Convert Tether to Legacy Frax Dollar (USDT → FRAX)

Swap USDT on Ethereum to FRAX on NEAR — no bridges, no delays. Powered by NEAR Intents.

Swap USDT to FRAX

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USDT to FRAX rate today

1 USDT ≈ 1.01 FRAX and 1 FRAX ≈ 0.9945 USDT, based on market prices at 2026-09-22 09:42 UTC. The quote in the widget above is what you actually receive, fees included.

TokenPrice24h
Tether (USDT)$0.9997+0.00%
Legacy Frax Dollar (FRAX)$0.9942+0.17%

How to convert Tether to Legacy Frax Dollar

Converting USDT to FRAX on NEAR Mobile Swap is done in three simple steps through the NEAR Intents protocol: Deposit, Swap, and Withdraw.

Step 1 — Deposit USDT from Ethereum
Go to the Deposit tab and select Tether (USDT) on Ethereum. The widget will generate a deposit address (or QR code) — send your USDT there from any wallet. Once the deposit is confirmed on Ethereum, your USDT balance appears inside NEAR Intents.

Step 2 — Swap USDT to FRAX on NEAR Intents
Switch to the Swap tab, pick USDT as the source and FRAX as the target. Enter the amount and confirm — solvers compete to fill your order and the swap settles in seconds.

Step 3 — Withdraw FRAX to NEAR
Finally, go to the Withdraw tab. Select Legacy Frax Dollar (FRAX) from your NEAR Intents balance and choose NEAR as the destination. Enter an address from a NEAR wallet such as NEAR Mobile or Meteor and confirm.

⚠ Important: When entering a withdrawal address, make sure it is a personal wallet you control. Some centralized exchanges do not support receiving funds from smart-contract-based deposits — sending to an exchange address may result in lost funds.

About the USDT → FRAX swap

This is a cross-chain swap: your USDT leaves Ethereum and FRAX arrives on NEAR. Normally that takes a bridge plus a DEX, or a centralized exchange account. With NEAR Intents the deposit, swap and withdrawal happen in one flow, and what lands in your wallet is FRAX on NEAR, not a wrapped copy you have to bridge again.

USDT and FRAX are both dollar-pegged stablecoins, so the rate stays close to 1:1. People swap between them to move to the stablecoin a protocol or exchange accepts, or to change issuer or network without cashing out.

About Tether and Legacy Frax Dollar

What is Tether (USDT)?

Tether (USDT) is a stablecoin designed to hold a value of one US dollar, issued by the company Tether since 2014. Having started on Bitcoin's Omni Layer, it has since expanded to many blockchains, including Ethereum, TRON, Solana and others.

Type
Fiat-backed stablecoin
Launched
2014
Consensus
Inherits the consensus of each host blockchain
Max supply
No fixed cap (minted and redeemed on demand)
Swap network
Ethereum
Sector (Messari)
Stablecoins
Tether official site ↗Sector classification by Messari ↗

How Tether works

Tether creates new USDT when verified customers deposit dollars and redeems tokens for dollars when they are returned, so the supply follows demand. The company reports holding reserve assets, mainly US Treasury bills and cash equivalents, to back the tokens in circulation and publishes periodic attestations of those reserves.

What USDT is used for

Traders use USDT to park funds between trades and as a quote currency on exchanges around the world. It is also common for cross-border payments and for saving in dollars in places with volatile local currencies.

USDT supply

There is no fixed supply: tokens are minted when dollars come in and burned when they are redeemed. The goal is for each USDT to be backed by reserves worth at least one dollar.

Before you swap USDT

USDT exists on many networks, and the swap widget defaults to the Ethereum version, so confirm the selected network matches the chain of your wallet before sending or receiving. Sending USDT over the wrong network can make funds difficult or impossible to recover.

What is Legacy Frax Dollar (FRAX)?

FRAX is the first stablecoin issued by Frax Finance, the protocol founded by Sam Kazemian, and it went live on Ethereum in December 2020. After Frax's North Star upgrade in April 2025 the token was relabelled Legacy Frax Dollar, while the newer frxUSD became the protocol's main stablecoin and the FRAX ticker for governance passed to the former FXS token.

Type
USD stablecoin (legacy Frax)
Launched
2020
Consensus
Issued on Ethereum; bridged to NEAR
Max supply
No fixed cap
Swap network
NEAR
Legacy Frax Dollar official site ↗

How Legacy Frax Dollar works

The coin launched with a fractional-algorithmic design, backed partly by collateral and partly by the protocol's own share token, and Frax governance later moved it to full collateralization. The version listed here is the Ethereum ERC-20 locked in NEAR's Rainbow Bridge and minted as a NEP-141 token under factory.bridge.near.

What FRAX is used for

Holders use it as a dollar-denominated unit in DeFi pools and lending markets where FRAX liquidity still exists. On NEAR it mainly serves as a bridged stable asset for moving value to and from Ethereum-based Frax positions.

FRAX supply

There is no fixed cap: FRAX is minted when collateral enters the protocol and burned on redemption, so supply follows demand for the dollar token.

Before you swap FRAX

This is the USD-pegged legacy stablecoin, not the new FRAX governance token (ex-FXS) and not frxUSD, so check what you are receiving. It moves on NEAR here, and a small NEAR balance covers later transactions.

Looking for the reverse?Convert FRAX to USDT →
More swaps:All USDT pairs →All FRAX pairs →

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USDT to FRAX: frequently asked questions

What to know before swapping Tether for Legacy Frax Dollar

Deposit USDT from Ethereum into NEAR Intents, swap it for FRAX, then withdraw FRAX to your wallet on NEAR. The widget on this page walks you through all three steps and shows the exact amount you will receive before you confirm.