f(x) Protocol fxUSD

fxUSD is a decentralized stablecoin issued by the f(x) Protocol and designed to maintain a one-to-one peg with the US dollar. It is intended for users who want dollar-denominated stability without relying on a centralized issuer, and it serves as the funding currency for leveraged trading positions on ETH and WBTC within the f(x) ecosystem. The protocol positions it as a scalable alternative to centralized stablecoins, backed by assets such as wstETH and WBTC rather than traditional bank deposits.

fxUSD is minted on Ethereum and exists within the Base ecosystem as well, and new supply is created when traders open leveraged long or short positions on the f(x) Protocol's on-chain trading platform, using those positions as collateral. The stablecoin is backed by liquid staking derivatives and wrapped Bitcoin, with the protocol's mechanism designed to absorb price volatility from the collateral so that fxUSD itself remains close to one dollar. The fully diluted valuation equals the market capitalization, meaning the entire supply of roughly 85,998,804 tokens is already in circulation with no maximum supply cap defined.

The data provided does not include a fee stream, revenue figures, or information about who collects or distributes protocol fees, so no fee-based measures are available on this page. What the data does show is that the stablecoin's circulating supply stood at approximately 85,934,920 tokens at the point-in-time measurement and grew by roughly 25 percent over the trailing 30 days, which reflects expansion of the collateral-backed minting activity rather than any fee income. The 24-hour turnover ratio of 2.26 and the 30-day average turnover ratio of 2.60 describe trading volume relative to market capitalization but do not represent protocol revenue.