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
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.