Frax USD: Frax says it is building the infrastructure behind its stablecoin for use across the financial system. Of the 1 thing it promised, it delivered 0, 1 is still open (1 with no date); nothing dated is coming up. It trades at $0.9997, #260 of all coins by size, 8% below its highest ever price.
This week Nothing changed on its record.
No stated job or named backing. Delivered 0 of 1, none late. Nothing dated ahead. #18 of 85 fiat-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
- Origin17 February 2025about about 19 monthsfrax.com, GitHub
- DevelopersNot namedNeither Wikidata nor its listing names the foundersCode activity not checked
- BackingNo named investorNot on a big exchange we track
- Standing on the record0 of 10 confirmed by outside news1 headline last month1,233 people keep it on a CoinGecko watchlistNo corrections needed so far
It is already worth more than the typical coin in Fiat-backed Stablecoin ($12.86M). To match the leader, USDS ($9.86B), its price would need to rise 9379%, to about $94.77.
Still to check
- 1 dated promises, none delivered yet
- Listed on fewer than two big exchanges
- No named investor among its tags
- Only 1 headline named it last month
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?
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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
0 of 1
promises delivered, by the project's own pages
0 of those confirmed by an outside news report
Promises by the year they were due
delivered open past due
The project gives no dates for these, so there is no line to draw. What its pages say, in plain words:
Still open, undated (1)
- Frax plans to give its Fraxtal blockchain real-time blocks…
- Openno dateFrax plans to give its Fraxtal blockchain real-time blocks and throughput of more than 100,000 transactions per second.
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. #16 of 18 by worth.
Fiat-backed Stablecoin: this coin against its direct competitors
- CoinWorth, as a barWorthAgainst this coinToday, and the gapSupplyPromises
Frax USD$104.03Mthis coin−0.0%no max0 of 1 delivered
USDS$9.86B94.8× bigger, +$9.76B+0.0%, gap +0.0no maxno record
Ethena USDe$4.68B44.9× bigger, +$4.57B+0.0%, gap +0.0no maxno record
Dai$4.59B44.1× bigger, +$4.48B−0.0%, gap −0.0no maxnone dated
Global Dollar$3.32B31.9× bigger, +$3.21B+0.0%, gap +0.0no maxnone dated
PayPal USD$2.87B27.6× bigger, +$2.77B+0.0%, gap +0.0no maxno record
Ripple USD$2.37B22.8× bigger, +$2.27B+0.0%, gap +0.0no maxno record
GHO$698.14M6.7× bigger, +$594.11M+0.0%, gap +0.0no maxnone dated
Fiat-backed Stablecoin: this coin next to USDS, the biggest rival within reach. People go to the bigger coin unless the smaller one does something it does not.
- Frax USD says
- Frax says it is building the infrastructure behind its stablecoin for use across the financial system.
- USDS says
- USDS is the stablecoin of the decentralized Sky ecosystem, designed to maintain a soft peg (a value intended to stay close) to the U.S.
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.
Frax says it is building the infrastructure behind its stablecoin for use across the financial system.
Its listing puts it this way: Frax USD (frxUSD) is a fiat-redeemable, fully-collateralized stablecoin issued by the Frax Finance Protocol.
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, Uniswap V4, Fraxswap, Aerodrome SlipStream, Aerodrome Slipstream 3
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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Fiat-backed Stablecoin: this coin next to the group's largest, USDS.
| Frax USD | USDS | |
|---|---|---|
| Years trading | 2 years | 2 years |
| Major exchanges | 0 | 7 |
| Named backers | 0 | 0 |
| Headlines, last month | 1 | 16 |
| Promises delivered | 0 of 1 | no record |
What it says is different: Frax USD (frxUSD) is a fiat-redeemable, fully-collateralized stablecoin issued by the Frax Finance Protocol.
It is 1.1% the size of USDS. On the facts above it is behind on major exchanges, headlines, last month. 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: $1.09 on 12 April 2026. Today is 92% of that.
100%
of all FRXUSD that will ever exist is already out in public hands: 104.06M coins.
0% (54.77K coins) is not yet created or held by the project. That is a small share. Those coins can be sold later, which can push the price down.
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.
- 104.06Min circulation of 104.11M total. No hard maximum is set, so more can be created.
- of its all-time high of $1.09 on 12 April 2026. That is −8.1% from the top.
- #260by market cap, $104,027,655.
- 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
1 headline named this coin in the last month.
What they were about
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
Frax says it is building the infrastructure behind its stablecoin for use across the financial system.
“At Frax, we're building the world's most scalable stablecoin infrastructure for the next generation of finance.”source · snapshot · captured 2026-09-14
Live. The record does not yet cite when this stage began.
0 of 1 promise delivered. 1 open.
Others in stablecoins: Synthetix 6 of 11, Cap 3 of 10, A7A5 0 of 3, Kaia 0 of 2, and 3 more.Others in smart-contract platforms: Internet Computer 20 of 23, Ethereum 15 of 20, Ozone Chain 13 of 30, Starknet 10 of 24, and 28 more.
No public code repository is listed in this record.
The project's homepage page last changed on 14 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.