Sonic Labs has launched USSD, a native stablecoin using Frax infrastructure, The Block reported on March 9 local time.
USSD is backed by tokenised U.S. Treasuries from BlackRock, WisdomTree and Superstate and will provide liquidity within the Sonic network, The Block reported.
Developed using Frax Finance's modular backend, USSD can be issued directly on more than 10 chains via cross-chain LayerZero. It is also convertible with Circle's USDC. Sonic Labs said introducing the stablecoin is a key strategy to generate institutional-grade yields within the network and strengthen the ecosystem.
Sonic is an EVM-compatible layer 1 blockchain, and its native token S is currently trading at $0.04.
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