Frax Price Index
Stablecoin Profile
Frax Price Index (FPI) is an algorithmic stablecoin — its VAR peg is maintained by on-chain protocol mechanics rather than off-chain reserves. $0 is currently in circulation across 2 blockchain networks. The mechanism adjusts supply (mint and burn) in response to market price deviations from the target peg.
About Frax Price Index (FPI)
The Frax Price Index (FPI) is the second stablecoin of the Frax Finance ecosystem. FPI is a stablecoin pegged to a basket of real-world consumer items as defined by the US CPI-U average.
Using the Frax Finance app, users swap FRAX to mint FPI at the current exchange rate. FPI can be redeemed for FRAX at any time.
Supply History
Peg stability history
Frax Price Index (FPI) relies on protocol-level supply rebalancing rather than direct asset redemption to defend its 1.00 VAR peg. The spot price is currently $1.1405 (+14.053% deviation). Algorithmic designs carry materially higher peg-failure risk than reserve-backed stablecoins — the May 2022 Terra/UST collapse remains the canonical reference case.
How algorithmic stablecoins defend their peg
Algorithmic stablecoins attempt to balance supply and demand through protocol-level mint/burn incentives — typically against a paired governance or seigniorage token. When the price drops below $1.00, the protocol burns supply (often by letting holders swap into a discounted asset); when it rises above $1.00, the protocol mints new tokens. This design only holds when the paired asset retains independent demand. If the market loses faith in the paired asset, the feedback loop reverses and produces a hyperinflationary "death spiral" — the failure mode that wiped out roughly $60B in the Terra/UST collapse.
Practical implications for holders
- Peg-failure tail risk is materially higher than reserve-backed designs. Position sizing should reflect this — algorithmic stablecoins are not a "cash equivalent" for risk-management purposes.
- Read the latest collateralisation ratio carefully: many "algorithmic" stablecoins have since migrated to partial or full collateralisation. The label can lag the actual mechanism.
- Reflexive feedback loops mean small redemption pressure can cascade. Exit liquidity should be assessed during normal conditions, not after stress begins.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (algorithmic) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
Frax Price Index (FPI) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0x5ca135cb8527d76e932f34b5145575f9d8cbe08e | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare Frax Price Index to other algorithmic stablecoins
Below are the largest algorithmic stablecoins tracked on Mantapex alongside Frax Price Index (FPI). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Frax (FRAX) | $212M | algorithmic | 22 |
| Bean (BEAN) | $33.4M | algorithmic | 1 |
| Neutrino USD (USDN) | $31.1M | algorithmic | 4 |
| SpiceUSD (USDS) | $18M | algorithmic | 4 |
| Mento Dollar (USDm) | $16M | algorithmic | 5 |
Across mechanism classes
If you're researching FPI as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
Frax Price Index (FPI) is tracked across major crypto data providers. The links below open Frax Price Index (FPI)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent Frax Price Index news
Latest reporting from major crypto news outlets covering Frax Price Index.
Related stablecoins
Stablecoins comparable to Frax Price Index by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other algorithmic stablecoins
Stablecoins pegged to VAR
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.