frxUSD

#309

Frax USD

Stablecoins · U.S. Dollar Stablecoin+1

frxUSD#309

Mcap$99.58M

$1.0000.03%

Overview Monitoring Markets News More

Spot Volume (24H)

$13.74M+587.96%

Marketcap

$99.58M

FDV

$99.58M

Mindshare

Very Low

Circ. Supply

99.8M

Max Supply

Mcap/FDV

100%

Total Supply

99.8M

Sector Ranking

#42

Frax USD is a USD‑pegged, fully backed stablecoin from the Frax Finance Protocol. It uses a hybrid minting mechanism where authorized custodians issue and redeem tokens at a 1:1 ratio against cash‑equivalent assets held in reserve, while on‑chain contracts maintain peg integrity. Minting caps are managed via governance, and any user may interact with custodian contracts.

Sector

Stablecoins

Sector Rank

#42

Sub-Sector

U.S. Dollar Stablecoin

Sub-Sector Rank

#28, #21

Contracts

API ID

Resources

Website

Github

Social

X (Twitter)

Block Explorer

Content

Medium

1Y Price Performance -0.0₂15%

All Time High

$1.03-2.49%

May 12, 2026

Cycle Low

$0.969+3.19%

Oct 29, 2026

First Trade

Feb 27, 2025 on

Curve V1

frxUSD Chart

All Charts

$1.000

0.02% Past Month

Price

$1.0000.02%

Mindshare

0.0033%209.49%

frxUSD

More Charts

Spot Volume (24H)

$13.74M+587.96%

Marketcap

$99.58M

Mindshare

Very Low

All News

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Last Updated: Oct-29-2026 11:07 UTC

Frax USD Project Update

Currently Interesting

There are no notable developments to report from the past 7 days.

Get Caught Up

FraxNet Goes Live Multichain FraxNet, an "account layer" for frxUSD designed to enable GENIUS-compliant, programmable yield distribution, is now live and available multichain via LayerZero 1. The platform functions as an on-chain money account offering real-time settlement, KYC/KYB verification, and multi-chain support, effectively acting as a neobank without traditional banking infrastructure 2. It is currently available to users in the US (excluding New York and Alaska) and to businesses in major countries, with global expansion planned 1.

sfrxUSD Yield Strategy Expansion The Frax community approved a proposal to amend FIP-434 by adding new sfrxUSD yield strategies to the approved Algorithmic Market Operations (AMO) whitelist — a governance-controlled list of approved strategies for deploying protocol assets 3. The additions include exposure to Sky's USDS and sUSDS stable assets through Curve liquidity pools (capped at $10 million), a $3 million allocation to a frxUSD/USDf Curve pool via a Falcon Finance partnership, and up to $10 million in sfrxUSD participation in Pendle markets 3. The proposal passed with 100% of votes in favor 4.

Frax x Brale Partnership Frax announced a partnership with Brale that combines Brale's stablecoin-issuance infrastructure with frxUSD as the underlying backing 5. Under the arrangement, Brale handles regulated issuance, compliance, and chain-native deployment, while frxUSD serves as the reserve asset 5.

Biggest Stories of 2025

KRWQ integration with FraxNet: KRWQ, the most traded Korean won stablecoin developed by Frax and IQ, integrated with FraxNet to establish a KRW–USD settlement rail, with a primary KRWQ–frxUSD liquidity pool launched on Uniswap V4 6. (December 11, 2025)
Frax deployment on Stable: frxUSD and sfrxUSD became available on Stable following the network's mainnet launch, transferable via LayerZero and Stargate Finance infrastructure 7. (December 8, 2025)
FXTL Points Resolution (FIP 440): A proposal sought to postpone FXTL point conversions until key ecosystem milestones are met — FRAX reaching $10, Fraxtal TVL reaching $500 million, or frxUSD supply reaching $1 billion 8. (November 22, 2025)
Frax x Brale partnership: Frax partnered with Brale to combine its stablecoin-issuance infrastructure with frxUSD as the underlying reserve asset 5. (November 20, 2025)
sfrxUSD new strategies approved: The community passed a proposal adding new sfrxUSD yield strategies to the AMO whitelist, including USDS/sUSDS pools, a Falcon Finance USDf allocation, and Pendle market integrations 3 4. (November 19, 2025)
Frax OFT discontinuation (FIP 438): A proposal passed to discontinue Native OFT token issuance on deprecated chains including Polygon zkEVM and Blast, affecting frxUSD, sfrxUSD, frxETH, sfrxETH, FPI, and WFRAX 9. (November 17, 2025)
FraxNet launch: FraxNet went live and became available multichain via LayerZero, offering US users (excluding New York and Alaska) and businesses in major countries access to the platform 1. (October 27, 2025)
FraxNet waitlist opens: Frax announced that the FraxNet waitlist was open ahead of the platform's launch 10. (October 1, 2025)
FraxNet introduction: Frax introduced FraxNet, an "account layer" for frxUSD designed to enable GENIUS-compliant, programmable yield distribution, following the passage of the GENIUS Act 11. (August 4, 2025)
Compliance and collateral management transfer (FIP 432): The DAO approved delegating full compliance infrastructure and collateral management of frxUSD to FRAX Inc, a public benefit corporation formerly known as FinresPBC, which assumed all issuer functions while returning surplus revenue to the DAO treasury 12. (July 17, 2025)
frxUSD Payment Stablecoin Charter Compliance (FIP 430): The proposal passed, updating frxUSD's structure to align with anticipated U.S. payment stablecoin legislation, separating balance sheets between Legacy FRAX and frxUSD and ending the 1:1 migration between them 13 14. (April 30, 2025)
VP of Strategic Initiatives & Alliances appointment: Vince Dowdle, formerly of Mastercard and co-founder of Kado, was appointed to gear the team toward a "US payment stablecoin charter for frxUSD" 15. (April 11, 2025)
frxUSD and FXS on Solana: frxUSD, sfrxUSD, and FXS became live on Solana via PumpSwap 16. (March 20, 2025)
WTGXX as reserve asset (FIP 427): A proposal to integrate the WisdomTree Government Money Market Digital Fund (WTGXX) as a reserve backing asset for Frax USD passed with 99.81% of votes in favor 17 18. (March 19, 2025)
frxUSD stablecoin launch: Frax launched frxUSD, a stablecoin developed in partnership with BlackRock and Superstate Funds, alongside sfrxUSD for on-chain yield, with legacy FRAX holders able to upgrade 1:1 19. (February 7, 2025)
AUSD as collateral and custodian asset (FIP 425): A proposal to invest USD or USDC reserves in AUSD to back Frax USD with an initial cap of $25 million passed with 100% of votes in favor 20 21. (February 1, 2025)