Profile
FRXUSD profile facts
Frax USD (FRXUSD) static profile: governance model CeFi-Dependent; backing model Real-World Asset Backed; peg US Dollar.
- Collateral
- Tokenized cash-equivalent reserves held by governance-approved enshrined custodians, each of which mints and redeems frxUSD against its backing asset subject to caps and fees. The official balance sheet at 2026-10-01T07:43:47Z reports WTGXX, USTB, BUIDL, Agora AUSD, USDC, a small Bridge USDB balance, and the Erebor Bank FBO frxUSD reserve account. WTGXX is held both in the redemption contract and in Frax Inc's BitGo Trust Account. Governance approval alone does not establish a current balance for other eligible assets.
- Peg mechanism
- 1:1 mint and redemption through governance-approved enshrined custodians; each custodian holds provable on-chain reserves and can mint or burn frxUSD 1:1; redeemable from any custodian with available collateral
- Jurisdiction
- United States
- Proof of reserves
- Real-Time PoR by Frax issuer reserve index; Chaos Labs monitoring historical, current whole-book coverage unverified Reserve source
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
FRXUSD quick answers
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What is Frax USD (FRXUSD)?
frxUSD is Frax's tokenized-T-bill-backed dollar, minted 1:1 by governance-approved custodians holding BUIDL, USTB, WTGXX, and other tokenized cash-equivalents. The static profile records its US Dollar peg mechanism as: 1:1 mint and redemption through governance-approved enshrined custodians; each custodian holds provable on-chain reserves and can mint or burn frxUSD 1:1; redeemable from any custodian with available collateral.
Is FRXUSD safe?
As of Oct 24, 2026, Pharos grades FRXUSD B- (65/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and any holder can use its reviewed redemption route. That grade is in the Score's upper band, which does not rule out losses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs FRXUSD?
Pharos records FRXUSD's reserves as of Oct 1, 2026 as 64.2% WTGXX (WisdomTree Government Money Market), 18.2% USTB (Superstate tokenized T-bills), 15.1% BUIDL (BlackRock tokenized T-bills), and 4 smaller holdings. Reserve evidence: Real-Time PoR. Pharos classifies the backing as Real-World Asset Backed.
Can FRXUSD be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded. Live freeze and blacklist events for FRXUSD, when applicable, appear in the live dossier on this page.
How do you redeem FRXUSD?
Under the route Pharos reviewed on Mar 23, 2026, any holder can redeem FRXUSD for USDC. Redemption settles atomically on-chain. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.
