FRXUSD Frax USD Rank #254

Frax USD (FRXUSD) is a stablecoin issued within the Frax Finance Protocol, an onchain financial system focused on decentralized money and collateral management. The token is designed to maintain a one-to-one value with the United States dollar, positioning it as a fiat-redeemable, fully-collateralized digital asset. Its reserves consist of cash and cash-equivalent instruments held by governance-approved enshrined custodians, who are responsible for the minting and redemption of FRXUSD. What distinguishes FRXUSD from purely algorithmic stablecoins is its hybrid model. While the underlying reserves are managed offchain by trusted custodians, advanced onchain mechanisms developed by the protocol are layered on top to support stability, security, and composability across the broader decentralized finance landscape. FRXUSD is deployed across a wide range of blockchain networks, including Ethereum, Base, Arbitrum, Optimism, Polygon, BNB Chain, Avalanche, Solana, Linea, Scroll, zkSync, Sei, Berachain, Sonic, Fraxtal, Movement, and several other ecosystems. This broad multi-chain presence makes it accessible to a wide variety of users and applications spanning both DeFi and traditional financial use cases.