fxUSD is a crypto-backed US dollar stablecoin. It has about $90.7M in circulation, ranking #54 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
What is fxUSD?
fxUSD is a crypto-backed US dollar stablecoin. It has about $90.7M in circulation, ranking #54 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: fxUSD is unlike anything else in DeFi. It is the first truly decentralized stablecoin with the scalability to compete toe-to-toe with centralized offerings. Its combination of strong peg, built in yield and zero slippage swapping makes it extremely user friendly, while the ingenious economic design grows the available liquidity automatically as a byproduct of providing serious value to constituent LSDs.
fxUSD supply history
fxUSD supply grew 14.5% over the past 30 days, to $90.7M. Its peak was $128M in August 2025, and supply is 29% below that high.
Is fxUSD holding its peg?
fxUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where fxUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all fxUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How fxUSD is backed
fxUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Users are able to mint and redeem with USDC,USDT,stETH,WBTC and more.
fxUSD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
fxUSD vs USDT and USDC
Similar crypto-backed stablecoins
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fxUSD FAQ
What is fxUSD?
fxUSD is a crypto-backed US dollar stablecoin. It has about $90.7M in circulation, ranking #54 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is fxUSD pegged 1:1 to the US dollar?
fxUSD targets 1 USD. At the last update it traded at $0.9999, a deviation of -0.01%, which we classify as "on peg".
What backs fxUSD?
fxUSD is a crypto-backed stablecoin. fxUSD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is fxUSD on?
fxUSD is live on 1 blockchain. The largest by supply are Ethereum ($86.3M).
How much fxUSD is in circulation?
About $90.7M of fxUSD was in circulation at the last update, +14.5% over 30 days. That makes it the #54 stablecoin by supply among those we track.
Is fxUSD safe?
No stablecoin is risk-free. As a crypto-backed design, fxUSD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.