About Frax USD
Frax USD (ticker: FRXUSD) is a fiat-redeemable, fully collateralized stablecoin issued by the Frax Protocol, used as a digital dollar for payments and DeFi settlement. Sam Kazemian, Travis Moore, and Jason Huan announced the project in May 2019 under the name Decentral Bank, and Frax Finance launched on Ethereum mainnet on December 20, 2020. Frax USD was introduced as the protocol's primary stablecoin in January 2025, a rebrand and continuation of the earlier stablecoin offering. Its design combines on-chain protocol mechanisms with governance-approved custodians that mint and redeem tokens against cash-equivalent reserves, including tokenized U.S. Treasury funds. The token carries the ticker FRXUSD and is used for holding, transferring, and settling value across blockchains and DeFi applications; governance within the broader Frax ecosystem is handled separately by the FRAX token. FRXUSD maintains a peg to the U.S. dollar and has no fixed maximum supply, with total supply reported at roughly 110 to 114 million tokens as of late 2026. It is a general-purpose dollar-denominated asset designed for use across multiple blockchain networks.
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A sourced map of Frax USD's relationships is on the way.
Partners, competitors and related assets, each link independently verified and source-linked before it appears here.
The Crypto Briefing podcast is on the way.
Conversations on Frax USD and the wider market, hosted by our team, will appear here once episodes are live.