Frax: a fractional-algorithmic stablecoin

We have witnessed an exponential growth in demand for stablecoins, with the total stablecoin supply exceeding $176 billion. Their usage skyrocketed in recent years as users began adopting them as their primary media of exchange on the blockchain. 

Most stablecoins in circulation are centralized and fiat-collateralized, where holders have to trust the escrow custodians to hold sufficient fiat reserves for backing. Issuers of these stablecoins can also seize the token or pause token transfers at any time.