Frax founder proposes FinresPBC as off-chain RWA partner for FRAX v3

Odaily Planet Daily News Frax Finance founder Sam Kazemian recently released a proposal in the community to "use FinresPBC as an off-chain RWA partner of FRAX v3". The proposal seeks to provide Frax Protocol with a means to hold cash deposits and other low-risk cash equivalents to execute its FRAX v3 RWA asset strategy. FinresPBC is a public benefit corporation registered in Delaware with a public benefit mission to bring traditional financial assets to the public and provide Frax Protocol with safe cash equivalents and yields close to the Federal Reserve rate without seeking to derive from this relationship profit. FinresPBC's current banking partner is Lead Bank. FinresPBC is actively expanding its partnerships with compliant and crypto-friendly financial partners and will announce new partners as appropriate. The proposal also clarifies the services that FinresPBC will provide to Frax Protocol, including holding USD deposits, issuing and redeeming USDP and USDC stablecoins, and holding, buying and selling U.S. Treasury bonds. On a monthly basis, FinresPBC will publicly release a full asset breakdown and report of all reserves it holds for Frax Protocol. Reports will be posted publicly on this forum and sent to the Frax core developers. Sam Kazemian also mentioned that USDT has not been adopted because it is difficult to get permission to mint/redeem USDT. Due to Tether's secrecy, they don't know of an entity that can mint/exchange USDT. He emphasized that he is not trying to imply that there is a problem with the USDT reserve or issue a FUD statement; if the above problems can be resolved, he may consider joining USDT in the future.