frxUSD
frxUSD
active
Fiat Backed
Market Cap $127M
frxUSD is a USD-pegged stablecoin by Frax Finance, fully backed by BlackRock's BUIDL fund.
Key Data
| Backing | Fully backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), investing in cash, U.S. Treasury bills, and repurchase agreements. |
| Redemption | Direct fiat redemption capabilities are available, enhancing compliance with U.S. financial systems. |
| Peg Currency | USD |
| Launched | 2020 |
Supported Networks
Ethereum
Overview
frxUSD is the rebranded stablecoin from Frax Finance, initially launched as FRAX in December 2020. It is designed to maintain a stable value pegged to the US Dollar.
How It Works
frxUSD operates on the Ethereum network, leveraging its infrastructure for enhanced security and transparency.
Reserve Backing
The stablecoin is fully backed by assets in BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), marking a shift from the original fractional-reserve model to a fully collateralized approach.
Supported Networks
frxUSD is built on the Ethereum blockchain, ensuring robust support and integration within the DeFi ecosystem.