Frax (FRAX) stablecoin analytics
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FRAX
Frax started life as crypto's boldest algorithmic experiment — a fractional-reserve stablecoin that actually worked — then abandoned the algorithm entirely in favor of tokenized treasuries. The reserve now reads like a TradFi allocation: 50% Superstate USTB, 42% BlackRock BUIDL, with the remainder in USCC and other tokenized assets, managed by a DAO that unanimously voted to trust BlackRock over its own math. The B+ in decentralization is the legacy of genuine DAO governance, but the C+ in dependency risk and 817 depeg events — more than almost any other stablecoin — reveal a turbulent history that no rebrand can erase. Trading well below peg with DEWS in the Watch band, legacy FRAX is slowly yielding to its successor frxUSD while the supply continues to contract.
Detailed stablecoin analytics coming soon...
