Frax price

Stablecoins are crypto’s killer app 🔥 They power DeFi, remittances, and real-world adoption. Here are the top stablecoin protocols by market cap as of June 2025 👇 Will $ENA keep the crown, or will a new player rise? What do you think? 👀 Top stablecoin protocols - @ethena_labs | $ENA - @fraxfinance | $FRAX - @feiprotocol | $TRIBE - @usualmoney | $USUAL - @MIM_Spell | $SPELL - @ResolvLabs | $RESOLV - @LiquityProtocol | $LQTY - @SperaxUSD | $SPA

$MKR is trading at $2,142.50 with a 24-hour volume of $143.2 million and a market cap of $1.81 billion—up 17.8% in the last day. This surge was sparked by last week’s community vote to lower the Stability Fee on Ether vaults—making borrowing cheaper and immediately driving a 12% uptick in new DAI issuance—was further amplified by MakerDAO’s announcement of its FRAX integration roadmap (which opens the door to cross-protocol liquidity and expanded real-world asset collaterals), and was turbo-charged by a decisive technical breakout above the $2,000 pivot on heavy volume that lured momentum traders back in, even as on-chain data show whales accumulating MKR and tightening effective supply ahead of the impending Governance Module V2 upgrade.

$CRCL A shallow analysis of the short- and medium-term trends, and a few key points. [Short-term] U.S. bond yields remain high, and the bill is expected to land Neutral-long: high coupon locks in high profits; Policy has catalysed IPO sentiment and valuations have priced in some of the positives. (Interest rates are key) [Medium-term] implementation of the bill, Fed interest rate decline, merchant access expansion. Differentiation: Narrowing spreads vs increasing transaction fees, more competitors; ≥ 30% of the market share is the winner and loser TLDR: Circle's stock is traditionally a "growth stock" or "financial stock", but a "U.S. Treasury coupon leveraged stock": Interest rate upside, float expansion → EPS amplification → P/E natural compression; Interest rates fall or share erosion → EPS contraction → P/E ratio passively rises and stock price pressure increases. Therefore, before looking at P/E, we should first look at the T-Bill trend and USDC market share before we can talk about cheap or expensive valuations. Analyse: Circle's (CRCL)'s core earnings momentum is almost entirely driven by short-term Treasury spreads earned by USDC reserves. Shares are extremely "resilient" due to rising spreads: in the current T-Bill environment of around 5%, the static price-to-earnings (P/E) ratio is still as high as ~170x; If Treasury yields fall back to 3%, P/E will passively rise to 290 times ≈ under the assumption of no growth in liquidity and non-interest income. Therefore, to value Circle, it is necessary to incorporate the interest rate path, USDC circulation scale, and partner profit sharing structure into the scenario analysis, rather than looking at traditional P/E in isolation. Scenario 1: FOMC rate cut / bullish curve 🔻 Spreads EPS revised downwards by → valuations inflated → shares under pressure Scenario 2: USDC Float ≥ $80 B 🔺 Scale Neutralization spreads slip and P/E falls Scenario 3: Renegotiation ⚖️ of cooperation and profit sharing If Circle retains > 40%, the EPS will be elastically amplified Moat & Competitive Analysis: 1) Offshore stablecoins Tether USDT(Circulating $155 B) Economies of scale, profits of 13 billion $ / 24 years. Disadvantages: However, due to the pressure of compliance audit, it may be necessary to re-register or hand over reserve information. 2) FinTech stablecoins PayPal USD (PYUSD), Stripe-USDC Direct Deposit. Comes with payment scenarios and a huge user base. Disadvantages: Federal/state licenses are required, and 100% Treasury bonds may not be allowed 3) Bank tokenised deposits Visa VTAP、BBVA Pilot Deposit insurance, interest payable Deficiencies: Insufficient technology/chain interoperability 4) Decentralized solutions DAI, FRAX, etc Trustlessness and flexible mortgage Deficiencies: Tighter regulatory exemptions, transparency requirements 🗡️ Competitive Differentiation: 1) Regulatory pre-emption: voluntary disclosure of weekly reserve audits, subject to both the SEC and the public market after the IPO 2) Transparent Reserve Structure: The Circle Reserve Fund in partnership with BlackRock is 100% invested in U.S. bonds & reverse repos, and the net value and duration are disclosed. 3) Global payment API ecosystem: Interfaces with Visa, Stripe, Shopify, Remote, Bridge, etc., have covered e-commerce, freelance payment, and card clearing 4) Cross-chain composability: CCTP + smart contracts allow USDC to be migrated lossless across multiple chains, and BlackRock BUIDL can be redeemed instantly. #CRCL #利率敏感 #Stablecoin

$CRCL A shallow analysis of the short- and medium-term trends, and a few key points. [Short-term] U.S. bond yields remain high, and the bill is expected to land Neutral-long: high coupon locks in high profits; Policy has catalysed IPO sentiment and valuations have priced in some of the positives. (Interest rates are key) [Medium-term] implementation of the bill, Fed interest rate decline, merchant access expansion. Differentiation: Narrowing spreads vs increasing transaction fees, more competitors; ≥ 30% of the market share is the winner and loser TLDR: Circle's stock is traditionally a "growth stock" or "financial stock", but a "U.S. Treasury coupon leveraged stock": Interest rate upside, float expansion → EPS amplification → P/E natural compression; Interest rates fall or share erosion → EPS contraction → P/E ratio passively rises and stock price pressure increases. Therefore, before looking at P/E, we should first look at the T-Bill trend and USDC market share before we can talk about cheap or expensive valuations. Analyse: Circle's (CRCL)'s core earnings momentum is almost entirely driven by short-term Treasury spreads earned by USDC reserves. Shares are extremely "resilient" due to rising spreads: in the current T-Bill environment of around 5%, the static price-to-earnings (P/E) ratio is still as high as ~170x; If Treasury yields fall back to 3%, P/E will passively rise to 290 times ≈ under the assumption of no growth in liquidity and non-interest income. Therefore, to value Circle, it is necessary to incorporate the interest rate path, USDC circulation scale, and partner profit sharing structure into the scenario analysis, rather than looking at traditional P/E in isolation. Scenario 1: FOMC rate cut / bullish curve 🔻 Spreads EPS revised downwards by → valuations inflated → shares under pressure Scenario 2: USDC Float ≥ $80 B 🔺 Scale Neutralization spreads slip and P/E falls Scenario 3: Renegotiation ⚖️ of cooperation and profit sharing If Circle retains > 40%, the EPS will be elastically amplified Moat & Competitive Analysis: 1) Offshore stablecoins Tether USDT(Circulating $155 B) Economies of scale, profits of 13 billion $ / 24 years. Disadvantages: However, due to the pressure of compliance audit, it may be necessary to re-register or hand over reserve information. 2) FinTech stablecoins PayPal USD (PYUSD), Stripe-USDC Direct Deposit. Comes with payment scenarios and a huge user base. Disadvantages: Federal/state licenses are required, and 100% Treasury bonds may not be allowed 3) Bank tokenised deposits Visa VTAP、BBVA Pilot Deposit insurance, interest payable Deficiencies: Insufficient technology/chain interoperability 4) Decentralized solutions DAI, FRAX, etc Trustlessness and flexible mortgage Deficiencies: Tighter regulatory exemptions, transparency requirements 🗡️ Competitive Differentiation: 1) Regulatory pre-emption: voluntary disclosure of weekly reserve audits, subject to both the SEC and the public market after the IPO 2) Transparent Reserve Structure: The Circle Reserve Fund in partnership with BlackRock is 100% invested in U.S. bonds & reverse repos, and the net value and duration are disclosed. 3) Global payment API ecosystem: Interfaces with Visa, Stripe, Shopify, Remote, Bridge, etc., have covered e-commerce, freelance payment, and card clearing 4) Cross-chain composability: CCTP + smart contracts allow USDC to be migrated lossless across multiple chains, and BlackRock BUIDL can be redeemed instantly. #CRCL #利率敏感 :

We asked @samkazemian about @dcfgod saying @fraxfinance is getting setup to win in the stables narrative. "Frax's vision has always been to make the holy grail of stablecoin design." "The collective consciousness of the industry has changed." "What people actually want is real legal digital dollars that go on blockchain rails." "The holy grail is a legal, safe, transparent digital dollar that the US government would actually consider a dollar."