Frax

Frax (FRAX) is an algorithmic stablecoin — its USD peg is maintained by on-chain protocol mechanics rather than off-chain reserves. $212M is currently in circulation across 22 blockchain networks. The mechanism adjusts supply (mint and burn) in response to market price deviations from the target peg.

Frax attempts to be the first stablecoin protocol to implement design principles of both collateralized and algorithmic stablecoins to create a highly scalable, trustless, extremely stable, and ideologically pure on-chain money.

Frax (FRAX) is issued by Frax Finance protocol, operating under Decentralised, governed by FXS (now frxUSD/FXS) holders. Originally launched in 2020.

Issuer information is compiled from public disclosures, NYDFS / BMA regulatory filings, and primary-source attestation reports. Always verify directly with the issuer before making decisions.

Frax (FRAX) supply contracted by $125.7K (-0.06%) in the last 24 hours, expanded by $9.3M (+4.59%) over the past week, and expanded by $12.5M (+6.27%) over the past 30 days.

Expansion phase: minting activity has outpaced redemptions, with circulating supply growing 6.27% over the past month.

Frax circulates across 20 blockchain networks. Ethereum hosts the largest share at 84.96%, followed by Fraxtal at 6.98%. Near has shown the strongest 30-day growth at +12.77%, suggesting fresh issuance or bridge inflows on that chain.

Frax (FRAX) relies on protocol-level supply rebalancing rather than direct asset redemption to defend its 1.00 USD peg. The spot price is currently $0.9928 (-0.717% deviation). Algorithmic designs carry materially higher peg-failure risk than reserve-backed stablecoins — the May 2022 Terra/UST collapse remains the canonical reference case.

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.

Frax (FRAX) 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.

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.

Below are the largest algorithmic stablecoins tracked on Mantapex alongside Frax (FRAX). 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.

Frax (FRAX) is tracked across major crypto data providers. The links below open Frax (FRAX)'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.