f(x) Protocol fxUSD: The project describes itself as an on-chain platform for trading ETH and WBTC with leverage and for earning yield on a stablecoin it issues. Its pages make no dated promises we could check. It trades at $0.9999, #307 of all coins by size, 4% below its highest ever price.
This week Nothing changed on its record.
No stated job or named backing. No dated promises on its pages. Nothing dated ahead. #6 of 39 crypto-backed stablecoins. Nothing to be careful of on the record.
Is it real?
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0 of 4
- –A real-world jobDoes it say what problem it solves, in a category that is not a joke?
- –Real backingA named investor, an index, a major exchange, or a billion-dollar size.
- –Something aheadA dated step, deliveries on record, or demand showing up in the news.
- –Room to growWorth at least four times less than the biggest coin doing the same job, so the gap is real, not a guess.
No named backer
- Origin5 December 2024about about 21 monthsfx.aladdin.club, GitHub, Whitepaper
- DevelopersNot namedNeither Wikidata nor its listing names the foundersCode activity not checked
- BackingNo named investorNot on a big exchange we track
- Standing on the recordNo recordNo dated promise to judge yet4 headlines last monthNo corrections needed so far
It is already worth more than the typical coin in Crypto-backed Stablecoin ($10.42M). To match the leader, Dai ($4.59B), its price would need to rise 5396%, to about $54.96.
Still to check
- No dated promise on record yet, so delivery cannot be judged
- Listed on fewer than two big exchanges
- No named investor among its tags
- Only 4 headlines named it last month
- Years younger than the group's leader
What to do Nothing dated is ahead and nothing has been delivered on record. There is no event to wait for yet, which is itself the answer.
A gap is not a forecast. Most small coins never close it. The site never picks.
Four tests, printed. Passing all four means a real job, real backing, something ahead, and a price far below the leader of its group. A filter on facts, never a verdict.
Every line has a source: the coin's own listing, CoinGecko's tags, the record, or the news feed. Reputation here is a count, never an opinion.
Does it deliver?
No dated promise has been found on the pages this project publishes. Its pages are saved every night, so anything it commits to from now on appears here.
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Every line is quoted from the project's own pages, with the copy we stored and, where one exists, the article that reported it
What is next, and when?
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Nothing dated
The project has not put a date on anything still open. That is a fact worth knowing.
How big is it next to its rivals?
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Only coins within a hundred times its worth; a coin a thousand times bigger is another world
A stable digital dollar
18 coins we checked say they are for a stable digital dollar, worth $272.87B together. #18 of 18 by worth.
Crypto-backed Stablecoin: this coin against its direct competitors
- CoinWorth, as a barWorthAgainst this coinToday, and the gapSupplyPromises
f(x) Protocol fxUSD$83.46Mthis coin+0.0%no maxnone dated
Dai$4.59B55.0× bigger, +$4.5B−0.0%, gap −0.0no maxnone dated
USDD$1.51B18.1× bigger, +$1.42B−0.0%, gap −0.1no maxnone dated
Falcon USD$1.34B16.1× bigger, +$1.26B−0.0%, gap −0.1no maxno record
GHO$698.14M8.4× bigger, +$614.68M+0.0%, gap −0.0no maxnone dated
crvUSD$203.52M2.4× bigger, +$120.06M+0.0%, gap −0.0no maxnone dated
Lista USD$75.1M1.1× smaller, −$8.35M+0.0%, gap −0.0no maxno record
Felix feUSD$74.87M1.1× smaller, −$8.58M+0.0%, gap −0.0no maxno record
Crypto-backed Stablecoin: this coin next to Dai, the biggest rival within reach. People go to the bigger coin unless the smaller one does something it does not.
- f(x) Protocol fxUSD says
- The project describes itself as an on-chain platform for trading ETH and WBTC with leverage and for earning yield on a stablecoin it issues.
- Dai says
- The project describes Dai as a currency that keeps a steady value, is not run by one central company, and can be used by anyone.
Two claims, side by side, in their own words. Whether the difference is real is for the record to show over time, and for you to judge.
The project describes itself as an on-chain platform for trading ETH and WBTC with leverage and for earning yield on a stablecoin it issues.
Its listing puts it this way: On V1, fxUSD is unlike anything else in DeFi. It is the first truly decentralized stablecoin with the scalability to compete toe-to-toe with centralized offerings.
Problem it says it solves: a stable digital dollar. 27 coins we have checked say the same; together they are worth $275,379,450,817.
Where it trades: Curve, Aerodrome Slipstream 3, Fluid, Hydrex Integral
Each bar is a coin's worth today (price × coins out), longest first. The lit bar is this coin; grey bars are the others doing the same job.
Bars are market cap. Order is size, nothing else. Differences are measured from the coin you are looking at.
What should make me careful?
Nothing printed today
None of the six tests fails. A missed promise counts only on a record a person has checked.
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Crypto-backed Stablecoin: this coin next to the group's largest, Dai.
| f(x) Protocol fxUSD | Dai | |
|---|---|---|
| Years trading | 2 years | 7 years |
| Major exchanges | 0 | 2 |
| Named backers | 0 | 0 |
| Headlines, last month | 4 | 2 |
| Promises delivered | no record | no record |
What it says is different: On V1, fxUSD is unlike anything else in DeFi. It is the first truly decentralized stablecoin with the scalability to compete toe-to-toe with centralized offerings.
It is 1.8% the size of Dai. On the facts above it is behind on years trading, major exchanges. For that gap to close, the record would need deliveries showing up in its record, news that names it, listings on major exchanges. Nothing here says it will; the site does not predict.
The tests: nothing to hold it for, more missed than delivered, priced ahead of its record, half the supply still to come, rivals ship while it does not, a big release of coins soon.
The homework: the coin itself, the news, the record
The coin itself
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The last 7 days
Where today sits against its highest ever price
Highest ever: $1.04 on 5 February 2026. Today is 96% of that.
100%
of all FXUSD that will ever exist is already out in public hands: 83.46M coins.
Nothing is held back. Every coin is already out.
out held back. Each dot is 1%.
Meant to stay at one dollar
Holding it is holding a copy of a dollar. It is not built to rise.
- Nothing the project's own pages spell out.
That is all a market cap is: today's price times the coins in public hands. It moves every time the price does. It says what buyers are paying, not what the coin is worth.
- 83.46Min circulation of 83.46M total. No hard maximum is set, so more can be created.
- of its all-time high of $1.04 on 5 February 2026. That is −3.7% from the top.
- #307by market cap, $83,456,087.
- Not checkedwho holds the most coins, and how much has been burned. Those need on-chain data this site does not read yet.
Supply and value figures from CoinGecko, refreshed hourly. Not part of the record.
What the news says
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Headlines per day, last 30 days
4 headlines named this coin in the last month.
What they were about
- Digital Assets: From Cryptocurrencies to Meme Coins - Page 15
- Digital Assets: From Cryptocurrencies to Meme Coins - Page 15
- Digital Assets: From Cryptocurrencies to Meme Coins - Page 15
- Digital Assets: From Cryptocurrencies to Meme Coins - Page 15
Headlines are the publishers' own. News is never placed next to price.
The record itself
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Six facts, the project's own replies, its peers, contract facts, references and every stored copy
The project describes itself as an on-chain platform for trading ETH and WBTC with leverage and for earning yield on a stablecoin it issues.
“f(x) Protocol is a decentralized on-chain trading platform that enables stress-free leverage on ETH and WBTC while delivering the highest organic & sustainable yield on stablecoins.”source · snapshot · captured 2026-09-14
Live. The record does not yet cite when this stage began.
No dated or committed promises have been recorded yet.
Others in stablecoins: Synthetix 6 of 11, Cap 3 of 10, A7A5 0 of 3, Frax USD 0 of 1, and 4 more.No public code repository is listed in this record.
None of the project's captured pages has changed since capture began on 10 September 2026.
Nothing further to flag from the record as it stands.
This record was drafted by a machine from captured pages and has not yet been checked by a person. Treat every line as unverified until that note changes.