f(x) Protocol fxUSD

fxUSD is a decentralized stablecoin issued by the f(x) Protocol and designed to maintain a value close to one US dollar. It is intended for users who want dollar-denominated stability without relying on a centralized issuer, and it is backed by wrapped staked ETH and wrapped Bitcoin rather than fiat held at a bank. The protocol also uses fxUSD to provide liquidity that fuels leveraged trading positions on ETH and WBTC within its own platform.

fxUSD is minted on the Ethereum and Base networks when users deposit collateral — specifically wstETH and WBTC — into the f(x) Protocol's smart contracts. Those collateral positions back the leverage products the protocol offers, so the stablecoin supply grows as a byproduct of traders taking leveraged exposure rather than through a separate minting process. The token has no consensus algorithm of its own; it exists purely as a smart-contract-issued asset that settles on the underlying blockchains.

The data stored for fxUSD does not include a fee revenue stream, so fee-based measures such as protocol earnings or fee yield cannot be calculated from the information on this page. The circulating stablecoin supply stood at 70,602,803.5 tokens at the point-in-time measurement, and that figure grew roughly 9.9 percent over the trailing 30 days, which reflects the pace at which new collateral is being deposited rather than any fee income. Users interacting with the leverage platform may encounter costs within the protocol, but those figures are not present in the stored data.