Frax is testing a receivables financing product on its FraxNet platform, and founder and CEO Sam Kazemian is betting that the next wave of stablecoin adoption will come from businesses rather than consumer card users.

In an interview with Crypto Briefing, Kazemian said Frax has signed agreements with several large companies, with announcements expected soon. He said the firm is targeting businesses that serve international clients, move large sums, and require customized compliance, stablecoin conversion, and payment infrastructure.

“They want their money to keep working as soon as payment lands,” Kazemian said, explaining that businesses holding frxUSD can earn up to 5% annually through Frax's sfrxUSD savings product while still being able to make payments or use their balances as collateral.

Kazemian also questioned the fees charged by traditional payment networks, even as he acknowledged the role companies such as Visa have played in building trust and fraud protections.

“Merchants still pay 2% to 3% per transaction, a rate set when moving money required a card network in the middle,” he said.

He pointed to Brazil's Pix, an instant payment system the country's central bank launched in 2020, and India's UPI, a real-time payments network operated by the National Payments Corporation of India since 2016, as examples of payment systems that allow merchants to accept low-cost transactions through QR codes. “Stablecoins bring that to the dollar,” he said.

The comments expand on remarks Kazemian made on The Rollup podcast in Singapore earlier this month, where he argued that crypto cards offered by ether.fi, Ethena, and Plasma primarily serve consumers rather than businesses adopting stablecoins directly.

Frax develops receivables financing through onchain vaults

Receivables financing is a long-standing practice in trade finance, giving companies access to working capital while they wait for customers to pay their bills. According to Kazemian, FraxNet is adapting that model to onchain markets, currently testing receivables financing through individual lending vaults that allow businesses to borrow against outstanding invoices. Under the model, lenders provide capital to a vault, which businesses can access using receivables as collateral. Once customers settle their invoices, the funds return to the vault and are distributed to lenders together with their returns.

Frax also plans to introduce generalized vaults that finance multiple receivables and open participation to outside liquidity providers.

The company's existing business offering centers on FraxNet accounts, which let businesses mint and redeem frxUSD through banking infrastructure and hold stablecoin treasury balances. FraxNet opened to the public in October 2025, while receivables financing and payment applications, including integrations with FraxPay, remain in development.

Kazemian described frxUSD as a stablecoin with approximately $100 million in circulation that processes more than $10 million in daily minting, redemptions, and transfers, primarily through decentralized finance. Crypto Briefing has not independently verified the transaction volume. Data from DefiLlama shows frxUSD with slightly less than $100 million in circulation.

Frax CEO sees Open USD as complementary to frxUSD

Frax's push into business payments comes as larger financial and technology companies develop their own stablecoin infrastructure. Open Standard, backed by founding partners including Coinbase, Mastercard, Shopify, Stripe, and Visa, launched Open USD on September 30, offering businesses free minting and redemption alongside reserve revenue sharing arrangements.

Kazemian said the involvement of major payment companies signals growing recognition of stablecoins as alternative infrastructure for transferring dollars. He expects major stablecoins to become interchangeable through clearinghouses such as Frax partner The Better Money Company.

“frxUSD and Open USD will be complements rather than competitors,” Kazian said.

Despite growing institutional interest, he identified user experience, education, trust, and switching costs as the primary obstacles preventing businesses from adopting stablecoins directly.

Looking ahead to 2027, Kazemian said meaningful adoption would involve large companies settling payments through FraxPay, keeping operating balances in frxUSD and sfrxUSD, and suppliers retaining stablecoins rather than immediately converting them into traditional currencies. He also cited the development of generalized receivables vaults funded by outside lenders as another indicator of growing business demand. Nearer term, the company's awaited customer announcements and the progression of receivables financing and FraxPay integrations out of development provide the first checkpoints against that outlook.