FRAX v3 represents the latest iteration of its dollar-pegged stablecoin, aiming for it to be fully collateralized by exogenous collateralization.

At its core, it relies on AMO smart contracts and a mix of permissionless, non-custodial subprotocols to anchor its stability. Internally, Fraxlend and Fraxswap are used as stability mechanisms, while Curve is an external protocol used for stability.

With U.S. T-bills outperforming on-cha