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Market cap
DIA price
Total supply
Holders
103.7M frxUSDpartial
DIA holds no verified contract address on Solana. The figure above is a floor.
1,880holders
Measured on Ethereum. Shares are of the Ethereum supply, not the multi-chain total.
-$1.2Msince Fri, Aug 28 UTC
Change in the supply DIA reads across this coin’s chains, between two daily snapshots. Not mints minus redeems: DIA does not publish issuance flow.
Market data · CoinGecko
Market data · CoinGecko
Circulating supply · DeFiLlama
Aggregator figure, not a contract read. DIA’s own onchain supply is the separate series below.
Percentage change in frxUSD's circulating supply as reported by DeFiLlama, measured against that source's own past. It is not a change in the onchain supply above, which DIA reads from the contracts directly and which is a different measurement of the same coin. A dash means the map has no reading close enough to the start of the window, a stretch inside it where supply was not reported at all, or a starting figure too small for a percentage to describe. Hover a dash for which.
4 of the 5 chains DIA holds a verified frxUSD contract on carry a deployment date and are plotted here. The other 1 was verified without one and is left off the curve rather than dated to the day DIA read it.
$35.5M
deployed across 15 markets on 2 protocols
Lower bound: frxUSD's balance inside lending markets DIA reads on-chain directly. Excludes DEX liquidity, CDP collateral, and any market on a chain or protocol DIA does not yet track. The share above is measured against a partial onchain supply figure — DIA has not yet read Solana.
DIA price
$0.9998
Peg deviation
-2 bps
Peg currency
USD
Launched
Primary use
—
Last snapshot
Fri, Sep 4 UTC
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)
Frax serves an frxUSD balance sheet as machine-readable JSON behind its FraxFacts dashboard. The 19 August 2026 reading showed total assets of about $114.6 million against total liabilities of about $111.9 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 $67.1 million, of which roughly $52.6 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 $27.7 million and BlackRock's BUIDL for about $15.8 million. A smaller line completes it: $2.0 million of USDB on Solana.
What is not attested
No independent reserve attestation is published. LlamaRisk's August 2025 review recorded that the monthly reserve breakdowns are self-reported spreadsheets rather than SOC-attested reserve reports, and that no accounting firm had issued an assurance opinion on the issuer's statements. The frax.com transparency page renders its values in the browser and is not readable from the page source.
Sources: Frax Finance API, frxUSD balance sheet latest (issuer first-party reserve feed behind FraxFacts), LlamaRisk, Pegkeeper Onboarding Review: Frax frxUSD (published 1 August 2025), Frax docs, frxUSD overview and transparency section
DIA's price feed put frxUSD at $1.0056 on 19 August 2026. The issuer's own summary-stats endpoint reported $0.99985 the same day.
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 Finance API, frxUSD summary stats latest (issuer price and supply feed), Frax docs, Frax USD (frxUSD) redeemability statement
Frax's contract-address page lists frxUSD on more than 30 mainnet networks. The balance-sheet feed reports supply per network: about 98.5 million on Ethereum, 14.4 million on Fraxtal, 3.9 million on Stable, 2.1 million on Sonic and 1.6 million on Somnia.
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)
The issuer holds no stablecoin licence. LlamaRisk's August 2025 review recorded that Financial Reserves & Asset Exploration Inc., the Delaware public benefit corporation trading as Frax Inc., held ordinary commercial bank and brokerage accounts but no state money transmitter licence, no trust company charter and no OCC limited purpose authority. The review described the company as the prospective applicant for a GENIUS-chartered licence from the Office of the Comptroller of the Currency.
Sources: LlamaRisk, Pegkeeper Onboarding Review: Frax frxUSD, licence section, FIP-432, transfer of compliance and collateral management of frxUSD to Frax Inc
Reserve concentration
WTGXX was about $67.1 million of the $114.6 million in total assets on 19 August 2026, and about 46 percent of it sat with a single custodian. The USDC line in the redemption contract stood at under one cent at the same reading.
Contracts and governance
LlamaRisk recorded in August 2025 that the Frax multisig controls contract upgrades on a 3-of-5 quorum and that no timelocks were implemented in the frxUSD contracts. The same review recorded that sfrxUSD's allocation across lending markets is neither documented nor auditable.
Sources: LlamaRisk, Pegkeeper Onboarding Review: Frax frxUSD, access control and yield strategy sections, Frax Finance API, frxUSD balance sheet latest (per-asset reserve holdings)
The Global Stablecoin Map reads frxUSD on Ethereum, at contract 0xCAcd6fd266aF91b8AeD52aCCc382b4e165586E29. That read returns 98.5 million frxUSD and about 1,800 holders. The issuer's own balance-sheet feed reports the same Ethereum supply, and puts circulating supply across all networks at about $111.9 million.
What the map does not read
The registry records six chains: Ethereum, Sonic, Polygon, Base, Solana and Optimism, against the 30-plus mainnet networks Frax lists. Supply on the five non-Ethereum registry chains is not read on chain, and the registry's cross-chain circulating value of $106.1 million spans all six. The map files frxUSD under the global region.
Sources: Blockscout Ethereum API, frxUSD token record (supply, holders, decimals), Frax docs, frxUSD contract addresses across 30-plus mainnet networks, Frax Finance API, frxUSD balance sheet latest (per-network supply)
Tokenized US Treasury funds held by enshrined custodians. The issuer's balance-sheet feed on 19 August 2026 showed WisdomTree's WTGXX at about $67.1 million, Superstate's USTB at about $27.7 million and BlackRock's BUIDL at about $15.8 million, plus $2.0 million of USDB on Solana.
No independent attestation is published. LlamaRisk's August 2025 review recorded that the monthly reserve breakdowns are self-reported spreadsheets rather than SOC-attested reserve reports, and that no accounting firm had issued an assurance opinion on the issuer's statements.
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 98.5 million frxUSD there and 14.4 million on Fraxtal as of 19 August 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.
0xe5020a6d…986fb0b6Explorer ↗0xcacd6fd2…65586e29Explorer ↗0x80eede49…3ed600dfExplorer ↗0x80eede49…3ed600dfExplorer ↗0x80eede49…3ed600dfExplorer ↗Supply on this page is read from these contracts. Addresses are verified by DIA against the issuer’s own published documentation.
0xe5020a6d…986fb0b6freeze(address)pause(), unpause()eip1967-transparent0xcacd6fd2…65586e29freeze(address)pause(), unpause()eip1967-transparent0x80eede49…3ed600dffreeze(address)pause(), unpause()eip1967-transparent0x80eede49…3ed600dffreeze(address)pause(), unpause()eip1967-transparent0x80eede49…3ed600dffreeze(address)pause(), unpause()eip1967-transparentRead from the deployed contract. “Not determined” means the contract’s full function set could not be enumerated, not that the capability is absent: a bytecode scan can confirm that a function exists and can never prove that one does not.
Reserve attestation cadence
A continuously-updating reserve feed rather than a periodic report.