Frax targets enterprise stablecoin finance with app marketplace and DeFi card

Frax is developing an enterprise-focused financial platform that brings stablecoin payments, custody and receivables financing together. Its plans center on an app marketplace for adding purpose-built services and a DeFi card designed differently from existing products.

In an Oct. 18 interview with The Rollup, Frax founder Sam Kazemian said the company is turning FraxNet into a neobank platform with an app store after concluding that a single product could not meet every user’s needs.

Frax is a consortium member of the Open USD Network and can mint and redeem its stablecoin at zero basis points. Kazemian described it as a payment-oriented stablecoin whose economics are intended to depend on transaction flows rather than the amount of currency held.

The app-store model reflects the different workflows required by retail users, businesses and holders of equities or real-world assets. While consumers primarily need payment tools, businesses handling stablecoins and crypto also require compliance, invoicing, accounting and balance-management functions, he said.

Existing crypto cards are largely optimized for consumer spending, according to Kazemian. He said some large companies want to move beyond Visa or Mastercard rails by directly holding and accepting regulated stablecoins, with the option to extend credit or manage receivables using those assets.

FraxNet is expected to support apps for cards, invoicing and receivables. Kazemian outlined a model in which a business uploads receivables, a KYC-approved entity provides credit and repayment is sent directly to that entity. Tokenized securities could become a later extension of the system.

The marketplace could also integrate outside services such as EtherFi, allowing users to import multiple cards and route purchases through the option offering the best rewards for a given payment. Kazemian said this would require an architecture capable of connecting multiple blockchains, payment rails and compliance processes while reusing verified identity data.

Asked whether Frax would issue its own card, Kazemian said, “There will be a Frax DeFi card.” He added that it would not operate like other DeFi cards, positioning it as a distinct component within FraxNet’s broader system for connecting financial services.