FactUSDCfrxUSD (Frax USD)
PricingSnapshotNO PUBLIC MINT OR REDEEM FEE SCHEDULE AND NO PUBLISHED MINIMUM on any Circle surface fetched 29 September 2026. The binding contract defers to a document the reader cannot open — Circle Mint User Agreement (https://www.circle.com/legal/user-agreement, “Last Updated: September 28, 2026”) §10 Fees: “Circle 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 Circle, when you enter into a transaction. Fees are generally disclosed on the Fee Schedule; we may change any of the fees that Circle charges at any time, with or without notice.” The linked Fee Schedule (help.circle.com/s/article/Circle-Account-fee-schedule) returned HTTP 200 with 79 characters of text (“Support Redirect - Support Loading...”) — no amounts, no minimums. circle.com/circle-mint (fetched 29 September 2026) is silent on fees and minimums and says “Circle Mint is the fastest and most cost effective way for distributors to access and redeem USDC, EURC, and cirBTC.” and, under the card “1:1 redemption”, “USDC, EURC, and cirBTC can be respectively redeemed 1:1 for US dollars, euros, and BTC through Circle.” (in August the same card read “can always be redeemed” — the word “always” is gone). circle.com/pricing now redirects to circle.com/contact/partner, a contact form, not a price list. The only fee language addressed to a retail holder is the EEA path, circle.com/legal/mica-redemption-policy (“Last Updated: September 15, 2026”), which charges nothing itself and disclaims only third-party costs: “Retail Holders are informed that third party fees may occur when payment in USD is performed on their bank account. Circle France is not liable for any such third party fees.” The legacy catalog’s six-figure Circle minimum remains unsupported: no minimum of any size appears in the USDC Terms, the Circle Mint User Agreement or circle.com/circle-mint as fetched 29 September 2026. No list price is published, so cost cannot be compared before a sales conversation.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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