frxUSDFrax USD
Frax Finance
- Market cap
- $138M
- Circulating supply
- 138.5M
- Networks
- 1
Overview
Fiat-redeemable, fully collateralised stablecoin that replaced the legacy FRAX fractional-algorithmic model during 2025 (Frax announced frxUSD on 2 January 2025). Backing is 1:1 against permitted cash-equivalent reserves, including tokenised US Treasury products such as BUIDL, USTB, JTRSY, WTGXX, and AUSD — not a single-fund basket. Frax documents frxUSD on 20+ networks; the table below shows the canonical Ethereum deployment only — use Frax docs for other chain addresses. The FRAX ticker is now the native gas token for Fraxtal; Frax documentation states it is not the protocol governance token (governance may be layered separately).
Supply by chain
| Chain | Supply | Market cap | Share |
|---|---|---|---|
| Ethereum | 109.2M | $109M | 78.9% |
| Fraxtal | 24.3M | $24M | 17.6% |
| Sonic | 2.5M | $2M | 1.8% |
| Base | 951.7K | $951K | 0.69% |
| Polygon | 602.5K | $602K | 0.43% |
| Solana | 446.3K | $446K | 0.32% |
| OP Mainnet | 298.7K | $299K | 0.22% |
| Avalanche | 125.1K | $125K | 0.09% |
| BSC | 16.6K | $17K | 0.01% |
| Linea | 12.0K | $12K | 0.01% |
| Katana | 8.8K | $9K | 0.01% |
| Sei | 7.8K | $8K | 0.01% |
| Other tracked chains (10) | 7.6K | $8K | 0.01% |
| Current circulating supply by chain from DeFiLlama. Small supply footprints are grouped after the top 12 chains and may include bridged or non-curated deployments. | |||
Features
Engineering-oriented breakdown of capabilities: standards, who they matter for, integration rationale, per-feature risks, and vetted external references (specs, docs, verified source).
| Feature | Standards | Audience | Why it matters | Risk / caveat | References |
|---|---|---|---|---|---|
Permitted cash-equivalent reserves compliance | — | Both | frxUSD is 1:1 against Frax-approved cash-equivalent collateral, including tokenised Treasury funds (e.g. BUIDL, USTB, JTRSY, WTGXX, AUSD). The legacy fractional-algorithmic FRAX stablecoin model is retired. | Reserve composition and mint eligibility are governance-defined — track Frax disclosures and on-chain mint contracts rather than assuming a single underlying fund. | |
sfrxUSD ERC-4626 vault yield | User | Yield-bearing frxUSD via ERC-4626; returns reflect the vault’s benchmark yield strategy and reserve income, not a single static source. | Verify sfrxUSD vault address from official Frax docs — old sFRAX contracts are not the same. | ||
Fraxlend isolated pairs yield | — | User | Isolated lending markets — each pair has unique oracle and liquidation params. | Liquidation and interest rate spikes per pair; not a single global lending risk model. | |
Fraxswap TWAMM stability | — | User | Native AMM with TWAMM order type — relevant for routing and MEV-aware trading integrations. | AMM smart contract risk separate from frxUSD token contract. |
EIP / ERC support matrix
Standards & compliance support for frxUSD. Click an EIP to jump to the global deep-dive section.
| Standard | Status | Notes |
|---|---|---|
| Core | ||
| ERC-20 Fungible token standard | Implemented | Treat as a reserve-backed fiat-redeemable ERC-20. Verify the canonical address per chain on Frax docs — deployments span 20+ networks; do not assume Ethereum-only. |
| Signatures & typed data | ||
| EIP-712 Typed structured data signing | Implemented | Full EIP-712 compliance with EIP-5267 discovery. The public hashTypedDataV4() is convenient for off-chain tools constructing signed messages. |
| EIP-2612 Permit — gasless ERC-20 approval | Implemented | Drop-in compatible with standard EIP-2612 tooling. The ERC-1271 support in the PermitModule means smart contract wallets work without workarounds — a feature only USDC v2.2 and USDS share among the top stablecoins. |
| EIP-3009 transferWithAuthorization | Implemented | frxUSD supports atomic signed transfers — payment relayers and checkout flows get the same EIP-3009 integration as USDC. Prefer receiveWithAuthorization from contracts to mitigate front-running. |
| EIP-1271 Signature validation for smart contracts | Implemented | Institutional flows with Safe or AA wallets get native permit support. frxUSD joins USDC v2.2, USDS, and sUSDe (via EthenaMinting) as stablecoins with on-token EIP-1271 support. |
| Upgradeability & proxies | ||
| EIP-1967 Standard proxy storage slots | Implemented | Confirm proxy type and admin from on-chain storage before building long-lived integrations. |
| EIP-1822 UUPS — universal upgradeable proxy | Not implemented | Low for typical frxUSD holders. |
| Vaults & yield | ||
| ERC-4626 Tokenized yield vault standard | Implemented | Composable with ERC-4626 routers and aggregators. Yield reflects BYS allocation across approved venues, not a single static AMO. |
| Compliance | ||
| Freeze Address freezing / blacklisting | Implemented | Standard freeze-check pattern. The batch freeze/thaw functions (freezeMany/thawMany) are unique among the stablecoins tracked and enable efficient mass compliance actions. The owner bypass is a significant trust assumption. |
| Seize Fund seizure / clawback | Implemented | frxUSD's owner can unilaterally destroy any holder's balance at any time, without needing to freeze the address first. This is the broadest admin power of any stablecoin in the dataset. Supply tracking must account for burn events from arbitrary addresses. |
| Pause Global transfer pause | Implemented | Standard pause risk model with the notable exception that the owner can still transfer during a pause. This means the owner can move their own tokens or execute compliance operations even while the contract is paused for everyone else. |
| Cross-chain | ||
| ERC-7802 Crosschain token interface | Not implemented | Use Frax-published bridge and chain-specific addresses — verify per deployment. |
| Flash Loans | ||
| ERC-3156 Flash loans | Not implemented | Use external flash loan providers. |
| Data sourced from verified Etherscan contract source code. Implementations may differ across networks — always verify on the specific chain you integrate with. | ||
Technical notes
- 18 decimals.
- Mint/redeem paths and approved collateral types are governance-defined — confirm on docs.frax.com (frxUSD overview + contracts).
- BUIDL and other tokenised Treasury products have been used as collateral; the basket is not BUIDL-only.
- sfrxUSD (StakedFrxUSD) extends LinearRewardsErc4626: non-rebasing, share price increases.
- Benchmark Yield Strategy (BYS) dynamically allocates across carry-trade (Ethena/Superstate), DeFi AMOs (Aave/Curve/Convex/Euler/Fraxlend), and IORB/T-Bill RWA strategies.
- Redemption via FraxtalERC4626MintRedeemer: zero fees, zero price impact.
- Legacy FRAX stablecoin model retired.
Reserves & peg
- Reserves
- Permitted cash-equivalent reserves (tokenised Treasuries and related instruments per Frax docs — basket can include BUIDL, USTB, JTRSY, WTGXX, AUSD, etc.)
- Collateral
- RWA / Treasury-backed, fiat-redeemable
- Peg mechanism
- Hard 1:1 via issuer-approved reserve redemption
- Auditor
- Depends on underlying tokenised fund issuers and Frax attestations — verify current disclosures
Ecosystem
- DeFi integration
- Fraxswap, Fraxlend (native); early-stage external DeFi integrations
- Yield
- sfrxUSD variable — strategy-dependent (BYS / reserve yields)
Risk factors
Technical references
Block explorers
Networks & contracts
Deployments by chain — primary rows are highlighted. Always verify addresses against issuer docs before mainnet integrations.
| Network | Standard | Contract | Explorer |
|---|---|---|---|
EthereumPrimary | ERC-20 | 0xCAcd6fd266aF91b8AeD52aCCc382b4e165586E29Canonical Ethereum deployment (FrxUSD2). frxUSD is live on 20+ chains per Frax — see docs.frax.com/frxusd/frxusd-contracts. | View |
Engineering deep dive
Integration notes
frxUSD replaced the legacy FRAX stablecoin model during 2025 (announced January 2025). It is fiat-redeemable and fully collateralised 1:1 against permitted cash-equivalent reserves, including tokenised US Treasury products such as BUIDL, USTB, JTRSY, WTGXX, and AUSD — confirm the current basket and mint paths on Frax docs.
Networks: Frax documents frxUSD on 20+ chains. This site lists the canonical Ethereum deployment only; use Frax contract addresses for other networks.
Important: The FRAX ticker is now the native gas token for Fraxtal. Frax documentation states FRAX is not the governance token. It is no longer the stablecoin ticker. Always verify the canonical frxUSD address for each chain from official Frax docs before integrating.
Native stack
Fraxswap / Fraxlend are purpose-built around the Frax ecosystem — use their docs for composable integrations with frxUSD.