.@fraxfinance and @GearboxProtocol are putting tokenized real-world assets to work onchain. Gearbox’s Institutional RWA markets use $frxUSD as their lending asset, with Midas assets mF-ONE and mGLOBAL providing exposure to institutional credit strategies managed by Fasanara Capital. Frax approved an allocation cap of $5M for this market through its $sfrxUSD strategy framework. The live dashboard shows $2.55M supplied to the $frxUSD pool, alongside $1.17M in mGLOBAL/frxUSD and $1.19M in mF-ONE/frxUSD leverage markets. The key mechanism is how the structure connects stablecoin liquidity with tokenized credit. Idle $frxUSD earns Treasury yield, while utilized liquidity can generate additional borrower interest. A concrete example of DeFi infrastructure connecting stablecoin liquidity with institutional RWA markets.