Stablecoins, Frax Finance, FraxUSD, tokenized treasuries, onchain payments, and stablecoin infrastructure — in this episode of Let’s Ride, we sit down with Sean Kelley, who leads partnerships and comms at Frax Finance, to unpack Frax’s vision for what they call the stablecoin operating system.

Sean breaks down how FraxUSD works today (including its fully backed design using tokenized treasuries), why Frax is investing in FraxNet (mint/redeem rails across 20+ chains), and how Fraxtal fits into the long-term roadmap as a network where FRAX is burned as gas.

In this episode, we cover:

• Frax’s “stablecoin operating system” strategy: FraxUSD + Fraxtal + FraxNet

• How FraxUSD is backed (WisdomTree, SuperState, BlackRock tokenized treasury products) and where to verify reserves

• The difference between Frax’s earlier stablecoin era and today’s fully backed model

• “Building from first principles” — what that means in practice for DeFi builders

• How Frax thinks about incentives, sustainable growth, and avoiding short-term farming dynamics

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• Why payments rails and real-world usage are the next major stablecoin frontier

• Sean’s view on breaking the USDT/USDC stablecoin duopoly and what “winning” looks like for Frax in 2026

If you’re trying to understand where stablecoins are going next — DeFi liquidity, transparent reserves, cross-chain rails, and real-world payments — this episode is a must-listen.