Live · updated 5 minutes ago
Frax USD Price chart
Key stats
Performance
How the price moved over each period.
Supply
95.51M FRXUSD circulate. No maximum supply is set.
- Circulating
- 95.51M
- Total supply
- 95.53M
- Max supply
- No max supply
ⓘ Circulating · Total supply · Max supply
Circulating supply: coins currently available to trade, as reported by the data provider.
Total supply: coins created so far, minus any burned. It includes locked or not-yet-released coins.
Max supply: the hard cap on coins that can ever exist. Shown as “No max supply” when the protocol sets no cap.
CryptoWave Health score
Five measurable signals. Each ring segment’s length is its weight; how full it is shows the score.
Volume is 3.98% of market cap. Normal turnover for its size.
$95.49M market cap, rank #274. Bigger is harder to push around.
100% of the total supply circulates. Little dilution ahead.
8.1% below its all-time high of $1.09.
Largest recent swing: 0.02% a day. Calm.
Describes market structure today. Not a price forecast and not investment advice.
How this score is calculated
A weighted average of five signals computed from the market data on this page. Each signal is scored from 0 to 100:
- Liquidity (25%): 24-hour trading volume divided by market cap.
- Market depth (25%): market cap, on a logarithmic scale from $10 million to $1 trillion.
- Supply (15%): circulating supply divided by max supply, or by total supply when there is no cap. More supply already in circulation scores higher.
- Distance from peak (15%): the current price compared with the all-time high.
- Stability (20%): the largest recent price swing among the 1-hour move (×3), the 24-hour move and the 7-day move (÷2.6).
Bands: 75 and above strong, 55–74 fair, 35–54 weak, below 35 fragile.
Limits: the score describes current market structure only. It is not a price forecast, an audit or investment advice, and it does not consider the team, code or token unlocks. A missing input counts as a neutral 50.
Time machine
Drag the date. See what a one-off buy or a regular buy would be worth today. Real daily closing prices, fees not included.
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What is Frax USD (FRXUSD)?
Frax USD, written frxUSD, is a dollar stablecoin issued through the Frax Protocol. It was introduced in early 2025 as the evolution of Frax Finance's original FRAX stablecoin, founded by Sam Kazemian. Frax's own documentation describes it as a fiat-redeemable, fully collateralized stablecoin.
Frax Finance is one of the longer-running stablecoin projects in DeFi, and the move to frxUSD aimed at direct fiat redemption and closer alignment with U.S. financial rules.
Older descriptions call it an algorithmic, fractional-reserve coin. That no longer fits. frxUSD is backed one-to-one by cash-equivalent reserves.
How frxUSD works
The Frax DAO owns and controls the protocol. Under proposal FIP-432, the DAO delegated issuer-level compliance and collateral management for frxUSD to Frax Inc, a public-benefit corporation. Frax Inc manages custodians and reserves, coordinates audits, oversees KYC and KYB checks, and runs fiat redemption. Surplus issuer revenue goes to the DAO treasury.
Minting works through enshrined custodians:
- A custodian is a real-world entity that can mint frxUSD one-to-one against $1.00 of reserves it holds.
- When frxUSD is burned, the custodian releases the matching reserves.
- Each custodian has a mint cap and its own contract, and anyone can interact with those contracts, although the reserve asset may carry its own whitelist.
Direct minting and fiat redemption involve KYC or KYB checks run by Frax Inc, so many holders acquire frxUSD on exchanges or through DeFi rather than from the issuer.
Permitted reserves include tokenized U.S. Treasury funds such as BlackRock's BUIDL, held with regulated custodians. A staked version, sfrxUSD, is also part of the ecosystem.
FRXUSD supply and token design
frxUSD has no fixed cap. Supply expands when custodians mint against reserves and contracts when tokens are burned. Live circulating supply is shown in the market data on this page. The token is deployed on Ethereum and on many other networks, including Arbitrum, Fraxtal, Sonic and Polygon, with a different contract address on each. Copy addresses only from the official Frax documentation.
Official information is on frax.com.
What to check before using FRXUSD
- Custodian and issuer risk. Redemption depends on Frax Inc and on the custodians holding collateral. The documentation does not guarantee redemption for a specific asset or custodian.
- Reserve asset risk. Backing includes tokenized funds that may have their own transfer restrictions, whitelists or redemption terms.
- Depeg risk. Market prices can move away from one dollar during stress or when liquidity on a chain is thin.
- Cross-chain risk. Bridged or multi-chain versions add bridge and contract risk. Check which version you hold.
- Not the old FRAX. Details published before the rebrand may describe the earlier design.
Frax USD project profile
- Open source
- Yes
- Hardware wallet support
- Yes
Token contracts
- Ethereum:
0xcacd6f…586e29 - Arbitrum One:
0x80eede…d600df - Plume Network:
0x80eede496655fb9047dd39… - Unichain:
0x80eede496655fb9047dd39… - Sonic:
0x80eede496655fb9047dd39… - Mode:
0x80eede496655fb9047dd39… - Fraxtal:
0xfc00000000000000000000… - Polygon:
0x80eede…d600df
Always confirm links on the project's own official channels before connecting a wallet or sending funds.
Frax USD market analysis
With a market capitalisation of $95.49 million, Frax USD (FRXUSD) is classed as a micro-cap asset and ranks #274 of 406 cryptocurrencies with a reported market cap on CryptoWave, larger than about 32.5% of them. It accounts for roughly under 0.01% of the combined tracked market value. Micro-cap assets are thinly traded in most cases: a modest order can move the price and spreads are often wide.
Over the last 24 hours roughly $3.80 million of FRXUSD changed hands, equal to 3.98% of its market cap, which puts its trading volume ahead of about 49.5% of tracked assets. That is a moderate, fairly typical level of turnover. Its turnover ratio is higher than that of about 66% of tracked assets.
Price action: FRXUSD moved −0.02% in 24 hours and −0.01% over 7 days. It outperformed Bitcoin by 2.16 percentage points over 24 hours and by 3.58 points over 7 days. Against the median tracked coin (ahead by 1.98 points on the day and ahead by 4.49 points on the week), it has been a relative strength in recent sessions.
To overtake Apollo Diversified Credit Securitize Fund (ACRED) just above it, Frax USD would need to grow its market cap by about 0.0%; it is 0.5% larger than Prom (PROM) just below. Its market cap is under 0.01% of Bitcoin's.
Based on market data; not investment advice.
Frax USD FAQ
What is Frax USD?
Frax USD (frxUSD) is a fiat-redeemable stablecoin issued through the Frax Protocol and backed one-to-one by cash-equivalent reserves held with regulated custodians.
Who created frxUSD?
It comes from Frax Finance, founded by Sam Kazemian, and was introduced in early 2025 as the evolution of the FRAX stablecoin. Frax Inc handles issuer compliance on behalf of the Frax DAO.
What backs frxUSD?
Reserves are cash equivalents such as tokenized U.S. Treasury funds, including BlackRock's BUIDL, held with regulated custodians.
How many frxUSD are there?
There is no fixed cap. Supply changes as custodians mint and burn. Live circulating supply is shown in the market data on this page.
Price history
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