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



# Frax USD (FRXUSD)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

frxUSD is Frax's tokenized-{{term:treasury}}T-bill{{/term}}-backed dollar minted 1:1 by approved custodians — a {{term:rwa}}RWA{{/term}} do-over without legacy FRAX's depeg history. Where legacy FRAX racked up hundreds of depeg events and a C grade, frxUSD launched clean and reserves it with tokenized cash-equivalents: WisdomTree WTGXX and Superstate USTB split the bulk roughly down the middle, BlackRock BUIDL fills out most of the rest, and a residual sliver of tokenized deposits rounds it off, earning a B safety grade with only a handful of brief depeg blips so far. Atomic {{term:redemption}}redemption{{/term}} through enshrined {{term:custody}}custodians{{/term}} gives it one of the strongest exit routes in crypto-native stablecoins, and liquidity is genuinely diversified across two dozen-plus chains rather than concentrated on a single venue. The sfrxUSD staking wrapper passes through reserve yield — modest but honest, never the headline. The catch is dependency: a C- on that axis reflects how much frxUSD leans on a small set of tokenized money-market issuers, and the centralized-dependent governance means Frax DAO retains the keys to custodian approvals — the one thread connecting this otherwise institutional-grade product to its wilder ancestry.

## Collateral

Tokenized cash-equivalent reserves held by governance-approved enshrined custodians: BlackRock BUIDL (U.S. Treasuries/repos via Securitize), Superstate USTB (T-bills) and USCC (U.S. government securities), Centrifuge JTRSY (T-bills), WisdomTree WTGXX (U.S. government money market), Agora AUSD, and Circle USDC; each custodian mints and redeems frxUSD 1:1 against reserves they hold on-chain

## 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

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

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xcacd6fd266af91b8aed52accc382b4e165586e29` | 18 |
| arbitrum | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| base | `0xe5020a6d073a794b6e7f05678707de47986fb0b6` | 18 |
| optimism | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| polygon | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| avalanche | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| bsc | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| solana | `GzX1ireZDU865FiMaKrdVB1H6AE8LAqWYCg6chrMrfBw` | 9 |
| aptos | `0xe067037681385b86d8344e6b7746023604c6ac90ddc997ba3c58396c258ad17b` | 6 |
| sonic | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| linea | `0xc7346783f5e645aa998b106ef9e7f499528673d8` | 18 |
| scroll | `0x397f939c3b91a74c321ea7129396492ba9cdce82` | 18 |
| blast | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| mode | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| zksync | `0xea77c590bb36c43ef7139ce649cfbcfd6163170d` | 18 |
| plume | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| unichain | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| ink | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| sei | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| berachain | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| katana | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| fraxtal | `0xfc00000000000000000000000000000000000001` | 18 |
| aurora | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| polygon-zkevm | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |
| xlayer | `0x80eede496655fb9047dd39d9f418d5483ed600df` | 18 |

## Live Data

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