Frax Staked frxUSD

Frax Staked frxUSD (sfrxUSD) is a yield-bearing stablecoin built on the Ethereum ecosystem and several compatible networks, designed for holders of frxUSD who want to earn a return without actively managing positions. It addresses the problem of idle stablecoin capital by automatically routing deposits into one of three governance-approved yield strategies. The target audience is anyone who holds frxUSD and wants on-chain yield without rebasing complexity or exit fees.

sfrxUSD is implemented as an ERC-4626 vault token, meaning it represents a share of a pool of frxUSD that grows over time as yield accrues. Rather than adjusting each holder's token balance, the exchange rate between sfrxUSD and frxUSD increases continuously, so one sfrxUSD becomes redeemable for progressively more frxUSD. The protocol selects among three strategies — carry-trade positions, algorithmic market operations, and interest earned on reserve balances or Treasury bills — picking whichever the governance process has approved as offering the best return at a given time.

The yield that accrues to sfrxUSD holders comes from the returns generated by the underlying strategies — carry trades, AMOs, and short-duration government-rate instruments — rather than from a discrete protocol fee charged to users. There is no unstaking fee when redeeming sfrxUSD back to frxUSD, and the data records no separate fee stream directed to the protocol itself. Because no fee revenue figures are stored for this asset, fee-based measures such as price-to-fees ratios are not applicable here. The circulating supply stands at approximately 27,205,130 tokens as of the point-in-time reading, with 100 percent of supply already in circulation and no additional supply overhang.