Frax
On-chain AUM$341.51m
Platform totals
Live assets3
Chains44
DeFi TVL$94.08m
DeFi TVL / AUM27.55%
Confirmed attestations1 / 3
Primary accessPermissionless (3)
Totals for filtered assets
3
$341.51m
$341.51m
$94.08m
3
| Name | Asset Group | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Legacy Frax DollarFRAX | Fiat Currencies | $0.99 | $219.45m | $219.45m | $37.89m | 17.26% | Frax | Non-RWA Stablecoins | Algo Stable | Permissionless | Asset | Programmable Finance | FRAX Inc | No | Yes | Yes | Yes | |||||
 Frax USDfrxUSD | Fiat Currencies | $1 | $112.73m | $112.73m | $49.97m | 44.33% | Frax | Fiat Stablecoins | USD Stable | Permissionless | Asset | RWA | Frax Finance Protocol | Yes | Yes | Yes | Yes | Yes | Yes | |||
 Frax Price IndexFPI | Fiat Currencies | $1.15 | $9.33m | $9.33m | $6.22m | 66.7% | Frax | Non-RWA Stablecoins | Algo Stable | Permissionless | Asset | Programmable Finance | Frax Finance | No | Yes | Yes |
About Frax
Frax Protocol is a stablecoin ecosystem combining fractional reserve and algorithmic mechanisms to maintain stability while generating yield for stakeholders. It offers FRAX stablecoin backed by USDC reserves and algorithmic incentives.
Profile
- Founded
- 2019
- Primary chain
- Ethereum
- Parent platform
- Frax
- Issuer
- Frax Finance Protocol
Economics & revenue
Mint fee0 bps
Redemption fee0 bps
Float incomeYes
Revenue confidenceIssuer-Disclosed
Fees last verified2026-07-09
Attestations & milestones
- Attestation frequency
- Continuous (on-chain) + monthly attestation
- Last attestation
- Real-time on-chain reserves
- 2025-07FIP-432 delegates frxUSD compliance and collateral management to Frax Inc as formal issuer
- 2025-04North Star upgrade renames FXS to FRAX and legacy FRAX to frxUSD
- 2025-01frxUSD launched backed by BlackRock BUIDL tokenized by Securitize
- 2023-10FIP-277 onboards FinresPBC as offchain RWA partner
- 2020-12original FRAX stablecoin launches
Revenue methodology & documents
Revenue model: Yield Spread + Borrow Spread
frxUSD runs at zero mint and redeem fees to drive adoption. Treasury yield on backing is paid to holders who opt in via FraxNet or sfrxUSD staking, with the protocol retaining the spread on non distributed balances.
Issuer registry, regulation & leadership
Founders and leadership
Sam Kazemian — Founder Travis Moore — Co-Founder
Issuer registry
Frax Finance (Frax Finance LLC, US). Decentralized stablecoin protocol issuing FRAX (fractional-algorithmic, since 2024 fully collateralized), frxUSD (yield-bearing), and operating Fraxlend / Fraxswap / Fraxchain. Founded 2020 by Sam Kazemian. FXS governance + FRAX stablecoin.
Regulatory status
frxUSD is governed by the Frax DAO and fully backed by tokenized US Treasury funds held via enshrined custodians including Securitize BUIDL, Superstate USTB, and WisdomTree WTGXX. Under FIP-432 compliance, collateral management, and issuer functions were delegated to Frax Inc, a Delaware public benefit corporation formerly named FinresPBC, positioned as the prospective GENIUS Act charter applicant. No banking or trust charter is currently held.
Entity structure
The protocol is DAO governed onchain while offchain reserves and regulatory interfaces run through Frax Inc, a Delaware public benefit corporation that holds reserves at cost without charging fees to the protocol. Reserve custody is distributed across enshrined custodian contracts tied to regulated tokenized funds. FraxNet is the account layer for minting, redeeming, and earning on frxUSD.