Total Value Locked$101.53m
TVL by Chain
Ethereum$101.53m
Key Metrics
Fees 30d$330,110
Fees 30d by chain
Ethereum$330,110
Fees 7d$75,352
Ethereum$75,352
Fees 24h$10,544
Ethereum$10,544
Cumulative Fees$4.35m
Ethereum$4.35m
Revenue 30d$0
Revenue 30d by chain
Ethereum$0
Revenue 7d$0
Ethereum$0
Revenue 24h$0
Ethereum$0
Cumulative Revenue$0
Ethereum$0
Protocol Information
Frax USD (frxUSD) is a fully collateralized stablecoin issued by Frax Finance, combining off-chain custodians holding cash-equivalent reserves with on-chain minting and redemption mechanisms
Sub Category: Treasury Bills
Methodology
TVL: Total value of all coins held in the smart contracts of the protocolView code on GitHubFees: Yields generated by onchain money market funds used to back FRX-USD tokensView code on GitHubRevenue: No revenue share to FRAX protocolView code on GitHubCompetitors
Frax USD history
TVL is the default DefiLlama definition. Daily values are UTC snapshots from Aug 2, 2025 to Oct 25, 2026.
All-time high TVL: $140.26m on May 9, 2026. All-time low TVL: $12.77m on Aug 3, 2025.
Daily TVL, Sep 26, 2026 to Oct 25, 2026
| Date | TVL |
|---|---|
| Sep 26, 2026 | $105.69m |
| Sep 27, 2026 | $105.76m |
| Sep 28, 2026 | $106.21m |
| Sep 29, 2026 | $104.85m |
| Sep 30, 2026 | $103.85m |
| Oct 1, 2026 | $102.54m |
| Oct 2, 2026 | $105.67m |
| Oct 3, 2026 | $107.6m |
| Oct 4, 2026 | $107.26m |
| Oct 5, 2026 | $107.9m |
| Oct 6, 2026 | $109.29m |
| Oct 7, 2026 | $110.65m |
| Oct 8, 2026 | $109.73m |
| Oct 9, 2026 | $106.9m |
| Oct 10, 2026 | $106.71m |
| Oct 11, 2026 | $106.45m |
| Oct 12, 2026 | $106.45m |
| Oct 13, 2026 | $106.45m |
| Oct 14, 2026 | $105.39m |
| Oct 15, 2026 | $104.89m |
| Oct 16, 2026 | $104.62m |
| Oct 17, 2026 | $104.06m |
| Oct 18, 2026 | $103.61m |
| Oct 19, 2026 | $103.4m |
| Oct 20, 2026 | $103.27m |
| Oct 21, 2026 | $103.17m |
| Oct 22, 2026 | $103.65m |
| Oct 23, 2026 | $102.3m |
| Oct 24, 2026 | $101.94m |
| Oct 25, 2026 | $101.45m |
TVL at each month end, Aug 2025 to Oct 2026
| Date | TVL |
|---|---|
| Aug 31, 2025 | $22.85m |
| Sep 30, 2025 | $78.03m |
| Oct 31, 2025 | $95.72m |
| Nov 30, 2025 | $81.41m |
| Dec 31, 2025 | $62.85m |
| Jan 31, 2026 | $63.27m |
| Feb 28, 2026 | $54.95m |
| Mar 31, 2026 | $122.32m |
| Apr 30, 2026 | $135.54m |
| May 31, 2026 | $132.72m |
| Jun 30, 2026 | $114.86m |
| Jul 31, 2026 | $111.93m |
| Aug 31, 2026 | $112.17m |
| Sep 30, 2026 | $103.85m |
| Oct 25, 2026 (latest) | $101.45m |
Fees and revenue by UTC calendar month, Jun 2025 to Oct 2026
| Month | Fees | Revenue |
|---|---|---|
| Jun 2025 | $91,337 | $0 |
| Jul 2025 | $202,490 | $0 |
| Aug 2025 | $260,896 | $0 |
| Sep 2025 | $241,950 | $0 |
| Oct 2025 | $228,832 | $0 |
| Nov 2025 | $229,136 | $0 |
| Dec 2025 | $209,692 | $0 |
| Jan 2026 | $184,705 | $0 |
| Feb 2026 | $139,814 | $0 |
| Mar 2026 | $222,910 | $0 |
| Apr 2026 | $367,058 | $0 |
| May 2026 | $387,005 | $0 |
| Jun 2026 | $341,938 | $0 |
| Jul 2026 | $327,778 | $0 |
| Aug 2026 | $329,110 | $0 |
| Sep 2026 | $318,251 | $0 |
| Oct 2026 (to date) | $264,039 | $0 |
The .csv export on the chart above downloads every daily value. The same data is in the public API: https://api.llama.fi/protocol/frax-usd
Frequently asked questions
What is Frax USD's TVL?
As of Oct 25, 2026, Frax USD has $101.53m in total value locked. TVL has decreased 4.1% over the past 30 days.
What chains does Frax USD operate on?
Frax USD operates on Ethereum. Ethereum holds the largest share at 100%.
How much has Frax USD generated in fees and revenue?
Over the past 30 days, Frax USD generated $330,110 in fees. Of that, $0 was protocol revenue. Based on the trailing year, the annualized rate is $3.38m in fees.
How does Frax USD's TVL compare to similar protocols?
Among RWA protocols tracked by DefiLlama, Frax USD ranks #13 by TVL. The category holds $4.138b across 176 protocols, and Frax USD accounts for 2.5% of that total. Similar protocols include Ethena USDtb, Re, Huma, Anemoy Capital, OpenTrade, Plume Vaults, Theo Network thUSD, Ember, Usual USD0, and Sky RWA.