Frax is a fractional-algorithmic stablecoin protocol on Ethereum.
15% through historical range
27.26% above ATL and 54.68% below ATH
Showing 10 spot markets sorted by CoinMarketCap exchange rank. Markets excluded from CMC price or volume calculations are hidden.
| Pair | |||||
|---|---|---|---|---|---|
| 1 | PancakeSwap v3 (BSC) | USDT/FRAX | $1.00 | $842 | 25 |
| 2 | PancakeSwap v3 (BSC) | USDT/FRAX | $1.00 | $1 | 1 |
| 3 | Uniswap v3 (BSC) | USDT/FRAX | $1.00 | $292 | 8 |
| 4 | Curve (Ethereum) | USDe/FRAX | $1.00 | $868.39K | 681 |
| 5 | Curve (Ethereum) | FRAX/USDC | $0.99 | $153.02K | 515 |
| 6 | Uniswap v3 (Ethereum) | FRAX/USDC | $0.99 | $16.52K | 443 |
| 7 | Uniswap v3 (Ethereum) | FRXETH/FRAX | $2,162.65 | $6.59K | 476 |
| 8 | Uniswap v2 | FRAX/FRAX | $0.43 Best price | $3.59K | 259 |
| 9 | Uniswap v2 | FRAX/WETH | $1.00 | $70 | 119 |
| 10 | Uniswap v3 (Arbitrum) | FRAX/USDT | $1.00 | $6 | 5 |
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Legacy Frax Dollar (FRAX) is the renamed version of the original FRAX stablecoin following Frax Finance’s “North Star” protocol upgrade and governance restructuring. As part of the transition, the original FRAX token was rebranded to Frax Legacy Dollar (FRAX), while the upgraded stablecoin system now operates under Frax USD (frxUSD).
The change reflects Frax Finance’s evolution from its earlier fractional-algorithmic stablecoin design toward a more fully collateralized and institutionally integrated stablecoin architecture.
FRAX originally launched as one of the first fractional-algorithmic stablecoins in decentralized finance (DeFi). The protocol combined collateral backing with algorithmic supply adjustments in an attempt to maintain price stability while improving capital efficiency.
Following governance changes and the North Star Hardfork, the original FRAX stablecoin became known as Legacy Frax Dollar, distinguishing it from the newer frxUSD system introduced by Frax Finance.
The upgraded Frax USD (frxUSD) stablecoin represents a major shift in the protocol’s design philosophy. Unlike the earlier fractional model, frxUSD is structured as a fiat-redeemable, fully collateralized stablecoin supported by governance-approved custodians and tokenized real-world assets.
The new architecture combines:
This redesign aligns Frax Finance more closely with the growing real-world asset (RWA) and institutional stablecoin sector.
frxUSD introduces an “enshrined custodian” system where approved real-world entities can mint and redeem stablecoins using cash-equivalent reserves. Custodians hold reserve assets and interact with dedicated smart contracts that manage issuance and redemption.
Under this structure:
This model is intended to combine institutional compliance with decentralized accessibility.
The frxUSD system supports tokenized real-world assets as collateral, including instruments such as tokenized treasury products and institutional reserve funds. Governance can approve multiple custodians and collateral types to diversify reserve exposure.
Examples of supported reserve assets may include:
This reflects a broader industry movement toward tokenized financial infrastructure.
Both Legacy FRAX and frxUSD are built on blockchain smart contract systems that manage issuance, redemption, collateralization, and governance.
Core infrastructure components include:
This infrastructure supports decentralized liquidity and financial coordination.
Legacy FRAX and frxUSD support several DeFi and financial use cases:
Stablecoins remain foundational components of decentralized finance infrastructure.
Frax Finance operates within the competitive stablecoin sector alongside centralized fiat-backed stablecoins and decentralized alternatives. The protocol is notable for experimenting with hybrid stablecoin architectures that combine algorithmic mechanisms, collateral systems, and institutional integrations.
The transition from Legacy FRAX to frxUSD reflects changing market preferences toward fully collateralized and transparent reserve-backed systems.
Like other stablecoin systems, Legacy FRAX and frxUSD face several considerations:
These factors are important to the long-term stability and adoption of the ecosystem.
Legacy FRAX and the upgraded frxUSD system represent an important evolution in decentralized stablecoin design. Frax Finance has been influential in exploring hybrid monetary systems that combine blockchain-native mechanisms with real-world financial infrastructure.
As decentralized finance continues integrating with institutional and tokenized asset markets, projects like Frax Finance illustrate how stablecoins are evolving into broader financial coordination layers for onchain economies.
As of May 21, 2026, Legacy Frax Dollar trades at $0.99.
Legacy Frax Dollar has a market capitalization of $273,974,908.34.
Legacy Frax Dollar has a 24-hour trading volume of $843,607.55.
Legacy Frax Dollar reached an all-time high of $2.19, recorded on Nov 16, 2021. It is currently 54.68% below its all-time high.
Legacy Frax Dollar recorded an all-time low of $0.78, recorded on Feb 23, 2021. It is currently 27.26% above its all-time low.
