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



# fxUSD (fxUSD)

**Peg:** US Dollar

**Backing:** Crypto-Collateralized

**Governance:** CeFi-Dependent

**Status:** active

## Overview

fxUSD is f(x) Protocol's {{term:cdp}}CDP{{/term}}-minted dollar {{term:overcollateralization}}overcollateralized{{/term}} by WBTC and wstETH, with a Stability Pool arbitraging Curve to defend the peg. f(x) Protocol turns leveraged long positions into peg defense: xPOSITION NFTs represent looped exposure to WBTC (58%) and wstETH (42%), while fxUSD holders get the stable side of the trade. The safety grade has slipped to B — still respectable for an $18M crypto-backed stablecoin, but no longer the standout it once was, with WBTC's BitGo/Coinbase custody dragging on an otherwise clever design. It earns its keep through an 89-rated atomic {{term:redemption}}redemption{{/term}} backstop with a 50 bps fee and a Stability Pool that actively arbitrages the USDC/fxUSD Curve pool. Dozens of brief depeg blips, the worst a 291 bps positive deviation, show the mechanism wobbles but recovers. The 3.61% yield from the Stability Pool carries a 0.20 yield-to-risk ratio, the best compensation-per-unit-of-risk among comparable tracked crypto-backed coins. Primary-coverage DEX liquidity is concentrated at 0.52 HHI, meaning one pool failure would gut exit capacity. A clever design that works until vol overwhelms the leverage.

## Collateral

WBTC (majority) and wstETH deposited as collateral into f(x) Protocol CDP vaults; xPOSITIONs represent looped leveraged positions as NFTs; fully overcollateralized; WBTC custody by BitGo/Coinbase introduces centralized dependency

## Peg Mechanism

CDP-style with overcollateralization and liquidations; f(x) Protocol Stability Pool arbitrages the USDC/fxUSD Curve pool to defend the peg; two yield strategies: (1) Curve LP with FXN gauge, (2) Stability Pool with wstETH real yield, fxSAVE autocompound, or FXN gauge; fxUSD redeemable at oracle price for underlying collateral when below peg; automatic rebalancing and liquidation of under-collateralized positions

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x085780639cc2cacd35e474e71f4d000e2405d8f6` | 18 |
| base | `0x55380fe7a1910dff29a47b622057ab4139da42c5` | 18 |

## Live Data

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