Anchorage Expands Institutional On-Chain Services via Frgmnt Partnership

Anchorage Digital is expanding its on-chain financial services for institutional clients through a partnership with Frgmnt, a stablecoin protocol built on Base, Coinbase's layer-2 network.

As part of this partnership, Anchorage will support fUSD and sfUSD on its custody platform, allowing institutional clients to hold, mint, redeem, and stake the tokens without entering into a separate custody agreement.

Frgmnt issues fUSD against USDC collateral and deploys the backing assets into on-chain lending markets. Users can stake fUSD to receive sfUSD and earn a share of the protocol's yield.

Notably, sfUSD had an annualized yield of 13.32% as of September 4th, according to Frgmnt. The protocol plans to open public access and raise deposit limits starting September 15th.