frxUSD has evolved beyond its hybrid model—now fully backed and 1:1 fiat redeemable through Superstate and BlackRock, it’s positioning itself as a serious contender in the stablecoin wars. With deep DeFi integration, institutional-grade reserves, and native yield through sfrxUSD, Frax is making a play far bigger than just on-chain liquidity. Read the full analysis in The Tentacle.