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Frax
Active AUM
$329.82m-1.14%over 24h
Key Metrics
Onchain AUM$329.82m
Change (24h)-1.14%
100%
DeFi Active TVL$86.29m
Change (24h)-2.48%
26.2%
Largest protocolCurve DEX$56.16m
Net Flows 30dN/A
N/A
Live Assets3
3
Assets Rankings
| Name | Chains | Asset Type | AUM | DeFi | Flows | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Algo Stable | $218.52m | $218.52m | -0.53% | $38.26m | 17.51% | -0.26% | $0.99 | |||
| USD Stable | $102m | $102m | +0.92% | $41.82m | 41% | +0.84% | $1 | |||
| Algo Stable | $9.3m | $9.3m | -0.43% | $6.21m | 66.74% | -0.43% | $1.14 | |||
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.
Entity
Legal entityFrax Finance Protocol
Founded2019
Primary chainEthereum
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.
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.
Regulation
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.
Compliance
Of 3 assets
Attested1 of 3
KYC to mint or redeem1 of 1
Allowlisted to holdunknown
Transferable3 of 3
Self custody3 of 3
Redeemable1 of 1
Attestation frequencyContinuous (on-chain) + monthly attestation
Last attestationReal-time on-chain reserves
Fees & revenue
Revenue modelYield Spread + Borrow Spread
ConfidenceIssuer-Disclosed
Mint fee0 bps
Redemption fee0 bps
Float incomeYes
Fees last verified2026-07-09
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.
Milestones
- 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