Frax is splitting into three. The DAO now manages three distinct dollars, each with a clear role: • Legacy FRAX – the original DeFi-native stablecoin • frxUSD – fully backed, fiat-redeemable, and built for regulation • sfrxUSD – Frax’s new savings product with independent accounting and yield strategies This unbundling marks the biggest shift in Frax history and sets the stage for what stablecoins look like in a regulated world.