f(x) Protocol fxUSD

fxUSD is a decentralized stablecoin issued by the f(x) Protocol and designed to maintain a value of one US dollar. It is intended for users who want dollar-denominated stability without relying on a centralized issuer, and it is backed by liquid staking derivatives such as wstETH and WBTC. The protocol positions fxUSD as the funding layer for on-chain leveraged trading of ETH and WBTC, with a goal of generating yield for stablecoin holders as a byproduct of that leverage activity.

fxUSD is minted when traders open leveraged long or short positions on ETH or WBTC through the f(x) Protocol, meaning the stablecoin supply expands as demand for leverage grows. The collateral backing it — wstETH and WBTC — sits in the protocol's on-chain contracts on the Ethereum and Base ecosystems, and the staking yield from wstETH is meant to flow through to stablecoin holders. There is no standalone consensus algorithm; fxUSD inherits the security of whatever underlying chain its contracts are deployed on.

The data stored for fxUSD does not include a fee revenue figure, so no fee-based measures such as protocol income or fee yield can be reported here. What is recorded is that the circulating supply stood at 83,151,592.75 tokens at the point-in-time reading, with a 30-day supply change of approximately 0.92 percent. The fully diluted value equals the market capitalization, with an fdv-to-mcap ratio of 1.0, because there is no maximum supply cap and all issued tokens are already in circulation, leaving zero dilution overhang.