Frax USD (FRXUSD) stablecoin analytics
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FRXUSD
After years of algorithmic experimentation, Frax Finance went full TradFi with frxUSD — a stablecoin whose reserves are 55% BlackRock BUIDL, 20% Superstate USTB, and 10% Circle USDC, minted and redeemed 1:1 through governance-approved enshrined custodians that hold provable on-chain reserves. The 26-chain deployment is among the broadest of any non-USDC stablecoin, and the B+ in decentralization reflects genuine DAO governance over which custodians can mint — a structural advantage over purely centralized issuers. The C+ in dependency risk is the price of the strategy: frxUSD depends on BUIDL, USTB, USCC, and USDC, inheriting counterparty risk from every custodian in the chain. A near-400-day peg streak and institutional-top custody make frxUSD the most credible product Frax has ever shipped, though Sam Kazemian's stated ambition of applying for a Federal Reserve Master Account suggests the team considers BlackRock backing a stepping stone, not a destination.
Detailed stablecoin analytics coming soon...
