---
title: "Staked FRAX (sFRAX) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/sfrax-frax/"
description: "Build-time stablecoin profile for Staked FRAX (sFRAX). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-10-02"
---



# Staked FRAX (sFRAX)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** CeFi-Dependent

**Status:** active

## Overview

sFRAX is the savings share for legacy FRAX, distinct from the newer sfrxUSD wrapper over frxUSD. Frax distributes protocol-funded FRAX rewards through a linear ERC-4626 exchange rate, with an IORB-linked yield target that is not guaranteed. The reviewed vault holds the underlying FRAX directly, while the reward source and reserve risks remain on the Frax balance sheet. A parameter-control Safe can change the reward distribution cap, and no actual execution delay was demonstrated for that administrator. Holders redeem into FRAX at the current pro-rata rate rather than obtaining a direct claim on Treasuries or a guaranteed dollar cash exit.

## Collateral

Legacy FRAX held by the StakedFrax vault, including protocol-funded FRAX rewards; Frax reserve and yield-source exposure remains upstream

## Peg Mechanism

Deposit legacy FRAX to mint ERC-4626 shares and redeem for the current pro-rata FRAX amount. Weekly protocol-funded FRAX rewards are distributed linearly subject to an administrator-set cap; the IORB yield target is not guaranteed.

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0xa663b02cf0a4b149d2ad41910cb81e23e1c41c32` | 18 |

## Live Data

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