Frax Staked frxUSD

Frax Staked frxUSD (sfrxUSD) is a yield-bearing stablecoin built on the Ethereum blockchain and several other networks, designed for people who want to hold a dollar-pegged asset while earning a return on it. It addresses the problem that ordinary stablecoins sit idle, generating no income for their holders. The intended users are individuals or protocols that want stablecoin exposure combined with an onchain yield without locking up funds or paying an exit fee.

sfrxUSD is implemented as an ERC-4626 tokenized vault, meaning it wraps the underlying stablecoin frxUSD and continuously accrues value relative to it so that each sfrxUSD becomes redeemable for a growing amount of frxUSD over time. The vault does not rebase — the token balance in a holder's wallet stays fixed while its redemption rate rises. Yield is generated by rotating among three governance-approved strategies: carry-trade positions, algorithmic market operations, and the Interest on Reserve Balances or T-Bill rate, whichever is currently most favorable.

The yield sfrxUSD distributes flows from external sources — carry trades, market operations, and money-market rates — rather than from protocol fees charged to users. The data provided does not include a discrete fee figure, so no fee-based measures such as fee revenue or fee yield are available on this page. Because the protocol charges no unstaking fee and no explicit usage fee is recorded here, the standard fee-stream metrics that this site tracks for other assets are not applicable to sfrxUSD in its current form.