Frax Staked frxUSD

Frax Staked frxUSD (sfrxUSD) is a yield-bearing stablecoin built on the Ethereum ecosystem and deployed across several other networks including Arbitrum, Fraxtal, Sonic, and others. It is designed for holders of frxUSD, the Frax protocol's fiat-backed stablecoin, who want to earn a return on that position without giving up the ability to redeem their underlying tokens. The token addresses the common tradeoff between holding a stable asset and generating yield by combining both functions into a single ERC4626-standard token.

When a user deposits frxUSD into the sfrxUSD contract, they receive sfrxUSD tokens that are not rebasing, meaning the token balance itself does not change; instead, each sfrxUSD becomes redeemable for a gradually increasing amount of frxUSD as yield accrues. The yield comes from one of three governance-approved strategies — carry-trade, algorithmic market operations, or the Interest on Reserve Balances and T-Bill rate — with the protocol selecting whichever of the three is highest at any given time. There is no unstaking fee and no price impact when redeeming sfrxUSD back for frxUSD.

The data provided does not include an explicit fee rate or fee revenue figure, so no fee-based measures are available on this page. The protocol's yield mechanism derives returns from external strategies rather than from transaction fees charged to users, meaning the economics are driven by the performance of those underlying strategies. The circulating supply stands at approximately 31,256,437 sfrxUSD at the point-in-time measurement, against a market capitalisation of 38,026,065 USD, and the fully diluted valuation to market cap ratio of 1.000048 indicates that virtually all tokens that will ever exist are already in circulation, given that no maximum supply is recorded.