FRAX (now frxUSD) (FRXUSD) Review
Frax Finance's BlackRock BUIDL-backed RWA stablecoin, rebranded from FRAX to frxUSD April 2025
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At a glance
Frax Finance executed the 'North Star Upgrade' on April 30 2025: the FRAX stablecoin was renamed frxUSD, and the FXS governance token was renamed FRAX (the new gas/governance/commodity token of Fraxtal L2). frxUSD is 100% collateralized via a network of RWA custodians: Securitize (BlackRock BUIDL), Circle (USDC), Superstate (USTB/USCC), WisdomTree, Agora, Centrifuge, plus FinresPBC (Public Benefit Corporation bridging on-chain AMOs to Fed reverse-repo). Market cap ~$125M for frxUSD + ~$39M for legacy FRAX = combined ~$165M (down from ~$1B 2022 peak). Not MiCA-authorized; legacy FRAX delisted from EU exchanges starting July 2024.
Builders active in the Frax ecosystem (Fraxlend, sfrxUSD savings, FXB bonds, Fraxtal L2). Investors valuing decentralized DAO governance + on-chain RWA-backed reserves. Builders using Fraxtal L2 (FRAX as native gas token).
You're an Italian or EEA retail user — no MiCA-licensed CASP lists frxUSD. You want monthly Big-Four attestations. You need DeFi liquidity comparable to USDC (Aave V3 USDC has TVL orders of magnitude higher).
Quick stats
- Ticker
- FRXUSD
- Issuer
- Frax Finance Protocol
- Peg
- USD
- Backing
- fiat collateralized
- Market cap
- $125M
- Chains
- 8
- Attestation
- none
- Fiat redeem
- No
Skrumble scoring breakdown
Read our full scoring methodology.
Auditors / attestors
- · Securitize (BlackRock BUIDL custodian)
- · On-chain transparency via Frax/Securitize dashboards