Frax USD

Frax USD (frxUSD) is a fiat-redeemable, fully-collateralized stablecoin issued by the Frax Finance Protocol, designed to maintain a one-to-one value with the US dollar. It is intended for people and protocols that need a dollar-denominated digital token they can use across multiple blockchain networks without exposure to price swings. The problem it claims to address is the need for a stable, liquid, and broadly compatible dollar substitute in decentralized finance and at the boundary with traditional financial systems.

Governance-approved entities called enshrined custodians hold cash-equivalent reserves and are the only parties permitted to mint or redeem frxUSD, meaning each token in circulation is backed by an equivalent dollar-denominated reserve asset. The stablecoin exists on several blockchains simultaneously, including Ethereum, Solana, Avalanche, Polygon, Arbitrum, and BNB Chain, with on-chain mechanisms developed by Frax Finance managing stability across those environments. There is no proof-of-work or proof-of-stake consensus algorithm associated with the token itself; settlement depends on whichever blockchain the token is deployed on.

The data stored for Frax USD does not include a fee stream, revenue figures, or protocol earnings, so fee-based measures such as price-to-fees or revenue yield are not available on this page. The 30-day turnover ratio stands at 3.04572 times market capitalization over the trailing 30 days, and the 24-hour turnover is 3.327015, indicating how actively the outstanding supply is being exchanged, but neither figure reflects fees collected. Whether the protocol earns income from reserve management or other sources is not captured in the data held here.