allChained
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Circulating supply
$221.1M
30D change
-0.1%
Yield
None
NAV
1.0000
Management fees
0.00%
Minimum
$0
Redemption
Daily
Launched
21 Dec 2020
Field coverage 100%Primary-source or on-chain verified 100% of tracked metrics1/1 source documents analyst-verifiedLast reconciled 13 Nov 2026
Overview

What this product is

The first fractional-algorithmic stablecoin protocol.

Underlying asset
Crypto collateral and AMO operations
Asset class
Stablecoin
Product structure
Payment Stablecoin
Legal structure
BVI Professional Fund
Issuer jurisdiction
Decentralized
Fund domicile
Decentralized
Base currency
USD
Launched
21 Dec 2020
Peer set

Comparable products

Products in the same asset class and currency. Yields are quoted on different bases, so check each one before comparing.

USDT0.00%0.00%$0$90.67B
USDC0.00%0.00%$0$61.58B
USDS0.00%0.00%$1$5.38B
USDe10.50%0.00%$0$5.27B
DAI0.00%0.00%$0$4.95B
sUSDS6.00%0.00%$0$3.39B
PYUSD0.00%0.00%$0$2.64B
Issuer

Who runs it

Frax FinanceDecentralized

A fractional-algorithmic stablecoin protocol.

Portfolio

Composition

  • Crypto Collateral (USDC, etc.)100.0%
Weighted average maturity
0 days
Reserves
Attestation

Reserve composition

What actually backs the float, from the most recent independent attestation.

  • Crypto Collateral (USDC, etc.)Cash & equivalents100.0%
Attestation

Verification history

Attesting firm
N/A
Frequency
monthly
Last attestation
01 Jan 2024
Reserve WAM
0 days

An attestation confirms the reserve existed on a reporting date. It is not an audit, and it says nothing about what a holder legally owns if the issuer fails, that question is answered by the legal structure, not the reserve report.

Risk

Reserve profile

Who holds the reserves, and whether the yield they earn reaches you or stays with the issuer.

Held as bank deposits-

Deposits are unsecured claims on a bank; government securities are not. A higher share means more bank credit exposure inside a product marketed as cash.

Backing type
crypto backed
Yield to holders
Retained by the issuer
Peg currency
USD
Par redemption access

N/A

On-chain history begins 05 Oct 2026 and covers 40 days of readings.

AUM
$221.1M

Assets under management

-0.1% over 40 days held
Yield
0.00%

Yield history. No yield

No on-chain history recorded for this series yet.
NAV
1.0000

NAV per token (stable $1.00)

This fund maintains a constant NAV of USD 1.00 and distributes yield through token supply rather than price. NAV history is therefore flat by construction; monitor supply and yield instead.

-0.1% over 40 days held
Movement

Recent daily movement

Net movement -$137.2KOver 40 daysChange -0.1%
Direction
13 Nov 2026$221.1M$00.0%
12 Nov 2026$221.1M$00.0%
11 Nov 2026$221.1M$00.0%
10 Nov 2026$221.1M$00.0%
09 Nov 2026$221.1M$00.0%
08 Nov 2026$221.1M$00.0%
07 Nov 2026$221.1M$00.0%
06 Nov 2026$221.1M$00.0%
05 Nov 2026$221.1M$00.0%
04 Nov 2026$221.1M$00.0%
Redemption
Terms

Contractual terms

Redemption frequency
Daily
Dealing cut-off
24/7
Settlement
Instant
Redemption fee
None
Secondary venues
Curve, Uniswap
Transfer restrictions
None

These are contractual terms from the offering documents. Observed settlement performance and any discretionary accommodation by the manager are explicitly out of scope.

Assessment

Liquidity profile

Primary redemption
Daily · Instant
Off-hours exit
Available continuously
Secondary market
Curve, Uniswap
Transferability
Freely transferable after compliance period
Exit fee
No redemption fee
Relationship graph

Operational dependency network

Every firm and system this product relies on. Select any of them to open its profile.

Every counterparty and system this product depends on to function. Each card links to that entity's own profile: the question worth asking of each is what happens to your position if it stops working.

Open in Ecosystem Graph →

Issuance & legal

Who is legally on the hook for this product.

Custody

Where the backing assets actually sit.

Platform & data

The software and price sources the product runs on.

Markets & settlement

Where it trades and how value moves between venues and chains.

Look-through

Other tracked products this one holds.

Edges marked derived are inferred from a structured field on this product that carries its own source; they are not independent confirmation of it. Edges without that mark were sourced separately from a disclosure naming both parties.

Deployments
Registry

Networks and contracts

Contract / asset id
EthereumPrimarypublic l10x853d955aCE…F175b99e99.1%
Polygon PoSpublic l25.0%
Avalanche C-Chainpublic l15.0%
Solanapublic l15.0%
Arbitrum Onepublic l20x17FC002b46…93ddBd6F0.9%
Counterparties

Service providers

If any of these has a problem, this product is affected.

Transfer agent
Frax· Decentralized
Tokenization platform
Frax· Decentralized
Oracle / attestation
chainlink
Access
Classification

Who may hold this

RetailEligible
AccreditedNot eligible
ProfessionalNot eligible
InstitutionalEligible
Minimum investment
$0
Allow-list required
No
Transfer restrictions
None
Geography

Where it is available

United States flagUnited StatesAvailable
Singapore flagSingaporeAvailable
Switzerland flagSwitzerlandAvailable
Hong Kong SAR flagHong Kong SARAvailable
Explicit prohibitions

    Availability is limited to the jurisdictions in the coverage boundary. Absence here means not covered, not necessarily prohibited. This is a classification of the offering documents, not legal advice.

    On-chain activity

    Daily value outstanding

    Value outstanding as read from the token contracts each day, and the movement between readings. Mints and redemptions are not separable on-chain, so this is the net of both, not gross issuance.

    Net movement -$137.2KOver 40 daysChange -0.1%
    Direction
    13 Nov 2026$221.1M$00.0%
    12 Nov 2026$221.1M$00.0%
    11 Nov 2026$221.1M$00.0%
    10 Nov 2026$221.1M$00.0%
    09 Nov 2026$221.1M$00.0%
    08 Nov 2026$221.1M$00.0%
    07 Nov 2026$221.1M$00.0%
    06 Nov 2026$221.1M$00.0%
    05 Nov 2026$221.1M$00.0%
    04 Nov 2026$221.1M$00.0%
    03 Nov 2026$221.1M-$137.2K-0.1%
    02 Nov 2026$221.2M$00.0%
    01 Nov 2026$221.2M$00.0%
    31 Oct 2026$221.2M$00.0%
    30 Oct 2026$221.2M$00.0%
    29 Oct 2026$221.2M$00.0%
    28 Oct 2026$221.2M$00.0%
    27 Oct 2026$221.2M$00.0%
    26 Oct 2026$221.2M$00.0%
    25 Oct 2026$221.2M$00.0%
    24 Oct 2026$221.2M$00.0%
    23 Oct 2026$221.2M$00.0%
    22 Oct 2026$221.2M$00.0%
    21 Oct 2026$221.2M$00.0%
    20 Oct 2026$221.2M$00.0%
    19 Oct 2026$221.2M$00.0%
    18 Oct 2026$221.2M$00.0%
    17 Oct 2026$221.2M$00.0%
    16 Oct 2026$221.2M$00.0%
    15 Oct 2026$221.2M$00.0%
    14 Oct 2026$221.2M$00.0%
    13 Oct 2026$221.2M$00.0%
    12 Oct 2026$221.2M$00.0%
    11 Oct 2026$221.2M$00.0%
    10 Oct 2026$221.2M$00.0%
    09 Oct 2026$221.2M$00.0%
    08 Oct 2026$221.2M$00.0%
    07 Oct 2026$221.2M$00.0%
    06 Oct 2026$221.2M$00.0%
    05 Oct 2026$221.2M--
    Related intelligence

    5 events reference this product

    10 Nov 2026Adoption
    Frax Finance Launches Ecosystem Accelerator for frxUSD - Coinfomania

    Frax Finance has launched a dedicated ecosystem accelerator aimed at driving adoption, integration, and liquidity for its frxUSD stablecoin product.

    Targeted ecosystem acceleration directly impacts the distribution and utility of frxUSD within decentralized money markets. This creates new liquidity vectors that can alter yield profiles and collateral integration decisions for institutional allocators seeking diversified stablecoin exposure.

    08 Nov 2026Product
    Frax Finance Says Frax USD (frxUSD) Review Found No Critical Vulnerabilities - TOKENPOST

    Frax Finance reported that security reviews of Frax USD (frxUSD) revealed no critical vulnerabilities.

    Passing security reviews without critical vulnerabilities reduces smart contract and tail-risk for institutional allocators evaluating frxUSD deployment. This lowers the risk barrier for scaling stablecoin liquidity and integrating the asset into broader DeFi money markets.

    04 Nov 2026Market Structure
    Frax Finance Says Frax USD Is 103% Collateralized Across 10 Positions

    Frax Finance disclosed that its Frax USD collateral pool is currently maintained at 103% overcollateralization spread across 10 distinct underlying positions.

    Concentrating a protocol's backing across only 10 distinct positions creates extreme idiosyncratic default risk. A single distressed private company valuation markdown could wipe out the 3% overcollateralization buffer, threatening systemic contagion across the protocol's stablecoin iterations.

    04 Nov 2026Product
    Frax Finance enables minting USDte via frxUSD, backing loans with pre-IPO private company shares.

    Frax Finance expands its collateral mechanics by allowing users to mint USDte backed by frxUSD utilizing private company pre-IPO shares as underlying assets.

    This mechanism bridges late-stage venture capital with decentralized debt structures, but it heavily exposes the protocol to illiquidity loops. Allocators must weigh the yield enhancement of private equity collateral against the severe liquidation friction inherent in privately held corporate shares during market downturns.

    04 Nov 2026Product
    Frax Finance Opens USDte Minting With Frax USD for Pre-IPO Loans

    Frax Finance has enabled the minting of USDte using frxUSD as a collateralized vehicle specifically designed to fund pre-IPO private company loans.

    Integrating pre-IPO private equity assets into decentralized stablecoin collateral frameworks introduces significant valuation latency and liquidity mismatch risks. If secondary markets for private shares freeze, the redemption peg of the associated stablecoin could face severe structural stress, establishing a dangerous precedent for mixing illiquid venture equity with liquid on-chain payment rails.