TechFlow reports that stablecoin protocol Frax Finance has announced a collaboration with NEAR Protocol. Frax Finance has already bridged and supplied over $5.5 million worth of FRAX to NEAR-based DeFi platforms Burrow Finance and Ref Finance. Additionally, sFRAX and sfrxETH will further support NEAR's DeFi ecosystem. The two parties also plan to launch a NEAR stablecoin and a liquid staking derivative, frxNEAR, as well as natively issue FRAX and sFRAX on NEAR. Furthermore, Frax Finance will integrate NEAR DA into Fraxtal.
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