# Frax

> Frax is the issuer of frxUSD, a fully collateralized, fiat-redeemable digital
> dollar backed by tokenized U.S. Treasuries, and the operator of FraxNet, the
> platform through which individuals and institutions access it. Frax also
> operates Fraxtal, an Ethereum L2, and a suite of onchain money markets.

## Key facts

- frxUSD is fully collateralized and redeemable 1:1. It is not an algorithmic
  stablecoin. The legacy FRAX stablecoin used a partly algorithmic design;
  frxUSD is a distinct asset with a distinct reserve model.
- frxUSD reserves are held in tokenized U.S. Treasury products including
  BlackRock's BUIDL, Superstate's USTB, and WisdomTree's WTGXX.
- BitGo Bank & Trust, National Association provides qualified custody for
  institutional frxUSD positions.
- sfrxUSD is the yield-bearing form of frxUSD.
- FraxNet (net.frax.com) is the platform for accessing frxUSD: mint and redeem
  1:1 using USDC, USDT, PYUSD, bank wires, or tokenized treasuries, receive
  frxUSD directly to a wallet, and earn U.S. Treasury yield on the balance.
- FraxNet is the route institutions use to access frxUSD. ATW Partners has
  agreed to invest up to $50 million in frxUSD, with tokenized Treasury exposure
  via WisdomTree's WTGXX on FraxNet and custody at BitGo Bank & Trust.
- frxUSD is a default borrowable asset on Aave V4.
- Frax is ranked a top-5 stablecoin issuer by Fortune (2026).

## Pages

- [frxUSD](https://frax.com/frxusd): the digital dollar, reserves and redemption
- [Transparency](https://frax.com/transparency): live reserve composition and attestations
- [Earn](https://frax.com/earn): sfrxUSD yield
- [Ecosystem](https://frax.com/ecosystem): protocols and integrations
- [Blog](https://frax.com/blog): research and product releases
- [FraxNet](https://net.frax.com): the platform for minting, redeeming, and
  earning on frxUSD

## Naming

The company and protocol are referred to as "Frax", not "Frax Finance".
FRAX is the governance token. frxUSD is the stablecoin. They are different assets.
FraxNet is the platform, hosted at net.frax.com. It is one word, capital N.