Fees
- Management fee
- 0%
- Performance fee
- 0%
- Subscription fee
- 0%
- Redemption fee
- 0%
$FRXUSD
Frax USD (frxUSD) is a fiat-redeemable, fully collateralized stablecoin issued by the Frax Protocol. Each frxUSD is backed 1-to-1 by permitted cash-equivalent reserves such as tokenized U.S. Treasury funds (e.g., BUIDL, USTB, JTRSY, WTGXX, AUSD), held with regulated custodians and managed by Frax Inc under delegation from the Frax DAO.
Explore issuer purchase options or request access through RWA.xyz.
$86.38M
▼5.91%from 30d ago
$1.00
▲+0.06%from 30d ago
6,505
▲+6.66%from 30d ago
$367.38M
▼10.66%from 30d ago
2,872
▲+14.65%from 30d ago
Frax USD
Return Target
frxUSD APR is derived from the underlying yields of institutional-grade U.S. Treasury funds, including Superstate's USTB and BlackRock's BUIDL. Yields are variable and subject to market conditions. Available to select strategic partners and institutions.
Asset Class
Exposure
Frax USD (frxUSD) is a fiat-redeemable, fully collateralized stablecoin issued by the Frax Protocol. Each frxUSD is backed 1-to-1 by permitted cash-equivalent reserves such as tokenized U.S. Treasury funds (e.g., BUIDL, USTB, JTRSY, WTGXX, AUSD), held with regulated custodians and managed by Frax Inc under delegation from the Frax DAO.
Liquidity
N/A
Asset Manager
Asset manager details have not been supplied yet.
Management Team
Management team details have not been supplied yet.
Frax USD Metrics
Metric
Show % of Total
Subscriptions & Redemptions
- Eligible Investors
- USDCNon-U.S. Investor, U.S. InvestorUSDU.S. Investor
- KYC required
- USDCNoUSDYes
- Subscription frequency
- Instant
- Min. Investment
- USDC0 USDCUSD0 USD
- Redemption frequency
- Instant
- Minimum Redemption Amount
- USDC0 USDCUSD0 USD
- Right to redeem
- Yes
- Lockup & liquidity conditions
- N/A
Subscriptions
Redemptions
Collateral & Investor Protections
- All holdings secured
- Yes
- Accounts segregated
- Yes
- Holdings bankruptcy remote
- Yes
- Holder rights
- Enshrined custodian is a real-world entity that can mint and burn frxUSD 1-to-1 in exchange for $1.00 of cash-equivalent reserves that they custody. This means that an enshrined custodian can mint 1 frxUSD for $1.00 of provable reserves they hold and release $1.00 of reserve they custody when they burn 1 frxUSD.
- Bankruptcy protection details
- frxUSD is bankruptcy-remote because its backing assets are held in legally segregated custody accounts and are not commingled with any operating entity’s balance sheet. The issuer structure is separated from governance and development entities, so frxUSD holders are not unsecured creditors of a protocol or company. Reserves are fully matched to supply, not rehypothecated, and not used for leverage, ensuring redemptions do not depend on market conditions or future inflows. As a result, even in an issuer or operator failure, frxUSD holders retain direct priority claims on the underlying reserves.
- Peg maintenance
- An enshrined custodian is a real-world entity that can mint and burn frxUSD 1-to-1 in exchange for $1.00 of cash-equivalent reserves that they custody. This means that an enshrined custodian can mint 1 frxUSD for $1.00 of provable reserves they hold and release $1.00 of reserve they custody when they burn 1 frxUSD. Real-world entities can be added as an enshrined custodian through Frax Inc under delegation from the Frax DAO, along with a custodian cap which signifies the maximum amount of frxUSD they can mint for holding reserves. A frxUSDCustodian contract is deployed through this delegated process, signifying the allotted minting cap and a token representing the asset they custody (ie: Blackrock BUIDL). Any user is able to interact with any frxUSDCustodian contract; however, the underlying reserve token itself might have further requirements such as whitelists. This allows the frxUSD stablecoin to function in a permissionless manner while allowing real-world entities & institutions to onboard frxUSD while complying with their own internal requirements. frxUSD is redeemable for any custodian asset on demand, meaning that there is no guarantee that frxUSD is redeemable for a particular asset or from a particular enshrined custodian. For example, if Blackrock BUIDL and Superstate USTB are enshrined custodian assets, there is no guarantee that frxUSD is always redeemable for both BUIDL and USTB if all supply of BUIDL is redeemed against from the Blackrock frxUSDCustodian contract (or vice versa). As long as frxUSDCustodian contracts have collateral tokens within them, frxUSD is redeemable on demand from them.
Legal Structure & Regulation
- Legal issuer
- Frax Protocol Governed by Frax Finance DAO
- Tokenization Sponsorship
- Issuer-Sponsored
- Legal structure
- Non-Regulated
- Regulatory Framework
GENIUS Act
- Regulatory jurisdiction
- United States of America
- Inception date
- 04/01/2025
- Denomination
- USD
Service Providers
- KYC provider
- Persona
Token & Networks
- Underlying units per token
- 1
- Platform
- Tokenization type
- Transferability
- Transferable without restrictions
- Token supply
- 86,382,157.88▼
- Circulating supply
- 86,382,157.88▼
Blockchain Networks
Holders
All networks · changes vs. 30 days ago
Holding addresses
6,505▲+0.07%
Active (30D)
2,872▲+0.15%
View detailed token
holder breakdowns
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