FactUSDT (Tether)frxUSD (Frax USD)
PricingSnapshothttps://tether.to/en/fees (HTTP 200 after redirect to /en/fees/, fetched 29 September 2026) publishes exactly four rows: “Minimum Tether Token acquisition or redemption amount” — “100,000 USD”; “Fee per redemption” — “The greater of $1,000 or 0.1%”; “Fee per acquisition” — “0.1%”; “Verification fee” — “150 USD in Tether Tokens”. On the verification fee, quoted continuously: “This amount is non-refundable but can be part of your redemption. The verification fee is intended to ensure that only those who are serious about establishing an account apply. The fee also helps offset a portion of the incurred costs from the execution of a robust verification process. Tether maintains the sole discretion to approve or not approve accounts. By submitting a verification request you agree that the 150 USD₮ deposit is non-refundable.” Also: “Tether does not offer wallet functionality for any digital tokens. Withdrawal requests for digital tokens held by Tether are evaluated per request and can take several days to process.” WORKED EXAMPLE (label: derived arithmetic, not a quote): the redemption floor equals 10 basis points only at one million US dollars, so at the published minimum of one hundred thousand it is 1.0 per cent; a minimum-size round trip costs 100 + 1,000 + 150 = 1,250 US dollars on 100,000, i.e. 1.25 per cent. The 30 June 2026 Reserves Report (BDO Advisory Services S.r.l., signed “Milan, 31 July 2026”, still the newest on 29 September 2026) books the fee into the liability: “As per its definition, contractual redemption value of the token takes into consideration the redemption fee of 10 basis points.”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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