Frax Price Index

Most stablecoins target a flat one dollar, but Frax Price Index deliberately does not: its goal rises with US consumer prices, so a holder keeps purchasing power rather than a fixed nominal value. Built by Frax Finance, FPI pegs to the CPI-U basket published by the US government, and a Chainlink oracle writes each new inflation reading onchain roughly once a month, nudging the token's redemption price up in step with the reported rate. It is a crypto-collateralised design, backed by Frax's own stablecoin holdings and stabilised through the protocol rather than by fiat in a bank, so redemption happens onchain against that collateral. It was among the first attempts at an inflation-tracking stablecoin, an answer to the complaint that dollar-pegged tokens quietly lose value as prices climb. FPI trades on Ethereum and ZKsync Era.