Frax USD (FRXUSD) is a fiat-backed US dollar stablecoin. It has about $82.2M in circulation, ranking #56 among the stablecoins CoinScoop tracks, and runs on 13 blockchains.
FRXUSD price
$0.9997
On peg Circulating supply
$82.2M
30-day change
-26.2%
Price
$0.9997
Blockchains
13
Tracked since
Jan 2025
What is FRXUSD?
Frax USD (FRXUSD) is a fiat-backed US dollar stablecoin. It has about $82.2M in circulation, ranking #56 among the stablecoins CoinScoop tracks, and runs on 13 blockchains.
In the issuer's words: Frax USD (frxUSD) is a fiat-redeemable, fully-collateralized stablecoin issued by the Frax Finance Protocol.
FRXUSD supply history
$143M$76.7M
Oct 8, 2025Oct 8, 2026
$186M$0
Jan 9, 2025Oct 8, 2026
FRXUSD supply fell 26.2% over the past 30 days, to $82.2M. Its peak was $199M in March 2025, and supply is 59% below that high.
Is FRXUSD holding its peg?
Last price
$0.9997
Target
1.0000 USD
Status
On pegFRXUSD is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where FRXUSD lives: supply by blockchain
Supply is concentrated: Ethereum holds 98% of all FRXUSD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How FRXUSD is backed
Each FRXUSD is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Minting and redemption: 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.
FRXUSD risks
Issuer and custody
Your claim is on the issuer and the banks or funds holding its reserves. A failure or freeze there can break the peg, as USDC briefly did in March 2023.
Freezes and blacklists
Fiat-backed issuers can usually freeze tokens at specific addresses, for example to comply with sanctions or court orders.
Bridged versions
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
FRXUSD vs USDT and USDC
Similar fiat-backed stablecoins
See all →
FRXUSD in the news
FRXUSD FAQ
What is FRXUSD?
Frax USD (FRXUSD) is a fiat-backed US dollar stablecoin. It has about $82.2M in circulation, ranking #56 among the stablecoins CoinScoop tracks, and runs on 13 blockchains.
Is FRXUSD pegged 1:1 to the US dollar?
FRXUSD targets 1 USD. At the last update it traded at $0.9997, a deviation of -0.03%, which we classify as "on peg".
What backs FRXUSD?
FRXUSD is a fiat-backed stablecoin. Each FRXUSD is meant to be redeemable for one unit of its reference currency, backed by reserves such as bank deposits and short-term government debt held by the issuer or its custodians.
Which blockchains is FRXUSD on?
FRXUSD is live on 13 blockchains. The largest by supply are Ethereum ($80.6M), Polygon ($544K), Solana ($359K).
How much FRXUSD is in circulation?
About $82.2M of FRXUSD was in circulation at the last update, -26.2% over 30 days. That makes it the #56 stablecoin by supply among those we track.
Is FRXUSD safe?
No stablecoin is risk-free. As a fiat-backed design, FRXUSD's main risks are reliance on the issuer and its banks or custodians, how transparent the reserves are, the issuer's ability to freeze tokens, and regulatory action. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.