---
title: "Frax Price Index (FPI) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/fpi-frax/"
description: "Build-time stablecoin profile for Frax Price Index (FPI). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-06-03"
---



# Frax Price Index (FPI)

**Peg:** CPI

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

FPI is Frax's CPI-tracking stablecoin backed by FRAX reserves and {{term:amo}}AMO{{/term}}-generated yield — an inflation derivative with single-issuer dependency. Frax Price Index does not peg to a dollar — it pegs to purchasing power, with a {{term:redemption}}redemption{{/term}} price that ratchets upward every second at the trailing 12-month CPI-U rate via Chainlink oracle. That makes it both a stablecoin and an inflation derivative, backed entirely by FRAX reserves and AMO yield, which is exactly the recursive dependency the C- safety grade punishes: FPI's collateral quality is only as good as FRAX itself, and the chain inherits every flaw upstream carries. Liquidity is the other anchor dragging it down — a failing F grade and one of the thinnest markets tracked on Pharos, spread across a handful of DEX pools with no depth to absorb a real exit. A clever idea trapped in a thin market with a single-issuer dependency chain.

## Collateral

FRAX stablecoins held at 100% collateral ratio, with AMOs generating yield; FPIS tokens sold via TWAMM when AMO yield falls below CPI inflation rate

## Peg Mechanism

Redemption price grows on-chain per second at the 12-month US CPI-U rate (BLS data); updated monthly via Chainlink oracle; 100% collateral ratio maintained via AMOs

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| United States | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x5ca135cb8527d76e932f34b5145575f9d8cbe08e` | 18 |
| fraxtal | `0xfc00000000000000000000000000000000000003` | 18 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/fpi-frax.