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



# Frax (FRAX)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

FRAX abandoned its {{term:algorithmic}}fractional-algorithmic{{/term}} origins to become a tokenized {{term:treasury}}T-bill{{/term}} basket — clean reserves, scarred history, awkward middle ground. Frax abandoned its pioneering fractional-reserve algorithm and went full TradFi: the balance sheet is now anchored by Superstate USTB and WisdomTree WTGXX as the primary tokenized-Treasury slices, with additional exposure through Ethena's USDe / Convex strategy positions and Frax-owned intra-protocol tokens like sFRAX and sfrxUSD. The reserve reads like an institutional allocation, yet the C+ safety grade and a long tail of brief sub-peg blips — including a worst-case deviation of 1,220 bps below peg — remind you this is still a coin that has lived through real crises. At $274M circulating and rarely far from the calmer end of the stress scale, FRAX sits in an uncomfortable middle: too decentralized-dependent for institutional comfort, too TradFi-backed for DeFi purists. A wide spread of DEX pools sounds impressive until the concentration math and a merely passable C liquidity grade undercut it. The yield via Vesper lending barely compensates for that ambiguity — you are not being paid enough to sit on a C+ coin whose dependency grade is the weakest part of the report card.

## 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

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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x853d955acef822db058eb8505911ed77f175b99e` | 18 |
| arbitrum | `0x17fc002b466eec40dae837fc4be5c67993ddbd6f` | 18 |
| optimism | `0x2e3d870790dc77a83dd1d18184acc7439a53f475` | 18 |
| polygon | `0x45c32fa6df82ead1e2ef74d17b76547eddfaff89` | 18 |
| avalanche | `0xd24c2ad096400b6fbcd2ad8b24e7acbc21a1da64` | 18 |
| bsc | `0x90c97f71e18723b0cf0dfa30ee176ab653e89f40` | 18 |
| fantom | `0xdc301622e621166bd8e82f2ca0a26c13ad0be355` | 18 |
| moonriver | `0x1a93b23281cc1cde4c4741353f3064709a16197d` | 18 |
| polygon-zkevm | `0xff8544fed5379d9ffa8d47a74ce6b91e632ac44d` | 18 |
| moonbeam | `0x322e86852e492a7ee17f28a78c663da38fb33bfb` | 18 |
| boba | `0x7562f525106f5d54e891e005867bf489b5988cd9` | 18 |
| aurora | `0xe4b9e004389d91e4134a28f19bd833cba1d994b6` | 18 |
| fraxtal | `0xfc00000000000000000000000000000000000002` | 18 |
| harmony | `0xfa7191d292d5633f702b0bd7e3e3bccc0e633200` | 18 |

## Live Data

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