Frax Finance
Frax Finance is a decentralized finance protocol specializing in stablecoins, including frxUSD, which is backed by BlackRock's USD Institutional Digital Liquidity Fund.
HeadquartersLas Vegas, Nevada
Founded2020
CEOSam Kazemian
StageDAO
FoundersSam Kazemian, Travis Moore, Jason Huan, Stephen Moore
Websitefrax.finance ↗
LinkedInfraxofficial ↗
GitHub@fraxfinance ↗
Products
Frax Finance is a decentralized finance (DeFi) protocol that focuses on stablecoins and blockchain solutions. It operates without a traditional legal entity structure and is led by its founder, Sam Kazemian.
As a decentralized protocol, Frax Finance does not hold traditional regulatory licenses but has partnered with Securitize to enhance compliance and transparency.
Frequently Asked Questions
What stablecoins does Frax Finance issue?
Frax Finance's stablecoin suite includes frxUSD and FRAX, with frxUSD positioned as the fiat-redeemable, fully collateralized dollar stablecoin. FRXUSD is the primary product for this issuer page, with market capitalization of $114M as of 1 July 2026.
How is frxUSD backed?
Frax documentation states that each frxUSD is backed 1:1 by permitted cash-equivalent reserves. The listed reserve categories include tokenized U.S. Treasury funds such as BUIDL, USTB, JTRSY, WTGXX and AUSD, held with regulated custodians and managed by Frax Inc under Frax DAO delegation.
Does frxUSD hold U.S. Treasuries?
frxUSD is designed to use tokenized Treasury and cash-equivalent reserve assets rather than relying only on crypto collateral. Frax's January 2025 launch materials specifically said frxUSD would leverage BlackRock's USD Institutional Digital Liquidity Fund, BUIDL, tokenized by Securitize.
Recent Activity
- 2025-01MilestoneLaunched frxUSD, fully collateralized replacement for FRAX, backed by BlackRock BUIDL
- 2020-12MilestoneLaunched FRAX, the first fractional-algorithmic stablecoin
- 2019-01MilestoneProtocol development began (developed 2019, launched 2020)