Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesfrxUSD (Frax)
Frax USD (frxUSD) is a US dollar-backed stablecoin issued by Financial Reserves and Asset Exploration Inc. (Frax Inc.), Delaware, launched on January 2, 2025. Regulation: no licence stated; Frax governance proposals say Frax Inc. intends to apply for a US payment stablecoin licence or charter. It is not on ESMA’s list of e-money tokens authorized under MiCA.
- Ticker
- frxUSD
- Issuer
- Financial Reserves and Asset Exploration Inc. (Frax Inc.), Delaware
- Pegged to
- US dollar
- Type
- Fiat-backed
- Launched
- January 2, 2025
- E-money token under MiCA
- No
- Latest reserve report
- Live (September 29, 2026)
- Supply
- 103,276,190 frxUSD
- Supply as of
- September 29, 2026
- Transparency page
- facts.frax.finance
- Checked on
Tokenized cash and Treasury funds, mainly WisdomTree WTGXX ($67.3 million), Superstate USTB ($21.1 million) and BlackRock BUIDL ($15.8 million), plus a bank cash account. Total assets were $106.29 million against $103.28 million of frxUSD on September 29, 2026. Reserve reporting: live on-chain balance sheet. The latest report covers Live (September 29, 2026). Supply: 103,276,190 frxUSD as of September 29, 2026, according to the issuer.
Anyone can mint and redeem 1:1 on Ethereum against USDC or USDB through the custodian contracts, while they hold that asset; whitelisted addresses can also use tokenized funds. A fiat off-ramp runs through FraxNet with identity checks. The issuer lists 26 networks where the token is issued natively: Ethereum, Fraxtal, Arbitrum, Base, Optimism, Polygon, Avalanche, BSC, Solana, Linea, Scroll, Sonic, Sei, Unichain, zkSync, Berachain, Ink, Katana, Monad, Plume, Mode, Aurora, Abstract, Stable, XLayer and Polygon zkEVM.
- Token name
- Frax USD
- Brand
- Frax
- Regulation
- No licence stated; Frax governance proposals say Frax Inc. intends to apply for a US payment stablecoin licence or charter
- Reserves
- Tokenized cash and Treasury funds, mainly WisdomTree WTGXX ($67.3 million), Superstate USTB ($21.1 million) and BlackRock BUIDL ($15.8 million), plus a bank cash account. Total assets were $106.29 million against $103.28 million of frxUSD on September 29, 2026.
- Reserve reporting
- Live on-chain balance sheet
- Latest report
- facts.frax.finance
- Supply, millions of tokens
- 103.3
- Redemption
- Anyone can mint and redeem 1:1 on Ethereum against USDC or USDB through the custodian contracts, while they hold that asset; whitelisted addresses can also use tokenized funds. A fiat off-ramp runs through FraxNet with identity checks.
- Networks (native issuance)
- Ethereum, Fraxtal, Arbitrum, Base, Optimism, Polygon, Avalanche, BSC, Solana, Linea, Scroll, Sonic, Sei, Unichain, zkSync, Berachain, Ink, Katana, Monad, Plume, Mode, Aurora, Abstract, Stable, XLayer, Polygon zkEVM
- Number of networks
- 26
- Website
- frax.com
- Sources
Page URL frxUSD Terms of Service (effective 19 Nov 2025) https://frax.com/frxusd-terms Frax docs: The Frax USD Stablecoin (FIP-432) https://docs.frax.com/protocol/assets/frxusd/frxusd Frax docs: What is frxUSD? https://docs.frax.com/frxusd Frax docs: Mint & Redeem routes and networks https://docs.frax.com/frxusd/mint-and-redeem-routes Frax docs: Fiat on-ramp & off-ramp https://docs.frax.com/frxusd/fiat-onramp-offramp Frax docs: FrxUSDCustodian https://docs.frax.com/fraxnet/contracts/frxUsdCustodians Frax balance-sheet API (latest) https://api.frax.finance/v2/frxusd/balance-sheet/latest Frax Facts frxUSD balance sheet https://facts.frax.finance/frxusd/balance-sheet FIP-432 governance proposal https://gov.frax.finance/t/fip-432-transfer-of-compliance-collateral-management-of-frxusd-to-frax-inc/3748 FIP-430 governance proposal https://gov.frax.finance/t/fip-430-preparation-for-frxusd-payment-stablecoin-charter-compliance/3698 Frax press release, 2 Jan 2025 (launch) https://www.prnewswire.com/news-releases/frax-launches-frxusd-stablecoin-backed-by-the-blackrocks-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-302341497.html ESMA interim MiCA register: e-money token issuers https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv
