Frax token
Overview
Frax is a decentralized stablecoin protocol on Ethereum (and its own Fraxtal L2). Historically it ran a fractional-algorithmic model with a dual-token system (FRAX + FXS), but it has since moved to full collateralization. In January 2025 the flagship FRAX stablecoin was rebranded to frxUSD, a fully-backed stablecoin whose reserves include BlackRock's tokenized BUIDL fund via Securitize. In December 2025 the Frax Share (FXS) governance token was rebranded on a 1:1 basis to a unified FRAX token, which now serves as the gas and staking token of the Fraxtal blockchain.
Within the DeFi Intel graph, Frax connects to 33 tracked entities, most strongly to Ethereum, Solana, Arbitrum.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 33 total).
| Relation | Connected entity | Confidence |
|---|---|---|
deployed_on | Ethereum | 95% |
deployed_on | Solana | 95% |
deployed_on | Arbitrum | 95% |
deployed_on | Polygon | 95% |
deployed_on | Avalanche | 95% |
deployed_on | NEAR | 95% |
deployed_on | BSC | 95% |
deployed_on | zkSync Era | 95% |
deployed_on | Fantom | 95% |
deployed_on | OP Mainnet | 95% |
More on Frax
Frequently asked questions
Who founded Frax Finance?
Frax was founded in 2020 by Sam Kazemian, a co-founder of Everipedia, along with Stephen Moore and Travis Moore.
What is Fraxtal?
Fraxtal is Frax's own Layer 2 rollup, built on the OP Stack and launched in February 2024.
What backs frxUSD?
frxUSD is backed by dollar-denominated reserves including BlackRock's BUIDL tokenized institutional digital liquidity fund, tokenized by Securitize, alongside other treasury and money-market fund tokens.
Related reading
Sources
Facts on this page were verified against the following sources.