Tokenized assets need more than an onchain wrapper. They need access to liquidity. @fraxfinance and @GearboxProtocol are building that connection through automated RWA leverage using $frxUSD, starting with Midas mF-ONE, managed by Fasanara Capital and curated by kpk. KYC-verified borrowers can access frxUSD liquidity against tokenized real-world asset collateral, while borrowed funds remain restricted to approved strategies. For Frax, this creates a concrete use case for frxUSD in institutional RWA lending. The market has also been added to the $sfrxUSD strategy framework, with an initial allocation cap of $5 million. As tokenized funds move further onchain, borrowing against these assets could become an important part of the infrastructure. Frax is positioning $frxUSD to play a role in that market.