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
<0.1% of USD stablecoin supply · 31st of 70 USD stablecoins with supply
Peg today
below $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
35th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
15th of 43 USD stablecoins scanned on Ethereum
Share of supply in lending
at least · USD median 4.0%
Best yield
ranked by lower of 30d and spot APY × deposits · Frax savings · 1.25% base, 0% rewards · 30-day avg 0.32%
FRAX is a USD stablecoin issued by Frax, launched on 20 Dec 2020.
Two tokens, one ticker
The FRAX ticker moved in 2025. FIP-428, the North Star proposal, renamed the FXS governance token to FRAX and renamed the original FRAX stablecoin to Legacy Frax Dollar. Frax's current protocol docs describe FRAX as the scarce commodity asset and native gas token of the Fraxtal blockchain, and state plainly that it is not a governance token.
What this page covers
This page covers the original ERC-20 stablecoin at 0x853d955aCEf822Db058eb8505911ED77F175b99e, issued by Frax Finance and pegged to the US dollar. Blockscout returns its on-chain name as Legacy Frax Dollar and its symbol as FRAX. Frax's own bond documentation uses the ticker LFRAX for it. The dollar stablecoin Frax now markets is frxUSD, a separate token with a separate backing model.
Sources: Frax Finance Governance, FIP-428 Frax North Star Proposal V2, Frax docs, FRAX token overview (gas and commodity asset), Blockscout token API, 0x853d955aCEf822Db058eb8505911ED77F175b99e
At least 126.4M FRAX in circulation, counting only the chains DIA could read.
DeFiLlama counts material supply on Arbitrum ($1.9M), which DIA does not read yet. The figure above leaves that chain out, so it is a floor, and supply growth over 30 days or longer is not shown.
The contracts on the chains listed report 225.9M FRAX in total, before bridged supply is counted once and the Not circulating row is taken off.
Not circulating is supply the chain rows carry that the total leaves out, such as tokens the 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 the Not circulating row is taken off.
All USD stablecoins, 30d: the change in DeFiLlama circulating supply summed over the 64 USD stablecoins with a reading at both ends of the window. Wrappers and rebasing stablecoins are left out. It is DeFiLlama’s figure, not a DIA read.
Source: DIA first-party onchain reads, the series the chart draws. Each figure is the change in the supply DIA reads across FRAX’s chains between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Share and rank are against the combined supply of the 70 active USD stablecoins on the map, each valued at DIA’s own read and price where DIA holds one and at DeFiLlama’s circulating figure otherwise. Wrappers are left out, as in every total on the map.
126.4M FRAX
<0.1% of all USD stablecoin supply, #31 of 70
Read on 2 chains. Not yet read on Arbitrum, so this is a floor.
Ethereum 97.1% · other chains 2.9%
Ethereum219.3M FRAX · 97.1%
Fraxtal6.6M FRAX · 2.9%Supply growth
Counted on Ethereum. Excludes issuer treasuries, includes contracts. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. This source names no contracts, so they count as holders. The median column compares stablecoins counted on the same chain. A few of them are read from DIA’s replay state, which leaves contracts in, so a median can mix two rules.
Source: DIA Transfer replay.
10,101holders on Ethereum
15th of 43 USD stablecoins on Ethereum
| FRAX | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 45.4% | 16.5% |
| Top 10 | 94.8% | 53.3% |
| Top 50 | 98.8% | 57.0% |
| Top 100 | 99.6% | 74.7% |
Excludes issuer treasuries, includes contracts. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. This source names no contracts, so they count as holders.
FRAX's typical daily move over the last 90 days was 7.6 bps, steadier than 27 of 66 other USD stablecoins.
By default FRAX sits beside its largest USD peer by current supply. Add more from the picker below the chart. Figures are in basis points: 100 bps = 1%.
Peg volatility is how much FRAX's price swings around $1 from one day to the next: the standard deviation over 30 or 90 days. A stablecoin that sits steadily at $0.998 scores near zero. Largest deviation is the single day in the last 12 months furthest from $1, signed.
Median of peers, off by default, is the middle value among the peers currently shown; turn it on from the chart's controls.
The ranking counts every active USD stablecoin with at least two daily prices in the last 90 days.
Prices are daily closes at 00:00 UTC, from DeFiLlama with CoinGecko where DeFiLlama has no price. The chart beside this panel plots those same daily closes, so every figure in the table can be found on a line here. DeFiLlama quoted rounded and filled prices until 30 September 2025, so for USDT and USDC the closes before 1 October 2025 are the median of exchange closes instead, and a filled $1.0000 close is left out of the typical move and the largest move.
Stablecoins whose value rises by design, such as savings wrappers, are left out. Their price is a yield curve, not a peg.
Only USD stablecoins are compared. Other currencies are priced through a daily exchange rate fixed at a different time of day from the stablecoin's close. That gap shows up as the same false depeg on every stablecoin of the currency at once.
7.6 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, FRAX's daily swings around $1 were smaller than those of 27 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
| −89 bps (−0.89%) | 6.9 bps | 7.6 bps | −328 bps (−3.28%) | |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
The 1-to-1 exit closed
FIP-430 ended the guaranteed migration from Legacy Frax Dollar into frxUSD. The proposal says holders can still swap between the two stablecoins on secondary markets such as Curve and Uniswap, and that the Frax DAO no longer guarantees the 1-to-1 conversion.
Where the price sits
The price panel on this page shows how far FRAX trades from the dollar.
Sources: Frax Finance Governance, FIP-430 (end of guaranteed Legacy FRAX to frxUSD migration)
$2.9M of FRAX is supplied to 16 lending markets on 3 protocols, 2.3% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much FRAX is supplied to lending markets DIA reads onchain, where it can be borrowed. The figure is gross: most of it is on loan, and a borrower can deposit borrowed FRAX again, so the same money can count more than once. Coins posted only as isolated collateral (Morpho-style) are not counted. Excludes DEX liquidity, CDP collateral, and chains or protocols DIA does not yet track.
Source: DIA's own reads of each lending contract. Balances, supply and borrow rates and utilisation all come from the same read. A market not refreshed in the last 3 days, holding under $1,000 of FRAX, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for FRAX.
Both figures are averages across markets, weighted by how much FRAX each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 99% of the balance report an APY.
Ranks and the median compare FRAX with the 41 USD stablecoins that have a published lending balance on this map, each measured the same way. Coins with no balance in a market DIA reads are not in the median.
$2.9M2.3% of supply
supplied to 16 lending markets on 3 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
64%
Borrowed
share of supplied FRAX now on loan
174.75%
Average supply APY
weighted by FRAX balance in each market
By protocol
81%$2.3MEthereumFRAX / WBTC$1.0M475.31%65%EthereumFRAX / sfrxETH$802K14.82%86%EthereumFRAX / FXB_20261231No withdrawable balance$354K16.05%100%EthereumFRAX / wstETH$40K5.24%86%EthereumFRAX / CVX$36K4.71%86%EthereumFRAX / CRV$36K78.48%96%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%18%$513KEthereumFRAX$513K<0.01%<1%1%$30KEthereumFRAX$30K98%FRAX in lending markets, by chain, largest first. The bar is each chain's share of FRAX's lending balance.
Ethereumin 16 lending markets100.0%$2.9MAmong 41 USD stablecoins in lending markets
Top 5 FRAX pools by TVL with a quoted APY.
TVL is what is deposited in the pool. For lending pools, that is before loans are taken out.
| APY | Composition | 30d avg | Quality | Protocol | Chain | Rewards | ▼TVL | Type |
|---|---|---|---|---|---|---|---|---|
1.25% | 0.32% | OrganicVolatile | Ethereum | +0.00% | $65.2M | Savings | ||
2.82%Rewards only | 2.98% | IncentiveStable | Ethereum | +2.82% | $34.0M | LP | ||
3.84% | 4.24% | IncentiveStable | Ethereum | +3.81% | $33.9M | LP | ||
1.01% | 2.05% | LP fees · IL riskVolatile | Ethereum | +0.00% | $2.6M | LP | ||
3.20% | 4.54% | IncentiveStable | Ethereum | +3.18% | $1.9M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026.
FRAX in pool is FRAX's own side of the pool, at its USD price. Pool liquidity counts both sides.
$36.7M of FRAX sits in 18 DEX pools across 4 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼FRAX in pool | 24h volume |
|---|---|---|---|---|---|
| USDe / FRAX | Ethereum | $34.0M | $25.8M | $21.4K | |
| frxUSD / FRAX | Ethereum | $4.1M | $3.8M | $333 | |
| frxETH / FRAX | Ethereum | $2.6M | $1.8M | $2.8K | |
| FRAX / USDC | Ethereum | $1.9M | $1.8M | $16.8K | |
| FRAX / USDC | Ethereum | $1.5M | $1.3M | $384 | |
| 3Crv / FRAX | Ethereum | $520.4K | $461.1K | $111.8K | |
| FRAX / FXB / 20261231 | Ethereum | $863.0K | $378.6K | $0 | |
| FRAX / WETH | Ethereum | $641.2K | $321.0K | $1.4K | |
| FRAX / USDC | Ethereum | $441.9K | $221.0K | $0 | |
| FRAX / crvUSD | Ethereum | $230.8K | $189.9K | $3.1K | |
| sDAI / FRAX | Ethereum | $203.5K | $183.6K | $293 | |
| FPI / FRAX | Ethereum | $281.7K | $140.8K | $42 | |
| FPI / FRAX | Ethereum | $164.1K | $124.2K | $52 | |
| FXS / FRAX | Ethereum | $170.0K | $85.0K | $1.0K | |
| FXS / FRAX | Ethereum | $76.9K | $38.4K | $3.6K | |
| PYUSD / FRAX | Ethereum | $26.6K | $24.0K | $42 | |
| SUSHI / FRAX | Ethereum | $22.4K | $11.2K | $342 | |
| FPI / FRAX | Ethereum | $51.6K | $10.8K | $121 |
Frax's FXB tokens resemble zero-coupon bonds and convert one-to-one into LFRAX at maturity. FIP-430 moved the Fraxtal FXBs off frxUSD collateral and back onto Legacy Frax Dollar. Frax's project update of 19 July 2025 recorded that ChainSecurity completed the code audit for that change and that existing FXBs were upgraded.
FIP-430 commits the Frax DAO core team to keeping Legacy Frax Dollar active, liquid and usable across DeFi protocols and chains, with incentives and utility, for at least one year. Lending markets that take the token as collateral are tracked in the DeFi vault and lending map.
Sources: Frax docs, FXB (Frax Bonds) overview, Frax Finance biweekly project update #19, 19 July 2025, Frax Finance Governance, FIP-430 (DAO support commitment for Legacy FRAX Dollar)
FRAX is designed to be backed by other stablecoins.
An AMO balance sheet
FIP-430 keeps Legacy Frax Dollar on its AMO-driven, DeFi-native model while frxUSD moves to a regulated, fiat-redeemable architecture. Frax's protocol docs define an AMO as an autonomous contract that runs monetary policy so long as it does not move the FRAX price off its peg. AMOs act along three paths: decollateralize, market operations, and recollateralize, each defined against the protocol's collateral ratio.
What Frax publishes
Frax publishes a live balance sheet for the Legacy Frax Dollar system on its Frax Facts dashboard. frxUSD is documented as backed 1-to-1 by permitted cash-equivalent reserves such as tokenized US Treasury funds, held by enshrined custodians that mint and burn against $1.00 of reserves.
Sources: Frax Finance Governance, FIP-430 Preparation for frxUSD Payment Stablecoin Charter Compliance, Frax docs, AMO (Algorithmic Market Operations Controller) overview, Frax Finance API, Legacy Frax Dollar (FRAX) balance sheet latest (first-party reserve feed behind Frax Facts), Frax docs, frxUSD asset page (backing and enshrined custodians), Frax Facts, Legacy Frax Dollar balance sheet
Ethereum0x853d955a…f175b99e0xff000000…000001fdmint(address,uint256)eip1967-transparentRead from the deployed contract and its account on each chain. A control with no row is one the read could not settle, which is not the same as absent. “No” appears only where the verified contract source lists every function, or where the chain records that the control cannot exist, such as a package published as immutable.
Contract can mint · upgrade (proxy)
Two live tokens answer to FRAX
The Fraxtal gas and commodity token is named Frax and carries the FRAX ticker. The Ethereum ERC-20 carries the same symbol and is a dollar stablecoin. An integration that keys on the symbol alone can resolve to the wrong asset.
No fiat redemption route
The DAO's 1-to-1 migration into frxUSD has ended, and Frax's documentation records no fiat or custodian redemption route for Legacy Frax Dollar. Redemptions are paused in FraxPoolV3, the mint and redeem contract the protocol adopted in October 2021, for its only enabled collateral, USDC.
A compliance mismatch the issuer states
FIP-430 says the Legacy Frax Dollar economic model would not be compatible with the GENIUS Act and the STABLE Act as proposed in Congress. That incompatibility is the reason the proposal gives for building frxUSD on separate rails.
Sources: Frax Finance Governance, FIP-430 (GENIUS Act and STABLE Act incompatibility, end of migration), Frax docs, FRAX token overview (Fraxtal gas and commodity token), Frax docs, AMO Minter (protocol mint and redeem path), Blockscout, FraxPoolV3 contract 0x2fE065e6FFEf9ac95ab39E5042744d695F560729 (collateral_information: redeem_paused true)
No. Under FIP-428, the North Star proposal, Frax Finance renamed the original FRAX stablecoin to Legacy Frax Dollar in 2025 and renamed the FXS governance token to FRAX. [frxUSD](/global-stablecoins/stablecoin/frxusd/) is a separate stablecoin with its own contracts, custodians and redemption routes.
No. FIP-430 ended the guaranteed migration from Legacy Frax Dollar to [frxUSD](/global-stablecoins/stablecoin/frxusd/). The proposal says holders can still swap between the two on secondary markets such as Curve and Uniswap, at whatever price those markets quote.
Frax publishes a live balance sheet for the Legacy Frax Dollar system on its Frax Facts dashboard.
The Global Stablecoin Map reads FRAX on Ethereum, at contract 0x853d955aCEf822Db058eb8505911ED77F175b99e. The registry also lists Fraxtal, and the supply panel on this page shows the split between the two.
Source: DIA onchain reads Updated
Source: DIA rebuild from onchain transfer history, Ethereum Updated
Daily close against the USD peg, in basis points. Drag the handles under the chart to zoom; a range button resets it.
The dotted vertical lines mark market stress events: days the whole market, or a stablecoin others hold as collateral, came under stress. Seeing every stablecoin on the same shock shows how each peg held. Only events with a published source are marked. Each entry under the chart shows every stablecoin's worst daily close within 3 days of the event.
Crypto sold off with global markets as Covid spread, ETH lost close to half its price, and a congested Ethereum let bidders win MakerDAO collateral auctions for zero DAI.
Bitcoin fell as much as 30% to about $30,000 after Chinese industry bodies warned banks off crypto, and more than $8 billion of positions were liquidated.
Terra's algorithmic stablecoin UST fell to about $0.65 as LUNA slid, the start of a run that wiped out both within days.
Tether's USDT fell to about 95 cents on some exchanges as UST collapsed, and recovered after Tether processed more than $3 billion of redemptions.
Crypto lender Celsius paused withdrawals citing extreme market conditions, as the discount of stETH to ETH reached a record 8%.
FTX halted customer withdrawals after about $6 billion left the exchange in 72 hours, and filed for bankruptcy days later.
Circle disclosed $3.3 billion of USDC reserves held at the failed Silicon Valley Bank, and USDC traded as low as $0.87 intraday, closed 11 March near $0.96 (the low a daily-close chart shows) and regained its peg on 13 March.
A reentrancy bug in old Vyper compiler versions let attackers drain over $70 million from Curve pools run by JPEG'd, Metronome and Alchemix.
A Bank of Japan rate rise set off an unwind of yen carry trades, and bitcoin fell to about $49,000 as crypto futures saw over $1 billion of liquidations.
North Korea's Lazarus Group took about $1.5 billion of ETH and stETH from Bybit's cold wallet, and the exchange saw over $4 billion of withdrawals.
Sweeping US tariffs on trading partners set off a global selloff, and bitcoin fell to about $74,500.
A 100% US tariff threat on Chinese imports set off the largest liquidation in crypto history, over $19 billion in a day, and USDe traded as low as $0.65 on Binance.
An attacker drained about $128 million from Balancer V2 pools on six chains through a rounding error in the pool maths.
Stream Finance disclosed a $93 million loss by an external fund manager and froze withdrawals, and its xUSD fell as low as $0.25.
Stables Labs' synthetic dollar USDX fell below $0.60 as redemptions ran ahead of its hedged positions, and lending markets that took it as collateral froze.
Bitcoin fell below $80,000 over a thin-liquidity weekend amid US and Iran tensions, liquidating about $2.5 billion of long positions in a day.
Bitcoin dropped more than 10% in a day to about $63,000, its worst one-day fall since the FTX collapse, as silver, software stocks and US indexes fell with it.
An attacker with a compromised minting key created about 80 million unbacked USR and sold them for roughly $25 million, and USR fell below $0.30.
A forged LayerZero message released 116,500 unbacked rsETH, about $292 million, and Aave, Spark and Fluid froze rsETH markets.
An attacker took over StablR's 1-of-3 minting multisig and minted about $13.5 million of unbacked USDR and EURR, and the issuer froze both coins.
Bitcoin slid below $62,000 on higher-for-longer rate bets and ETF outflows, and about $3 billion of leveraged positions were liquidated over two days.
Source: DeFiLlama and CoinGecko prices Updated