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 · 34th of 70 USD stablecoins with supply
Peg today
above $1 · 52 USD stablecoins with $1M+ supply, priced today: median 13 bps from $1
Chains
9th of 70 USD stablecoins read on chain · median 2
Holders on Ethereum
22nd 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 · 5.05% base, 0% rewards
frxUSD is a USD stablecoin issued by Frax, launched on 2 Jan 2025.
frxUSD is a US dollar stablecoin issued by Frax Finance and backed by tokenized US Treasury funds. The January 2025 launch release described it as a rebranded evolution of Frax's earlier FRAX stablecoin, with BlackRock's BUIDL fund named as an enshrined custodian asset for minting and redemption.
Frax's documentation defines an enshrined custodian as a real-world entity that can mint and burn frxUSD 1-to-1 against $1.00 of cash-equivalent reserves it custodies. Under FIP-432, posted in July 2025, the Frax DAO delegated compliance, custodian onboarding and collateral management to Frax Inc, a public benefit corporation that returns surplus revenue to the DAO treasury.
Sources: Frax docs, Frax USD (frxUSD) protocol overview, Frax Finance launch release for frxUSD backed by BlackRock BUIDL (PR Newswire, 2 January 2025), FIP-432, transfer of compliance and collateral management of frxUSD to Frax Inc (Frax governance forum)
At least 88.9M frxUSD in circulation, counting only the chains DIA could read.
DeFiLlama counts material supply on Stable ($3.9M), 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 99.4M frxUSD 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: DeFiLlama circulating supply, the series the chart draws, measured against that source’s own past. It is not a change in the onchain supply above. The 7d figure is from DIA first-party onchain reads: the change between two daily snapshots, not mints minus redeems.
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.
88.9M frxUSD
<0.1% of all USD stablecoin supply, #34 of 70
Read on 7 chains. Not yet read on Stable, so this is a floor.
Ethereum 88.1% · other chains 11.9%
Ethereum87.6M frxUSD · 88.1%
Fraxtal9.4M frxUSD · 9.5%
Sonic934.2K frxUSD · 0.9%
Optimism466.0K frxUSD · 0.5%
Solana350.1K frxUSD · 0.4%
Base329.9K frxUSD · 0.3%
Polygon309.9K frxUSD · 0.3%Supply growth
Counted on Ethereum. Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest 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: Blockscout.
2,123holders on Ethereum
22nd of 43 USD stablecoins on Ethereum
| frxUSD | Median, USD stablecoins on Ethereum | |
|---|---|---|
| Top holder | 31.6% | 16.5% |
| Top 10 | 69.5% | 53.3% |
| Top 50 | 78.1% | 57.0% |
| Top 100 | 79.3% | 74.7% |
Excludes protocol and bridge contracts and issuer treasuries. Shares are of the supply on Ethereum less issuer treasuries and burn addresses. Protocol and bridge contracts stay in that supply but are not counted among the largest holders.
frxUSD's typical daily move over the last 90 days was 3.0 bps, steadier than 52 of 66 other USD stablecoins.
By default frxUSD 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 frxUSD'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.
3.0 bps
Peg volatility, 90 days
typical day-to-day swing around $1
Over the last 90 days, frxUSD's daily swings around $1 were smaller than those of 52 of 66 other USD stablecoins.
| Stablecoin | Today | 30d | 90d | Largest |
|---|---|---|---|---|
 frxUSD | +1 bps (+0.01%) | 2.3 bps | 3.0 bps | +17 bps (+0.17%) |
 USDT | −13 bps (−0.13%) | 3.3 bps | 3.6 bps | −21 bps (−0.21%) |
Frax's documentation states that frxUSD is redeemable for any custodian asset on demand, and that there is no guarantee it is redeemable for a particular asset or from a particular enshrined custodian. Redemption depends on reserve availability inside each custodian contract.
Sources: Frax docs, Frax USD (frxUSD) redeemability statement
$35.2M of frxUSD is supplied to 17 lending markets on 3 protocols, 39.6% of its onchain supply. The median across the 41 USD stablecoins in lending markets is 4.0%.
At least this much frxUSD 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 frxUSD 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 frxUSD, or pinned at full utilisation with runaway interest is left out.
Token balances are converted to USD at DIA's own price for frxUSD.
Both figures are averages across markets, weighted by how much frxUSD each market holds. A $1B market counts a thousand times more than a $1M one. Markets holding 100% of the balance report an APY.
Ranks and the median compare frxUSD 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.
$35.2M39.6% of supply
supplied to 17 lending markets on 3 protocols
Median across 41 USD stablecoins in lending markets: 4.0%
81%
Borrowed
share of supplied frxUSD now on loan
3.47%
Average supply APY
weighted by frxUSD balance in each market
By protocol
79%$27.7MEthereumfrxUSD$27.7M3.27%85%17%$6.2MEthereumfrxUSD / sfrxETH$4.6M3.98%75%EthereumfrxUSD / sfrxUSD$625K0.78%20%EthereumfrxUSD / WFRAX$453K2.04%45%EthereumfrxUSD / WBTC$219K3.47%67%EthereumfrxUSD / sUSDe$210K2.74%56%EthereumfrxUSD / scrvUSD$60K<0.01%<1%
4%$1.3MEthereumfrxUSD / sUSDai$416K3.66%90%EthereumfrxUSD / stakedao-frxsUSDS$386K1.71%84%EthereumfrxUSD / stakedao-frxUsDOLA$240K0.24%28%PolygonfrxUSD / BRZNo withdrawable balance$141K41.85%100%EthereumfrxUSD / savUSD$66K0.09%90%PolygonfrxUSD / sPOLNo withdrawable balance$48K32.34%100%EthereumfrxUSD / stakedao-crvfrxUSD$22K23.68%93%EthereumfrxUSD / stakedao-FrxMsUSD$12K7.53%89%EthereumfrxUSD / sDOLA$11K0.88%90%EthereumfrxUSD / cbBTC$2K0.58%90%frxUSD in lending markets, by chain, largest first. The bar is each chain's share of frxUSD's lending balance.
Ethereumin 15 lending markets99%$35.0MPolygonin 2 lending markets1%$189KAmong 41 USD stablecoins in lending markets
Top 5 frxUSD 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 |
|---|---|---|---|---|---|---|---|---|
5.05% | 5.04% | OrganicStable | Ethereum | +0.00% | $36.4M | Savings | ||
2.90% | 3.07% | IncentiveStable | Ethereum | +2.50% | $14.2M | LP | ||
3.45% | 3.48% | MixedStable | Ethereum | +1.63% | $11.9M | LP | ||
3.72% | 3.74% | MixedStable | Ethereum | +1.90% | $11.9M | LP | ||
4.87% | 5.46% | IncentiveStable | Ethereum | +4.47% | $10.0M | LP |
Source: DeFiLlama, DexScreener and on-chain balances, updated 1 Nov 2026. The 30 largest of 34 pools by frxUSD held.
frxUSD in pool is frxUSD's own side of the pool, at its USD price. Pool liquidity counts both sides. Pool liquidity is left out where it is more than 10 times the frxUSD side, because a lookalike token priced wrongly can inflate it.
$21.1M of frxUSD sits in 34 DEX pools across 4 DEXs.
| DEX | Pair | Chain | Pool liquidity | ▼frxUSD in pool | 24h volume |
|---|---|---|---|---|---|
| sfrxUSD / frxUSD | Ethereum | $11.9M | $7.8M | $82.4K | |
| frxUSD / crvUSD | Ethereum | $14.2M | $3.3M | $70.9K | |
| DUSD / frxUSD | Ethereum | $4.3M | $2.8M | $6 | |
| USD3 / frxUSD | Ethereum | $2.0M | $1.7M | $521.2K | |
| WFRAX / frxUSD | Ethereum | $1.8M | $928.5K | $24.1K | |
| sUSDS / frxUSD | Ethereum | $1.7M | $822.7K | $9.3K | |
| msUSD / frxUSD | Ethereum | $6.7M | $678.9K | $69.4K | |
| frxUSD / trUSD | Ethereum | $1.1M | $458.3K | $40.8K | |
| USG / frxUSD | Ethereum | $1.6M | $421.8K | $2.2K | |
| SDUSD / FRXUSD | Ethereum | $496.8K | $250.1K | $0 | |
| frxUSD / FRAX | Ethereum | – | $243.8K | $333 | |
| alUSD / frxUSD | Ethereum | $2.1M | $226.6K | $18.0K | |
| sUSDe / frxUSD | Ethereum | $737.1K | $176.0K | $170.8K | |
| sDOLA / frxUSD | Ethereum | $717.1K | $145.0K | $19.1K | |
| sGho / frxUSD | Ethereum | $509.3K | $132.9K | $1.0K | |
| frxUSD / USDT | Ethereum | $1.0M | $113.7K | $214.5K | |
| sUSDai / frxUSD | Ethereum | $392.2K | $106.0K | $3.6K | |
| avUSD / frxUSD | Ethereum | $296.7K | $99.4K | $45.2K | |
| CADD / frxUSD | Ethereum | $224.6K | $92.3K | $10.1K | |
| pmUSD / frxUSD | Ethereum | – | $87.1K | $823 | |
| frxUSD / fxUSD | Ethereum | $158.4K | $80.8K | $5.9K | |
| sVUSD / frxUSD | Ethereum | $167.6K | $65.7K | $194 | |
| OUSD / frxUSD | Ethereum | $131.6K | $62.9K | $1.0K | |
| BRZ / FRXUSD | Polygon | $356.6K | $62.3K | $3.4K | |
| frxUSD / USDS | Ethereum | $100.1K | $54.5K | $157.4K | |
| AUDF / FRXUSD | Polygon | $69.0K | $34.7K | $344 | |
| frxUSD / AUDF | Base | $47.0K | $28.5K | $399 | |
| frxUSD / CADD | Base | $40.3K | $26.9K | $3.7K | |
| IDRX / frxUSD | Base | $74.7K | $26.8K | $136 | |
| frxUSD / VUSD | Ethereum | $48.0K | $25.3K | $114 |
Frax's contract-address page lists frxUSD on more than 30 mainnet networks. The balance-sheet feed reports supply per network: about 90.7 million on Ethereum, 14.9 million on Fraxtal, 3.9 million on Stable, 3.3 million on Somnia and 1.0 million on Sonic.
Holders can stake frxUSD for sfrxUSD, which the documentation says earns from tokenized institutional US treasury fund reserves, Superstate's USCC, Ethena's USDe and Sky's sUSDS.
Sources: Frax docs, frxUSD contract addresses by network, Frax docs, frxUSD overview covering staking to sfrxUSD, Frax Finance API, frxUSD balance sheet latest (per-network supply)
frxUSD is designed to be backed by cash and money-market assets.
Frax serves an frxUSD balance sheet as machine-readable JSON behind its FraxFacts dashboard. The 2 October 2026 reading showed total assets of about $108.3 million against total liabilities of about $105.0 million, the liability side being frxUSD supply on every network net of the Fraxtal L1 bridge.
What backs it
WisdomTree's WTGXX government money market fund is the largest line at about $67.5 million, of which roughly $52.9 million sits in a BitGo trust account held by Frax Inc rather than in an on-chain redemption contract. Superstate's USTB accounts for about $21.8 million and BlackRock's BUIDL for about $15.8 million. A further $2.0 million sits in an Erebor Bank FBO account holding frxUSD reserves.
Attestation
Chaos Labs announced independent proof of reserves for frxUSD in November 2025, covering frxUSD supply and asset backing across all deployments.
Sources: Frax Finance API, frxUSD balance sheet latest (issuer first-party reserve feed behind FraxFacts), Chaos Labs, frxUSD integrates Chaos Proof of Reserves (26 November 2025)
Ethereum0xe5020a6d…986fb0b6freeze(address)pause(), unpause()eip1967-transparent0xcacd6fd2…65586e29freeze(address)pause(), unpause()eip1967-transparent0xfc000000…00000001freeze(address)pause(), unpause()mint(address,uint256)eip1967-transparent0x80eede49…3ed600dffreeze(address)pause(), unpause()eip1967-transparent0x80eede49…3ed600dffreeze(address)pause(), unpause()eip1967-transparentGzX1ireZDU…chrMrfBwfreezeAuthoritymintAuthority0x80eede49…3ed600dffreeze(address)pause(), unpause()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 freeze · pause · mint · upgrade (proxy)
Reserves are published as a continuous proof-of-reserves feed.
Frax Inc is the public benefit corporation responsible for frxUSD's compliance operations, custodian onboarding and collateral management under delegation from the Frax DAO. FIP-430 prepared frxUSD for a US payment stablecoin charter via Financial Reserves and Asset Exploration Inc (Frax Inc), and FIP-432 states the delegation supports Frax Inc's pursuit of a payment stablecoin licence under the GENIUS Act.
Sources: Frax Finance Governance, FIP-430 (payment stablecoin charter preparation), Frax Finance Governance, FIP-432 (delegation to Frax Inc, payment stablecoin license pursuit)
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.
Reserve concentration
WTGXX was about $67.5 million of the $108.3 million in total assets on 2 October 2026, of which about $52.9 million sat in a single BitGo trust account. The USDC line in the redemption contract stood at about $1.1 million at the same reading.
Sources: Frax Finance API, frxUSD balance sheet latest (per-asset reserve holdings)
Tokenized US Treasury funds held by enshrined custodians. The issuer's balance-sheet feed on 2 October 2026 showed WisdomTree's WTGXX at about $67.5 million, Superstate's USTB at about $21.8 million and BlackRock's BUIDL at about $15.8 million, plus $2.0 million in an Erebor Bank FBO account holding frxUSD reserves, among smaller lines.
Chaos Labs announced independent proof of reserves for frxUSD in November 2025, covering supply and asset backing across all deployments. Frax also publishes an frxUSD reserve balance sheet on its Transparency page.
No. Frax's documentation states that frxUSD is redeemable for any custodian asset on demand, and that there is no guarantee it is redeemable for a particular asset or from a particular enshrined custodian.
Frax's contract-address page lists more than 30 mainnet networks. Most of the supply sits on Ethereum, with about 90.7 million frxUSD there and 14.9 million on Fraxtal as of 2 October 2026.
No. They are separate tokens issued by Frax Finance. The January 2025 launch release described frxUSD as a rebranded evolution of the earlier FRAX stablecoin.
Aggregator figure, not a contract read. DIA’s own read of the current supply is in the Supply by chain panel.
Source: DeFiLlama circulating supply
Source: DIA rebuild from onchain transfer history (to 11 Aug 2026), Block explorer holder counts (from 12 Aug 2026), 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.
frxUSDSource: DeFiLlama and CoinGecko prices Updated