Sonic Labs taps Frax infrastructure for native network stablecoin
The Block
Sonic Labs is launching USSD, a native stablecoin backed by U.S. government debt, built using Frax's infrastructure.Summary
Sonic Labs, the developer behind the ultra-scalable Sonic blockchain, is introducing USSD, its native stablecoin designed to provide stable liquidity across the network. USSD will be backed by U.S. government debt, including tokenized Treasuries from firms like BlackRock. The stablecoin is built using Frax Finance's GENIUS-compatible frxUSD infrastructure, allowing it to be minted from over 10 chains directly to Sonic via the LayerZero standard. Furthermore, USSD will be convertible with Circle's USDC using Chainlink's CCTP for reliable on and off-ramping. This move is described as a foundational step in Sonic Labs' vertical integration strategy to accrue value to its native S token by tapping into institutional yield.
(Source：The Block)