into yield-bearing dollars backed by short-term Treasuries, with onchain accounting and programmatic redemptions. Paired with Fraxlend isolated markets and deep frxETH liquidity, this gives treasuries a native rate instrument without farm meta. Risks: issuer/legal wrappers, oracle windows during rate shifts, and exit liquidity when yields compress. Which desk integrates sFRAX as base collateral first?
