Provider at a glance
- Category
- Stablecoins
- Entity
- All 2 Frax products
- Official website
- frax.com
Independent rankingchecked How it works
Details
Scored 56 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
frxUSD (Frax USD)
Dollar stablecoin from Frax
Stablecoins
#7 Overall
Ranked #7 of 11 stablecoins in the published ranking
56
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
Is frxUSD (Frax USD) right for you?
Look elsewhere if these come first
- Who owes you the dollar2/10 here; the category best is 7
- Redemption at par3/10 here; the category best is 8
- Reserves and assurance3/10 here; the category best is 8
- Freeze and burn powers3/10 here; USDe scores 7
Not yet tested for your country. Markets it lists: Global.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best stablecoin shows where it lands for you.
What will frxUSD (Frax USD) cost you?
Not priced on this basis
- Your monthly volume
- $1k
How safe is frxUSD (Frax USD)?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
Alternatives to frxUSD (Frax USD)
Compare all 4- 6USDT (Tether)1 point above · stronger on freeze and burn powers (5 against 3)57
- 8GHO (Aave)Level on score · stronger on freeze and burn powers (6 against 3)56
- 9USDe1 point below · stronger on freeze and burn powers (7 against 3)55
For your setup
Find out if frxUSD (Frax USD) fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where frxUSD (Frax USD) lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
- A few questions
- No account required
- Ranking-blind: no commercial input
- Personalised in under 60 seconds
Find my best stablecoinNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why frxUSD (Frax USD) ranks #7
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (8.6 here) sit inside the score; availability, friction, trust record and measured data add the rest.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
302+1.922.07#4/11Loading evidence…
283+2.693.08#6/11Loading evidence…
243+2.303.08#5/11Loading evidence…
183+1.735.07#10/11Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−1behind USDT (Tether), #6
RobustnessOne point from changingacross a one-point change to each of its 4 criterion scores, the re-run scores 54–58 and ranks #6–#10
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of frxUSD (Frax USD)’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
Who exactly owes you the dollar, and where do you rank when they fail? 2 → 3 on its ladder · passes USDT (Tether)+158#7 → #6
Can the person actually holding it get a dollar back at par — and has anyone, at size? 3 → 4 on its ladder · passes USDT (Tether)+158#7 → #6
What is really behind it, and what did the third party actually opine on? 3 → 4 on its ladder · passes USDT (Tether)+158#7 → #6
Who can freeze, burn or replace your balance — and have they? 3 → 4 on its ladder · passes USDT (Tether)+157#7 → #6
Who exactly owes you the dollar, and where do you rank when they fail? 2 → 1 on its ladder · GHO (Aave) passes it−154#7 → #10
Can the person actually holding it get a dollar back at par — and has anyone, at size? 3 → 2 on its ladder · GHO (Aave) passes it−154#7 → #10
What is really behind it, and what did the third party actually opine on? 3 → 2 on its ladder · GHO (Aave) passes it−155#7 → #10
Smallest climb: “Who exactly owes you the dollar, and where do you rank when they fail?” 2 → 3 passes USDT (Tether), #6.
Strengths
0 from the score dataWhere it leads
No scored criterion is at or within one point of the category best, so no strength can be stated from the data.
Tradeoffs
4 from the score dataWhere it trails
Not for readers who put first
- Who exactly owes you the dollar, and where do you rank when they fail? — 2/10 against a category best of 7/10
- Can the person actually holding it get a dollar back at par — and has anyone, at size? — 3/10 against a category best of 8/10
- What is really behind it, and what did the third party actually opine on? — 3/10 against a category best of 8/10
- Who can freeze, burn or replace your balance — and have they? — 3/10 against a category best of 7/10
Record watch-outs
- This record scores frxUSD; the legacy pair does not belong in it. Every legacy-token read reproduces at pinned block 25,790,057 on 2026-08-19: legacy FRAX 0x853d955aCEf822Db058eb8505911ED77F175b99e returns name() = 'Frax', symbol() = 'FRAX', totalSupply() = 219,320,045.8726, more than twice frxUSD's 99,546,198.812956; legacy sFRAX 0xA663B02CF0a4b149d2aD41910CB81e23e1c41c32 returns 'Staked FRAX' / 'sFRAX' at 56,157,367.8378; sfrxUSD 0xcf62F905562626CfcDD2261162a51fd02Fc9c5b6 returns 'Staked Frax USD' / 'sfrxUSD' at 30,289,675.5744; and FXS 0x3432B6A60D23Ca0dFCa7761B7ab56459D9C964D0 still returns 'Frax Share' / 'FXS'. FIP-428 renames the governance token: gov.frax.finance topic 3652, "[FIP - 428] Frax North Star Proposal - V2" (2025-03-09), states "FXS will be renamed to FRAX" and "'Legacy' FRAX (the original stablecoin) will be renamed to Legacy Frax Dollar". On the read date the string "FRAX" could therefore mean a legacy stablecoin, a governance token mid-rename, or the retired brand of frxUSD. FIP-430 proposes, and nothing records as done, "(1) establishing two distinct balance sheets—one for Legacy FRAX Dollar and one for frxUSD"; neither FIP carries an execution receipt. It also says "the Frax Finance DAO will no longer guarantee 1-to-1 migration between Legacy FRAX Dollar and frxUSD" and leaves Legacy FRAX to "continue to operate under its AMO-driven, DeFi-native model". net.frax.com says frxUSD "can always be redeemed 1:1 for US dollars", while the Terms of Service on the same domain contain the word "redeem" zero times and still describe "a fractional-algorithmic stablecoin". And on 2026-09-29 the permissionless USDC route held 0 USDC and the fee-free USDB route 1.538966 USDB, so the documented permissionless par exit could not pay out, while the undisclosed live mint authority is still there.
Competitive position
Where frxUSD (Frax USD) leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#1 / 1114.0 of 20 · constant here
Published criteria#7 / 116.5 of 30 · best 15.3
Friction#1 / 112.7 of 10 · constant here
Trust record#1 / 113.2 of 8 · constant here
Measured data#1 / 118.3 of 18 · constant here
Where frxUSD (Frax USD) leads
- Who exactly owes you the dollar, and where do you rank when they fail?#4 / 11
Where it trails
- Who can freeze, burn or replace your balance — and have they?#10 / 11
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
GHO (Aave)#8 of 11 · score 56 · same score
frxUSD (Frax USD) leads on
- Who exactly owes you the dollar, and where do you rank when they fail?2 vs 1
- What is really behind it, and what did the third party actually opine on?3 vs 2
GHO (Aave) leads on
- Who can freeze, burn or replace your balance — and have they?6 vs 3
Scenario cost: GHO (Aave) has no verified pricing for this scenario.
USDT (Tether)#6 of 11 · score 57 · 1.0 point ahead
frxUSD (Frax USD) leads on
- What is really behind it, and what did the third party actually opine on?3 vs 2
USDT (Tether) leads on
- Who can freeze, burn or replace your balance — and have they?5 vs 3
Largest single reason USDT (Tether) is ahead: published criteria (+0.8 display points).Scenario cost: USDT (Tether) has no verified pricing for this scenario.
USDe#9 of 11 · score 55 · 1.0 point behind
frxUSD (Frax USD) leads on
- Who exactly owes you the dollar, and where do you rank when they fail?2 vs 1
- Can the person actually holding it get a dollar back at par — and has anyone, at size?3 vs 1
USDe leads on
- Who can freeze, burn or replace your balance — and have they?7 vs 3
Largest single reason frxUSD (Frax USD) is ahead: published criteria (+1.0 display points).Scenario cost: USDe has no verified pricing for this scenario.
Against the leader
79 vs 56 · gap 23.0Why PayPal USD (PYUSD) ranks above frxUSD (Frax USD)
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 23.0 to within rounding.
DimensionThisPayPal USD (PYUSD)Gap share
Availability · 23% weight · constant here14.014.0same
Published criteria · 35% weight6.515.3−22.9, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisPayPal USD (PYUSD)Points
Who exactly owes you the dollar, and where do you rank when they fail? · w3027−4.80, worse
Can the person actually holding it get a dollar back at par — and has anyone, at size? · w2838−4.48, worse
What is really behind it, and what did the third party actually opine on? · w2434−0.77, worse
Who can freeze, burn or replace your balance — and have they? · w1836−1.73, worse
Net5679−23.0
Your scenario
frxUSD (Frax USD) is not priced for this scenario
Conversion spread on your volume for a year. Excludes network gas and any withdrawal fee. Change an input and every figure recomputes from the published rate; the published rank does not move.
your cost/yr · default scenario — set your own
Your monthly volume · your input$1k
Rate read from the provider’s published pricing ↗ on 29 September 2026.
your cost/yrCost is stated as your cost/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDCategory median and cheapestNot statedOnly 2 of 11 rows publish a comparable price; a median and a cheapest row need at least 3.
8 of 11 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
1 of 11 quote a zero fee that leaves costs out, so they are absent from the median and the cheapest row, not counted as free.
Evidence
Evidence read 29 September 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessOne point from changingrank #6 to #10 across one-point re-runs
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 3 November 2026; this category's reading is older. The scores stand as read on 29 September 2026.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
Who exactly owes you the dollar, and where do you rank when they fail?strength 2 · weight 30Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Can the person actually holding it get a dollar back at par — and has anyone, at size?strength 3 · weight 28Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.What is really behind it, and what did the third party actually opine on?strength 3 · weight 24Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Who can freeze, burn or replace your balance — and have they?strength 3 · weight 18Report an error—29 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Control failure (frxUSD (Frax USD) 3/10): a key or vote changes the rules, freezes or mints.Scored by Who can freeze, burn or replace your balance — and have they? · 18%
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by Who exactly owes you the dollar, and where do you rank when they fail? · 30% (frxUSD (Frax USD) 2/10)Scored by What is really behind it, and what did the third party actually opine on? · 24% (frxUSD (Frax USD) 3/10)
- Exit failure (frxUSD (Frax USD) 3/10): you cannot get out at par, on time, or with what is yours.Scored by Can the person actually holding it get a dollar back at par — and has anyone, at size? · 28%
Not assessed by this ranking: Contract failure, Custody failure, Regulatory failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Facts
facts, not scoresWhat the record publishes
- Pricing
- NO BINDING DOCUMENT PRICES MINT OR REDEMPTION. The FraxNet Terms of Service, https://
net .frax .com /terms (fetched 29 September 2026; the page's "Last updated" line renders the fetch date, and the extracted text is the same 16,771 characters as in August), contain 0 occurrences of "redeem", "redemption", "minimum" and "frxUSD", and no fee table of any kind. PUBLISHED FEES — Frax documentation, https:// docs .frax .com /frxusd /fiat-onramp-offramp (fetched 29 September 2026), whose "Fees" section lists exactly two items: Exchange Fee, "May be applied by Bridge.xyz during currency conversion"; RWA Liquidation Fee, "A 1 BPS conversion fee may apply if real-world assets (RWAs) are being liquidated to meet cash redemptions". Both are conditional and the exchange leg is unquantified. The same page gates the fiat route: "All users must complete Persona KYC/KYB and Bridge.xyz verification", and the only supported account types are "U.S. checking accounts" and "U.S. savings accounts". ON-CHAIN FEES AND CAPACITY (label: eth_call reads at Ethereum blocks 26,082,253-26,082,262, not page prices): the permissionless USDC route 0x4F95C5bA0C7c69FB2f9340E190cCeE890B3bd87c still returns mintFee() = 0 and redeemFee() = 0, but holds 0 USDC (totalAssets() = 0; it held 1,385,323.315876 USDC on 19 August 2026), so it cannot pay out today; the RWA routes USTB 0x5fbAa3A3B489199338fbD85F7E3D444dc0504F33, BUIDL 0xe827abf9f462ac4f147753d86bc5f91e186e4e9c and WTGXX 0x860Cc723935FC9A15fF8b1A94237a711DFeF7857 return mintFee() = 0 and redeemFee() = 1e14, i.e. 1 basis point, and require addresses "onboarded to hold BUIDL, USTB, or WTGXX" (https:// docs .frax .com /frxusd /mint-and-redeem-routes); the USDB route 0xFE2Ea8dE262d956e852F12DE108fda57171a0a29 is fee-free and holds 1.538966 USDB; an AUSD route 0x537bed9200fc5a14ab56e554016753676eff12b0, added as a minter at block 25,832,426 and not listed on the routes page, charges a 1e14 (1 basis point) redeemFee and holds 35,696.844801 AUSD. frxUSD totalSupply() = 93,369,845.27. NOT A PRICE: https:// docs .frax .com /frxusd still advertises "Earn 4.1% APY from Treasury yields (subject to treasury backing performance)" — the sfrxUSD/FraxNet savings product, which this page does not score.frxUSD (Frax USD) — official page at docs.frax.com ↗ · 29 September 2026 - Prices published in
- USDfrxUSD (Frax USD) — official page at docs.frax.com ↗ · 29 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- VERIFIED 19 August 2026 by adversarial re-fetch. SCORE HOLDS AT 2. BINDING DOCUMENT: https://
net .frax .com /terms, fetched with a browser user agent on 19 August 2026 (HTTP 200, 70,935 bytes of HTML). Extracted text 16,771 characters (draft said 16,774; a 3-character extraction-method delta, immaterial). - Supported chains
- Not published
- Markets served
- global
- Primary markets
- Not published
- Restricted markets
- Not published
- Operating limits
- Not published
- Availability note
- Not published
Legal entity on file: Frax, placed in 2 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with frxUSD (Frax USD): where to complain, and where to report a scam
Loading the routes for your country.
How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
10 methodology entries
- 29 September 2026Current verified snapshot · methodology 2026.10.18Score 56, #7 of 11. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
- 1 October 2026
2026.10.0Layer-2 chains are ranked on whether you can leave with your funds- added Four l2_chains criteria with published band ladders: proof system (18), withdrawals if the operator stops (18), rollup stage (14) and exit window before an upgrade (6). EVM equivalence moves 40 to 17, Ethereum data availability 25 to 15 and maturity 35 to 12. Every chain's emergency exit window reads None, so the exit-window ladder also reads L2BEAT's regular, non-emergency upgrade path (Arbitrum One 10 days, Starknet and Arbitrum Nova 7, zkSync Era 4 days 3 hours); data availability separates full transaction data (10) from state diffs only (9, L2BEAT: Onchain (SD)). A stage L2BEAT marks Under review keeps its last score for at most one 45-day cycle and is never interpolated.
- changed l2_chains ranks through scoreCriterionObjective on fitStrength, like the other criterion-ranked categories; the hand-written structural scorer is deleted. All 105 criterion scores across 15 rows carry a quote and source in research-pending/rereads/2026-10-01-l2_chains.json; 131 of 135 quotes re-fetched verbatim on the read date, and the four behind a bot wall or a JavaScript shell were read by the adversarial model run.
- fixed Four facts corrected on the read: Scroll, Mantle and Blast are EVM-compatible, not equivalent (their own documentation, and for Blast live RPC probes); Starknet's public mainnet opened to users in 2022, not 2021. Arbitrum Nova's data has gone to Ethereum as blobs since 31 August 2026, and the row now leads with the Arbitrum DAO's decision to minimise it.
- fixed The old scorer credited Ethereum data availability whenever the data-availability text contained the word "ethereum", so Arbitrum Nova's committee ("…Ethereum L1 rollup fallback") and Polygon zkEVM's off-chain data ("…Ethereum L1 before the sunset") both scored full marks. Data availability is now a quoted L2BEAT reading.
Methodology 2026.10.18, the same published run every visitor sees · receipt stablecoins:frax:2026.10.18:1e2308e3f28a
Are you frxUSD (Frax USD)? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.