Frax Finance Plans to Buy Large Amounts of Major Cryptos to Back Its Stablecoin

Frax, an algorithmic stablecoin protocol, plans to buy billions of dollars' worth of native tokens of major blockchains to use as reserve collateral for its stablecoin. It is reported that such a multi-chain approach for acquiring collateral backing will incentivize the flow of FRAX-denominated transactions on these blockchains. Frax will utilize its Flaxswap platform to execute these large purchase orders on-chain.