Frax launches frxUSD PegKeeper on Eva

Frax Finance has launched a new frxUSD PegKeeper pool on Eva Markets, adding a yield-bearing liquidity route for its dollar stablecoin. (x.com) A stablecoin pool is a pot of tokens used for swaps, and a PegKeeper is a design meant to keep those swaps close to $1 without relying only on token rewards. Frax said this pool routes capital through Eva, Wintermute, and Wildcat, and the pool is already live on Curve. (x.com) Wildcat is a decentralized credit protocol for undercollateralized lending, meaning approved borrowers can borrow without posting more assets than they take out. Its documentation says borrowers set loan size, interest rate, reserve requirements, withdrawal windows, and lender access rules. (docs.wildcat.finance) Wintermute is the market maker in the stack. Wildcat’s live lender interface shows multiple Wintermute-branded lending markets for assets including United States Dollar Coin and Tether, tying the credit layer to a named trading firm rather than an anonymous pool. (app.wildcat.finance, app.wildcat.finance) Frax has been building this model across several frxUSD pairs in recent months. In its February 10, 2026 project update, the protocol said PegKeeper pools with Avant, infiniFi, and Origin Protocol had gone live on Curve, with the Origin pool topping $1 million in total value locked soon after launch. (news.frax.com) That marks a shift in how DeFi liquidity is being packaged. Instead of paying depositors with short-term emissions alone, Frax is pairing automated market maker liquidity on Curve with outside borrowing demand and market-making flow. (x.com, docs.curve.fi) Frax’s own documentation says its stablecoin system relies on automated market operation contracts, lending markets, and external venues including Curve and Uniswap to help hold the dollar peg. The same docs say the protocol aims to keep FRAX-family stablecoins at or above 100% collateralization through on-chain contracts and approved real-world-asset partners. (docs.frax.finance) The Eva launch extends that playbook to frxUSD at a time when Frax is also pushing the token as a default dollar leg in other markets. On April 9, 2026, Frax said new foreign-exchange pools on Polygon were using frxUSD as the base pair for non-United States dollar stablecoins on Curve. (x.com, kucoin.com) The immediate test is whether this kind of pool can keep liquidity deep when incentives cool. Frax is betting that tying frxUSD to credit demand, market-making inventory, and Curve trading volume will do more for the peg than subsidies alone. (x.com, news.frax.com)