Frax USD wallet

What is Frax USD (FRXUSD)?

The stablecoin formerly known as FRAX now trades as Frax USD (frxUSD), and the rename matters more than it sounds. When Frax Finance restructured its token lineup, the old FRAX stablecoin was succeeded by frxUSD and the ticker FRAX moved to the protocol's governance and gas token (previously FXS). So if you see "FRAX" in a wallet list or on a chart today, that may be the volatile protocol token, not a dollar. The token to hold for a dollar peg is frxUSD.

What backs it: frxUSD is a fiat-redeemable stablecoin fully collateralized by cash-equivalent reserves such as tokenized Treasury funds. Governance-approved custodians mint and redeem it against those reserves, which is a different design from the older, partly algorithmic FRAX. The old FRAX stablecoin was not converted in place: it remains a separate contract, now called Legacy Frax Dollar, and frxUSD is a distinct token.

Holding it: on Ethereum and the other EVM networks frxUSD is an ordinary ERC-20, and fees are paid in each network's own gas coin (ETH, BNB, AVAX, POL, SEI, BERA and so on). On Solana it is an SPL token, which means a token account funded with a small SOL rent deposit before it can receive anything. Cross-chain moves go through Frax's own LayerZero-based bridge rather than third-party wrapped versions. There is also sfrxUSD, a separate staked-vault token with its own ticker; frxUSD itself stays 1:1 and does not rebase or change balance on its own.

Because the same token exists on so many chains, the practical trap is sending on one network to a recipient waiting on another. Tangem shows the outgoing network and the address on the send screen before the card signs, so you check them yourself rather than find out afterward. For a stablecoin spread across this many chains, that per-network check is the reason to keep frxUSD there.

Supported networks in Tangem (17): Optimism, Ethereum, Scroll, Blast, Arbitrum One, zkSync, Polygon zkEVM, Base, BNB Smart Chain, Solana, Avalanche, X Layer, Polygon POS, Aurora, Katana, Sei Network, Ink.