FactTUSD (TrueUSD)frxUSD (Frax USD)
PricingSnapshotMINT/REDEEM FEES — TrueUSD Terms of Use, https://app.tusd.io/terms-of-use (a JavaScript app; the Terms text is served from https://app-cdn.tusd.io/static/js/4464.9b870b98.chunk.js, the same build as in August, fetched 29 September 2026): "You are responsible for all on-chain transaction costs associated with on-chain transfers of any TrueUSD. The Company does not charge any Fees for minting or redeeming any TrueUSD and does not charge any on-chain transaction fees in addition to the blockchain-specific transaction fees associated with such transfers." HOMEPAGE ECHO — https://tusd.io (fetched 29 September 2026): "Additionally, TUSD does not charge any fees for its minting and redemption." MINIMUM — Terms of Use: "We reserve the right to prohibit wire submissions of fiat currency or redemption requests of TrueUSD if the total amount submitted or requested is less than US$1,000." — a discretionary floor, not a stated hard minimum: the issuer reserves the right to REFUSE below US$1,000 rather than promising to accept at or above it. ROUNDING — Terms of Use: "All TrueUSD tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying fiat currency, upon redemption." WHAT THE FREE FEE BUYS — the same Terms: "The Platform is only intended to facilitate such mints and redemptions and the Company does not guarantee any right of redemption or exchange of TrueUSD tokens for US Dollars." and "In order to cause TrueUSD tokens to be issued or redeemed by the Company, you must be a verified customer of the Company." SILENT ON: no page loaded on 29 September 2026 states a redemption SLA, a settlement window, a banking-partner wire fee, or any maximum; no separate fee-schedule page exists. TYPED RATE (label, not a quote): spreadPct = 0 — the issuer charges no mint or redemption fee; only network gas applies.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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