Legacy Frax Dollar (FRAX) stablecoin analytics
Answer First
What is Legacy Frax Dollar (FRAX)?
FRAX is Frax's dollar stablecoin, backed by protocol-owned stable liquidity, tokenized cash/T-bill/MMF assets, and strategy exposure. The static profile records its US Dollar peg mechanism as: AMO smart contracts maintain ≥100% collateral ratio; peg tracked via Chainlink oracles and governance-approved USD reference rates; defended by recollateralization through RWA purchases and on-chain AMO rebalancing
Is FRAX safe?
FRAX holds a C Safety Score grade (55/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Legacy Frax Dollar uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
Static Profile
Static stablecoin profile
Legacy Frax Dollar (FRAX) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar.
AI summary / Updated Sep 7, 2026
FRAX abandoned its fractional-algorithmic origins to become a tokenized T-bill basket, and the balance sheet now leans on WisdomTree WTGXX, Superstate USTB, BlackRock BUIDL, and a small Ethena strategy sleeve alongside a large block of Frax-owned FRAX, frxUSD, and sFRAX liquidity. That last block is the problem the report card keeps flagging: backing is the weakest of the three pillars, with a sizeable share of the reserve in the protocol's own paper and an issuer that publishes self-reported USD values with no...
AI summary · drafted by claude-fable-5-1 · facts as of Sep 7, 2026
Sources: Frax balance-sheet API
- Collateral
- Frax balance-sheet assets include protocol-owned FRAX, frxUSD, sFRAX, and sfrxUSD liquidity; tokenized cash, T-bill, and money-market assets such as WTGXX, USTB, and BUIDL; plus smaller USDe and other strategy or volatile exposures.
- Peg Mechanism
- AMO smart contracts maintain ≥100% collateral ratio; peg tracked via Chainlink oracles and governance-approved USD reference rates; defended by recollateralization through RWA purchases and on-chain AMO rebalancing
- Jurisdiction
- United States
- Proof Of Reserves
- No proof-of-reserves entry in the static profile.
Next Actions
Exact bot target: /subscribe dews,depeg,safety frax-frax
Source: checked-in StablecoinMeta profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier below; the summary above was last updated Sep 7, 2026.
FRAX quick answers
What is Legacy Frax Dollar (FRAX)?
FRAX is Frax's dollar stablecoin, backed by protocol-owned stable liquidity, tokenized cash/T-bill/MMF assets, and strategy exposure. The static profile records its US Dollar peg mechanism as: AMO smart contracts maintain ≥100% collateral ratio; peg tracked via Chainlink oracles and governance-approved USD reference rates; defended by recollateralization through RWA purchases and on-chain AMO rebalancing
Is FRAX safe?
FRAX holds a C Safety Score grade (55/100) in Pharos's latest published rating — a middle-tier grade that meets baseline expectations but carries meaningful weaknesses, so Pharos does not consider it clearly safe. Static metadata says Legacy Frax Dollar uses a CeFi-Dependent governance model and Real-World Asset Backed backing, with live reserve feed configured; the main caveat is that freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Treat the live peg, liquidity, reserve, dependency, and Safety Score sections below as the current risk read.
What backs FRAX?
Pharos classifies FRAX backing as Real-World Asset Backed. Collateral, per the static profile: Frax balance-sheet assets include protocol-owned FRAX, frxUSD, sFRAX, and sfrxUSD liquidity; tokenized cash, T-bill, and money-market assets such as WTGXX, USTB, and BUIDL; plus smaller USDe and other strategy or volatile exposures. Reserve evidence: live reserve feed configured.
Can FRAX be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, freeze exposure is inherited through upstream collateral, custody, or wrapper dependencies. Live freeze and blacklist events for FRAX, when applicable, appear in the dossier below.
