The full form of FRNs is Floating Rate Notes

The U.S. Treasury began issuing Floating Rate Notes (FRNs) in January 2014. Issued for a term of two years, FRNs pay varying amounts of interest quarterly until maturity. Interest payments rise and fall based on discount rates in auctions of 13-week Treasury bills.

We offer FRNs in TreasuryDirect and through banks and brokers.  Once you purchase an FRN, you can hold it until it matures or sell it before it matures.

Floored Floating Rate Notes provide a minimum payment to the note holder if yields stay low. With a Floored Rate, an investor receives
coupon payments that are the greater of the reference rate and the minimum yield. If the reference rate is below the coupon floor, the
investor would receive a coupon equal to the coupon floor. If the reference rate is above the coupon floor, the investor would receive
the reference rate.