Frax Finance: FXS to be rebranded as FRAX, stablecoin FRAX to be converted to frxUSD

On December 12, Frax Finance, a hybrid algorithmic stablecoin protocol, tweeted that Frax Shares (FXS) will be rebranded as FRAX, and the stablecoin FRAX will be converted to frxUSD. Users do not need to take any action, and existing FRAX stablecoins will continue to function normally. In addition, the team is creating a crypto strategic reserve and will invest the proceeds in BTC and ETH. frxUSD will also be available on chains such as ink, Movement, NEAR Protocol and Sonic.