FactFDUSD (First Digital USD)frxUSD (Frax USD)
PricingSnapshotNO FEE SCHEDULE IS PUBLISHED ANYWHERE REACHABLE, AND NO MINIMUM IS PUBLISHED AT ALL. Re-verified 29 September 2026. (a) The binding FDD Terms (https://firstdigitallabs.webflow.io/legal/fdd-terms, fetched 29 September 2026) are SILENT on mint and redeem fees and on minimums: the document’s only fee sentence concerns currency conversion — “If you transmit your wire in a currency other than in the currency which the FDD is denominated in, we will deduct an amount of FDD that results following a currency conversion of any fees charged for such currency conversion.” (b) The FD121 Account User Agreement (https://firstdigitallabs.webflow.io/legal/fd121-account-user-agreement, fetched 29 September 2026) defers to a schedule it does not link: “FD121 may charge fees in connection with the Services. You agree to pay the fees shown to you, if any, or as separately agreed between you and FD121 without set off or deduction. Fees are generally disclosed in the fee schedule which we publicize from time to time; we may change any of the fees that FD121 charges at any time, with or without notice.” No such schedule was found at any URL on 29 September 2026. A full-text search of both documents for “minimum” returns only the severability boilerplate “the minimum extent necessary” — there is no minimum ticket published anywhere. (c) The only price claim is on the product marketing page (https://firstdigitallabs.webflow.io/fdusd, fetched 29 September 2026), under the heading “Mint and Redeem at Near-Zero Cost”: “We offer zero fee minting and redemption, as long as you mint more than you redeem.” The condition matters — zero-fee redemption holds only while the client mints more than it redeems, and what is charged otherwise is published nowhere; this marketing claim is in no binding document. (d) Access, quoted from the issuer’s transparency page (fetched 29 September 2026): “Please note that First Digital Labs does not sell tokens directly to retail customers.”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.
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