DefiLlama verifies frxUSD backing as Frax pursues GENIUS license

November 2, 2026

DefiLlama has independently verified the backing of frxUSD, Frax Finance's fully collateralized stablecoin. Frax framed the verification as "two OG DeFi teams collaborating" and said more updates are coming as it applies for a GENIUS license under the US federal stablecoin framework.

DefiLlama's stablecoin dashboard now independently verifies frxUSD's reserves
Frax said it is applying for a GENIUS Act license, the regime requiring 100% liquid reserve backing and monthly disclosure
Frax teased further verification and partnership updates

Sources

frxUSD is now verified by @DefiLlama. DeFi’s most trusted data platform has independently verified the backing of Frax’s institutional-grade stablecoin. Two OG DeFi teams collaborating, with more to come. More updates as we apply for a GENIUS license. https://t.co/40ZEsMn6GJ https://t.co/YgrixyjSnEx.com ↗

Frax

Frax is the world’s first fractional-algorithmic stablecoin. The Frax Protocol introduced the world to the concept of a cryptocurrency being partially backed by collateral and partially stabilized algorithmically.

View project

Get stories like this in your inbox

Get your digest

DefiLlama verifies frxUSD backing as Frax pursues GENIUS license — Outposts