Sonic Labs has launched USSD stablecoin.
The EVM layer 1 blockchain is stepping into the stablecoin space with its native USSD stablecoin, issued by stablecoin issuer Frax. With 1:1 backing, its reserves comprise of U.S. Treasury Bills and tokenized market funds from Blackrock, Wisdom Tree and Superstate.
This product launch first for Frax, who have been building their own stablecoin network and infrastructure that other onchain companies can build on. A broader, Frax-native ecosystem is also slowly developing, with key aspects of lending and yields already available.
