The Frax token map
Frax has more than one token, and in 2025 it started renaming several of them at once. That is a recipe for confusion, so this page lays out what each token does, what it is called now, and what it is being renamed to. When in doubt, the rule is simple: a stablecoin is meant to hold a value; a governance token is meant to capture the protocol's success.
The rebrand, stated plainly
The North Star plan does two big things at once. It renames the governance token FXS → FRAX and makes it the gas and staking token of the Fraxtal network. And it rebrands the original FRAX stablecoin to frxUSD. So the word "FRAX" is moving from the stablecoin to the governance token. Rollout is staged — verify the live state on the governance forum.
The tokens at a glance
| Token | Type | What it does |
|---|---|---|
| frxUSD | Stablecoin | The flagship US-dollar stablecoin (the rebranded original FRAX), designed for direct fiat redemption through regulated partners. |
| FRAX (new) | Governance / gas | The renamed FXS. Carries voting power, accrues protocol value, and serves as the gas and staking token of Fraxtal. |
| veFRAX | Vote escrow | The renamed veFXS: locked governance tokens that grant non-transferable voting power. |
| sFRAX | Savings vault | ERC-4626 vault that pays out part of the protocol's yield to stablecoin depositors. |
| frxETH | ETH-tracking | Tracks the price of ETH one-to-one; the base asset of the Frax liquid-staking system. |
| sfrxETH | Staked ETH | ERC-4626 vault that accrues Ethereum validator rewards; its value rises against frxETH over time. |
| FPI | Stablecoin | The Frax Price Index stablecoin, pegged to a CPI-based basket of goods rather than a flat dollar. |
| FXB | Bond | Frax Bonds: zero-coupon, bond-like tokens auctioned below par that redeem for one stablecoin unit at maturity. |
The stablecoin: FRAX, now frxUSD
This is the token most people mean when they say "Frax." It is the US-dollar stablecoin that launched in 2020 and is now branded frxUSD. After the move to full collateralization it is meant to be backed by reserves you can redeem against, and the rebrand adds an emphasis on direct fiat redemption through regulated partners. The exact backing and redemption terms are live details — confirm them in the documentation.
The governance token: FXS, becoming FRAX
Historically called FXS (Frax Shares), this is the token that captures the protocol's value. Fees, redemption spreads and AMO profits accrue to it, and holders who lock it gain voting power. Under North Star it is renamed FRAX and given a second role: it is the token you spend on gas and use for staking on the Fraxtal network, which links the chain's activity directly to demand for the token. The staking and governance page explains the locking mechanism.
The other stablecoin: FPI
FPI, the Frax Price Index, is a different kind of stablecoin. Instead of targeting one dollar, it targets the value of a basket of everyday consumer goods, defined by the US Consumer Price Index. The goal is to hold purchasing power rather than a nominal dollar figure, which is a meaningfully different promise.
Bonds: FXB
Frax Bonds (FXB) behave like zero-coupon bonds. They are auctioned for less than one stablecoin unit and redeem for a full unit at a set maturity date, so the return is the gap between purchase price and par. They give the protocol a way to manage duration and give holders a fixed, time-based payoff.
For the assets that back all of this, see supported assets. For where these tokens live and trade, see the ecosystem page.