Verify what backs a stablecoin
DIA Value computes intrinsic fair value for stablecoins from reserves and on-chain data, so backing and peg health can be verified.
Supply across all stablecoins
All 3 stablecoins combined. At least this much: 7 of 9 chains read
Share of total stablecoin supply
#21 of 98 issuers by supply
Stablecoins issued
median issuer: 1
Chains
read onchain, #16 of 98 issuers; 9 with material supply
Share of supply in lending
lower bound; above the median issuer (3.2%)
Founded
DeFi protocol issuing the frxUSD dollar stablecoin, the Legacy Frax Dollar and the FPI inflation-pegged unit.
What sets it apart
Frax Finance splits issuance between a DAO and a company. The Frax DAO governs the protocol. Under FIP-432, posted on 7 July 2025, the DAO delegated issuer-level compliance and collateral management for frxUSD to Frax Inc, a public benefit corporation. The proposal says Frax Inc keeps only enough income to cover operating and regulatory costs. Surplus profit from frxUSD goes to the DAO treasury. The DAO can revoke or reassign the delegation by a later vote.
The entity and the business
Frax's governance records name the company as Financial Reserves and Asset Exploration Inc, incorporated in Delaware as a public benefit C corporation and now operating as Frax Inc. Frax's documentation lists a wider product set around its USD stablecoins: frxETH liquid staking, the Fraxlend lending market, the Fraxswap exchange, FXB bonds and the Fraxtal blockchain. FIP-428, from March 2025, renamed the FXS governance token to FRAX and made FRAX the native gas token of Fraxtal.
Sources: FIP-432: Transfer of compliance and collateral management of frxUSD to Frax Inc (Frax governance forum), FIP-277: Onboard FinresPBC as FRAX v3's Offchain RWA Partner (Frax governance forum, Delaware incorporation), FIP-430: Preparation for frxUSD payment stablecoin charter compliance (Frax governance forum, renaming to Frax Inc), Frax documentation, FRAX overview, FIP-428: Frax North Star proposal v2 (Frax governance forum)
All 3 stablecoins Frax issues, largest first.
Summed across all 3 stablecoins Frax issues, each dollar counted once. FRAX is 56.7% of the total. Over 30 days, DeFiLlama's circulating supply of these stablecoins changed -7.9%, against -3.2% for all stablecoins on the map.
Supply of every coin Frax issues, summed by chain from DIA's own totalSupply() reads of the verified contracts. Each coin's tokens are converted to dollars at DIA's price for that coin, or split pro rata from its market figure where DIA has no price, so coins in different currencies can share one column. Wrapped coins are left out: their supply is already inside the coin they wrap. Each chain shows the same amount as the chain row on each coin's own page.
Not circulating is supply the chain rows carry that the coins' own totals leave out, such as tokens an issuer holds unissued where no per-chain treasury read places them, or tokens held in a bridge escrow. With it taken off, the rows add up to the total. Shares are of the chain rows before it is taken off.
$220.9M
Read on 7 chains, all in the total
Ethereum94%$311.7M
Fraxtal5%$15.9M
Sonic<1%$934.3K
Optimism<1%$466.1K
Solana<1%$350.1K
Base<1%$329.9K
Polygon<1%$309.9KIn DIA's latest read, the 2 stablecoins Frax issues with a peg reading sit within 89 bps of their peg. FRAX's typical daily move over the last 90 days was 7.6 bps.
Today is DIA's latest daily read of each stablecoin's price against one unit of its peg currency, in basis points: 100 bps is 1% away from the peg, above (+) or below (-).
Typical daily move is the standard deviation of the daily gap between the price and the peg over the last 90 days. Largest move is the single day in the last 12 months furthest from the peg. Both come from daily closes at 00:00 UTC (DeFiLlama, with CoinGecko where DeFiLlama has no price) and match the figures on each stablecoin's own page.
Attestation cadence is how often an independent accountant's report covers the reserves, where one is published. A stablecoin with none shown has no cadence published.
Stablecoins whose value rises by design, such as savings wrappers, have no peg figures. Their price is a yield curve, not a peg.
| Stablecoin | Today | 90d | Largest | Attestation |
|---|---|---|---|---|
| −89 bps (−0.89%) | 7.6 bps | −328 bps (−3.28%) | ||
 frxUSDUSD | +1 bps (+0.01%) | 3.0 bps | +17 bps (+0.17%) | Continuous proof of reserves |
$38.1M supplied to 33 lending markets on 5 protocols, summed across all 3 stablecoins Frax issues. That is 17.2% of their onchain supply; the median across 44 issuers in lending markets is 3.2%. Yield pools live on each stablecoin's own page.
Lower bound: the balance of every Frax coin inside lending markets DIA reads onchain directly, summed. Coins that rebase or wrap another coin are left out, so the balance and the share count the same coins. The figure is gross: most of it is on loan, and borrowed stablecoins can be deposited again. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track.
Share of issued supply is that balance over the onchain supply of all the coins Frax issues, a coin with no lending market included. Coins that rebase or wrap another coin are outside both sides: a rebasing balance moves by contract, and a wrapper's supply is already inside the coin it wraps.
Source: DIA's own reads of each lending contract. Balances, supply rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000, or pinned at full utilisation with runaway interest is left out.
Supply APY and borrowed are averages weighted by each market's balance, over the markets that report them: 100% of the balance for the APY, 100% for borrowed. Borrowed is the share of supplied stablecoins now on loan.
$38.1M
supplied to 33 lending markets on 5 protocols, from 2 of Frax's 3 coins
80%
Borrowed
share of supplied stablecoins now on loan
17.21%
Average supply APY
weighted by the balance in each market
73%$27.7MEthereumfrxUSD$27.7M3.30%85%22%$8.5MEthereumfrxUSD / sfrxETH$4.6M3.98%75%EthereumFRAX / WBTC$1.0M475.31%65%EthereumFRAX / sfrxETH$802K14.82%86%EthereumfrxUSD / sfrxUSD$625K0.78%20%EthereumfrxUSD / WFRAX$453K2.04%45%EthereumFRAX / FXB_20261231No withdrawable balance$354K16.05%100%EthereumfrxUSD / WBTC$219K3.47%67%EthereumfrxUSD / sUSDe$210K2.74%56%EthereumfrxUSD / scrvUSD$60K<0.01%<1%EthereumFRAX / CRV$40K940.13%86%EthereumFRAX / wstETH$40K5.24%86%EthereumFRAX / CVX$36K4.71%86%EthereumFRAX / UNI$21K<0.01%1%EthereumFRAX / sUSDe$14K0.85%48%EthereumFRAX / LINK$7K<0.01%<1%EthereumFRAX / gOHM$6K<0.01%<1%EthereumFRAX / WETH$5K1.35%45%EthereumFRAX / FXS$3K0.05%11%EthereumFRAX / USDe$1K0.08%11%EthereumFRAX / rETH$1K<0.01%<1%
4%$1.3MEthereumfrxUSD / sUSDai$406K3.66%90%EthereumfrxUSD / stakedao-frxsUSDS$386K1.71%84%EthereumfrxUSD / stakedao-frxUsDOLA$240K0.71%57%PolygonfrxUSD / BRZNo withdrawable balance$141K43.60%100%EthereumfrxUSD / savUSD$66K0.09%90%PolygonfrxUSD / sPOLNo withdrawable balance$48K33.59%100%EthereumfrxUSD / stakedao-crvfrxUSD$22K23.98%93%EthereumfrxUSD / stakedao-FrxMsUSD$12K7.53%89%EthereumfrxUSD / sDOLA$11K0.88%90%EthereumfrxUSD / cbBTC$2K0.58%90%1%$513KEthereumFRAX$513K<0.01%<1%<1%$30KEthereumFRAX$30K98%Ethereumin 31 lending markets99.5%$37.9MPolygonin 2 lending markets<1%$189KEach issuer's share is its stablecoins' combined balance in the lending markets DIA reads, over their combined onchain supply. Stablecoins that rebase or wrap another stablecoin are left out of both sides. It leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet, so every share is a lower bound measured the same way, and the ranking compares like with like.
The ranking counts the 44 issuers with any balance in those markets, highest share first. The median is the middle issuer of those 44.
17.2%
of issued supply sits in the lending markets DIA reads
Lower bound: leaves out DEX liquidity, CDP collateral and lenders DIA does not read yet.
Above the median issuer (3.2%)
What Frax publishes
Frax publishes an frxUSD balance sheet as JSON through its own API. The reading on 2 October 2026 showed $108.3 million in total assets against $105.0 million in liabilities. The largest line was WisdomTree's WTGXX fund: $52.9 million in Frax Inc's BitGo trust account and $14.6 million in the frxUSD redemption contract. Superstate's USTB held $21.8 million and BlackRock's BUIDL $15.8 million, both in the redemption contract. A further $2.0 million sat in an Erebor Bank FBO account holding frxUSD reserves.
Chaos Labs announced independent proof of reserves for frxUSD in November 2025, attesting supply against reserves. FPI's documentation describes a 100% collateral ratio target, with a treasury initially made up solely of FRAX.
Sources: Frax API, frxUSD balance sheet (latest), Chaos Labs, frxUSD integrates Chaos Proof of Reserves (26 November 2025), Frax documentation, FPI overview: CPI peg and mechanics
Frax issues three stablecoins on the map. frxUSD is the current dollar stablecoin. Frax's documentation says each frxUSD is backed 1-to-1 by cash-equivalent reserves such as tokenized US Treasury funds, minted and burned by enshrined custodians.
FRAX is the original dollar stablecoin, renamed Legacy Frax Dollar under FIP-428. The FRAX ticker now also names Fraxtal's gas token. FIP-430 kept Legacy Frax Dollar on its AMO-driven model and ended the DAO's guaranteed 1-to-1 migration into frxUSD.
FPI, the Frax Price Index, is pegged to the US CPI-U consumer basket. Its redemption price grows with the 12-month inflation rate. The $1 starting point was set on the December 2021 CPI-U result.
Sources: Frax documentation, frxUSD, FIP-430: Preparation for frxUSD payment stablecoin charter compliance (Frax governance forum), FIP-428: Frax North Star proposal v2 (Frax governance forum), Frax documentation, FPI overview: CPI peg and mechanics
This chart is DeFiLlama circulating supply. The headline figure above is mostly DIA’s onchain reads, with DeFiLlama where DIA does not read, so the last point can differ from it.
Source: DeFiLlama circulating supply Updated
