Frax USD

Where the original FRAX renounced redemption, Frax USD restores it and swaps algorithmic heritage for hard reserves. Launched by Frax Finance in early 2025, frxUSD is backed by tokenized US Treasury products, including BlackRock's BUIDL fund brought onchain by Securitize, so each token is meant to sit against short-dated government paper rather than crypto collateral. A holder can redeem for dollars through a verified banking rail, clearing KYC and KYB checks via Persona and Bridge.xyz, while onchain redemption into the underlying reserve tokens stays permissionless. That split gives retail a genuine par claim on the reserves without forcing everyone through an institutional gate. frxUSD spans more than twenty chains, from Ethereum and Solana to Base, Arbitrum, and Frax's own Fraxtal, positioning it as the reserve-backed counterpart to the non-redeemable FRAX.