Frax USD
Stablecoin Profile
Frax USD (FRXUSD) is a fiat-backed stablecoin pegged to USD, with $126.2M in circulating supply across 21 blockchain networks. Each FRXUSD is backed by reserves held by the issuer, with parity attested via defillama. The peg has historically held within ±1% on most trading sessions, with reserve composition and attestation cadence the primary inputs to its credit-risk profile.
About Frax USD (FRXUSD)
Frax USD (frxUSD) is a fiat-redeemable, fully-collateralized stablecoin issued by the Frax Finance Protocol
Frax USD uses a hybrid model that allows for governance-approved enshrined custodians to mint/redeem the stablecoin by holding cash-equivalent reserves while also having onchain mechanisms built by the Frax Finance Protocol
Recent supply activity
Frax USD (FRXUSD) supply contracted by $94.9K (-0.08%) in the last 24 hours, expanded by $9.5M (+8.15%) over the past week, and expanded by $13.6M (+12.06%) over the past 30 days.
Expansion phase: minting activity has outpaced redemptions, with circulating supply growing 12.06% over the past month.
Supply History
Network distribution
Frax USD circulates across 21 blockchain networks. Ethereum hosts the largest share at 85.53%, followed by Fraxtal at 11.81%. Polygon has shown the strongest 30-day growth at +1437174.43%, suggesting fresh issuance or bridge inflows on that chain.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $107.9M | 85.53% | -0.37% | +14.26% |
| Fraxtal | $14.9M | 11.81% | +0.50% | -9.70% |
| Linea | $923.8K | 0.73% | +8.33% | +72.28% |
| Sonic | $873.4K | 0.69% | -0.00% | +231.93% |
| Solana | $482.2K | 0.38% | -0.00% | -6.64% |
| Avalanche | $417.7K | 0.33% | +55.98% | +223938.05% |
| Polygon | $351.3K | 0.28% | +0.00% | +1437174.43% |
| Base | $235.2K | 0.19% | +5.69% | +22.55% |
| BSC | $44.5K | 0.04% | +0.01% | -20.65% |
| Katana | $13.6K | 0.01% | 0.00% | -79.86% |
| Sei | $7.5K | 0.01% | 0.00% | +2.73% |
| Unichain | $3.9K | 0.00% | -0.21% | -2.69% |
| Arbitrum | $2.7K | 0.00% | -4.72% | +9.23% |
| OP Mainnet | $1.3K | 0.00% | +0.18% | +0.57% |
| Ink | $980.7 | 0.00% | 0.00% | 0.00% |
| X Layer | $186 | 0.00% | +0.91% | +2.80% |
| Plume Mainnet | $101 | 0.00% | 0.00% | 0.00% |
| Movement | $15 | 0.00% | 0.00% | 0.00% |
| Mode | $13.3 | 0.00% | 0.00% | 0.00% |
| Polygon zkEVM | $1.9 | 0.00% | 0.00% | 0.00% |
| Blast | $0.7 | 0.00% | 0.00% | 0.00% |
Peg stability history
Frax USD (FRXUSD) is designed to trade at exactly 1.00 USD, with its peg defended through direct redeemability against off-chain reserves. Spot price currently sits at $0.9994, a -0.058% deviation from the target — well inside the stability band typical for reserve-backed dollar tokens.
How reserve-backed stablecoins defend their peg
Fiat-backed stablecoins maintain their peg through arbitrage: any time the secondary-market price drifts above $1.00, authorised participants mint new tokens by depositing dollars and sell them into the market; any time it drifts below, they buy on the open market and redeem 1:1 for dollars. The peg therefore depends entirely on (a) the reserves actually existing, (b) the issuer honouring redemption requests promptly, and (c) the issuer remaining solvent and unfrozen.
Practical implications for holders
- Counterparty risk is concentrated in the issuer and its banking partners — a banking failure (as in the March 2023 USDC / SVB episode) can cause short-term depegs even when the underlying reserves are sound.
- Reserve attestations are not full audits. Always read the firm name, scope, and date of the latest attestation report before treating the peg as risk-free.
- Redemption rights typically apply only to verified institutional partners, not to retail holders. Retail exposure is exited via secondary markets, where liquidity matters most during stress periods.
- Regulatory action against the issuer (NYDFS orders, OFAC freezes, court-ordered blacklists) can immediately impair specific addresses or even the entire token.
- 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 (reserve-backed) 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 USD (FRXUSD) 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 | 0xcacd6fd266af91b8aed52accc382b4e165586e29 | 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 USD to other fiat-backed stablecoins
Below are the largest fiat-backed stablecoins tracked on Mantapex alongside Frax USD (FRXUSD). 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 |
|---|---|---|---|
| Tether (USDT) | $184.1B | fiat-backed | 107 |
| USD Coin (USDC) | $79.6B | fiat-backed | 125 |
| World Liberty Financial USD (USD1) | $4.5B | fiat-backed | 8 |
| PayPal USD (PYUSD) | $4.1B | fiat-backed | 7 |
| BlackRock USD (BUIDL) | $2.5B | fiat-backed | 8 |
Peg Stability
Chain Distribution
Resources & data sources
Frax USD (FRXUSD) is tracked across major crypto data providers. The links below open Frax USD (FRXUSD)'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 USD news
Latest reporting from major crypto news outlets covering Frax USD.
Related stablecoins
Stablecoins comparable to Frax USD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other fiat-backed stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.