Frax

On-chain AUM$332.1m

Platform totals

Live assets3

Chains43

DeFi TVL$89.2m

DeFi TVL / AUM26.86%

Confirmed attestations1 / 3

Primary accessPermissionless (3)

Totals for filtered assets

$331.88m

$89.2m

Assets Rankings

1d7d1m

Name		Marketcap			DeFi			Flows
Name
Frax3 assets		$331.88m	$331.88m	-2.47%	$89.2m	26.88%	-5.85%

About Frax

Frax Protocol is a stablecoin ecosystem combining fractional reserve and algorithmic mechanisms to maintain stability while generating yield for stakeholders. It offers FRAX stablecoin backed by USDC reserves and algorithmic incentives.

Algo StableNon-RWA StablecoinsPermissionless

Website Docs

Profile

Founded: 2019
Primary chain: Ethereum
Parent platform: Frax
Issuer: Frax Finance Protocol

Economics & revenue

Mint fee0 bps

Redemption fee0 bps

Float incomeYes

Revenue confidenceIssuer-Disclosed

Fees last verified2026-07-09

Attestations & milestones

Attestation frequency: Continuous (on-chain) + monthly attestation
Last attestation: Real-time on-chain reserves

2025-07FIP-432 delegates frxUSD compliance and collateral management to Frax Inc as formal issuer
2025-04North Star upgrade renames FXS to FRAX and legacy FRAX to frxUSD
2025-01frxUSD launched backed by BlackRock BUIDL tokenized by Securitize
2023-10FIP-277 onboards FinresPBC as offchain RWA partner
2020-12original FRAX stablecoin launches

Revenue methodology & documents

Revenue model: Yield Spread + Borrow Spread

frxUSD runs at zero mint and redeem fees to drive adoption. Treasury yield on backing is paid to holders who opt in via FraxNet or sfrxUSD staking, with the protocol retaining the spread on non distributed balances.

Issuer registry, regulation & leadership

Founders and leadership

Sam Kazemian — Founder Travis Moore — Co-Founder

Issuer registry

Frax Finance (Frax Finance LLC, US). Decentralized stablecoin protocol issuing FRAX (fractional-algorithmic, since 2024 fully collateralized), frxUSD (yield-bearing), and operating Fraxlend / Fraxswap / Fraxchain. Founded 2020 by Sam Kazemian. FXS governance + FRAX stablecoin.

Regulatory status

frxUSD is governed by the Frax DAO and fully backed by tokenized US Treasury funds held via enshrined custodians including Securitize BUIDL, Superstate USTB, and WisdomTree WTGXX. Under FIP-432 compliance, collateral management, and issuer functions were delegated to Frax Inc, a Delaware public benefit corporation formerly named FinresPBC, positioned as the prospective GENIUS Act charter applicant. No banking or trust charter is currently held.

Entity structure

The protocol is DAO governed onchain while offchain reserves and regulatory interfaces run through Frax Inc, a Delaware public benefit corporation that holds reserves at cost without charging fees to the protocol. Reserve custody is distributed across enshrined custodian contracts tied to regulated tokenized funds. FraxNet is the account layer for minting, redeeming, and earning on frxUSD.

Issuer source