Legacy Frax DollarFRAX

The original Frax stablecoin, renamed Legacy Frax Dollar and no longer swappable 1:1 for Frax's newer frxUSD.

Rank #157Since December 2020

Price on 31 Oct 2026

C$1.39 -0.6% since 31 Jul 2026 · 40.0% below its all-time high

The short version

Legacy Frax Dollar is the original FRAX stablecoin of Frax Finance, a DAO-governed protocol. After the 2025 North Star upgrade it was renamed, the FXS governance token took the FRAX name, and a fiat-redeemable frxUSD became the main dollar product. FIP-430 (Apr 2025) split the two onto separate balance sheets and ended guaranteed 1:1 migration. About 219M remain outstanding. On 31 Oct 2026 one FRAX cost C$1.39. From 31 Jul 2026 to 31 Oct 2026 its price changed -0.6% in Canadian dollars, and it was 40.0% below its all-time high of C$2.31 set on 30 Mar 2026.^[1]

Facts checked 2 Nov 2026 · 13 sources · next update about 1 Dec 2026

Price, past year

Past year: high C$1.42 (22 Jun 2026) · low C$1.34 (29 Jan 2026) · -1.2%^[1]

Month-end prices (table)

Date	C$	US$
31 Oct 2026	C$1.38	US$0.9911
30 Sep 2026	C$1.41	US$0.9923
31 Aug 2026	C$1.37	US$0.9907
31 Jul 2026	C$1.39	US$0.9921
30 Jun 2026	C$1.41	US$0.9891
31 May 2026	C$1.37	US$0.9912
30 Apr 2026	C$1.36	US$1.00
31 Mar 2026	C$1.39	US$0.9995
28 Feb 2026	C$1.36	US$0.9970
31 Jan 2026	C$1.34	US$0.9918
31 Dec 2025	C$1.36	US$0.9922
30 Nov 2025	C$1.39	US$0.9940

Daily prices from CoinGecko; C$ converted at the Bank of Canada daily rate. The latest point is live when available. Past prices, not a forecast.

Choose what to see

Key facts

Price, 31 Oct 2026: C$1.39^[1]
3-month change: -0.6% in C$ (31 Jul 2026 to 31 Oct 2026)^[1]
From its high: 40.0% below its high of C$2.31 (30 Mar 2026)^[1]
Market rank: #157, market value about C$303.8M^[1]
Kind: Stablecoin · Ethereum (ERC-20); also on Fraxtal and other chains
Started: December 2020

Checks: the same 9 questions for every coin

Facts, not a rating

Can an admin key create new coins?YesA 3-of-5 multisig owner can add minting pools without an on-chain governance vote^{[2, 3, 4]}

Can anyone freeze or take coins from holders?NoNo blacklist or pause; pool burns need the holder's allowance^{[2, 5]}

Can the token's contract code be changed?NoFixed contract code on Ethereum, not a proxy^[5]

Is the supply capped?NoNo maximum; supply follows mints and redemptions^[2]

Any scheduled unlocks in the next 12 months?NoNo vesting or locked allocations^[6]

Does a team or foundation hold over 10% of supply?NoNo team allocation; a stablecoin issued against collateral^{[6, 2]}

Do network fees reach coin holders?NoProtocol revenue accrues to the FRAX governance token and treasury, not to Legacy FRAX holders^{[7, 8]}

Main network hacked or halted in the past 2 years?NoNo Frax exploit in the DefiLlama hacks list since Nov 2024^[9]

Is a regulator or court case targeting the coin itself?NoNo regulator or court action naming the token or Frax found^[10]

Each answer is a fact with a source, not a score. What each check means.

Who controls it

Issuer: Frax Finance protocol, governed by veFRAX holders (the FRAX token, formerly FXS); Frax Inc is pursuing a US stablecoin charter^{[7, 6]}
Mint rights: The owner, a 3-of-5 multisig (fraxcomptrollers.eth), or the governance timelock can add pool contracts that mint FRAX^{[2, 3, 4]}
Admin key: No blacklist, pause or forced-transfer function; not a proxy^{[2, 5]}

Supply

In circulation: 219.31M FRAX^[1]
Maximum supply: None set^[1]
Outstanding: About 219.3M FRAX on 2 Nov 2026 (contract total supply); DefiLlama counts 143.9M as pegged supply^{[5, 11]}
Backing: Protocol-held collateral and AMO positions on a balance sheet separate from frxUSD since FIP-430; no fiat redemption^[6]
Unlocks: None; a stablecoin with no vesting allocations^[6]

Use and fees

Main use: A DeFi dollar; Frax Bonds (FXBs) on Fraxtal redeem into Legacy FRAX again under FIP-430^[6]
Protocol fees: US$317,994 in the past year from the legacy stablecoin, kept by the protocol^[8]
Holder yield: None; fees accrue to the FRAX (formerly FXS) governance token and yield products sit on the frxUSD side^[7]

Trading

Daily trading: About C$687.5K a day on average, 31 Jul 2026 to 31 Oct 2026^[1]
Daily turnover: Typically 0.14% of its market value changes hands each day^[1]
20-week average: 0.0% below its 20-week average price^[1]
1-year change: -0.5% in C$^[1]^[12]
Thin trading: Typically under 1% of its market value trades in a day; typical daily trading under C$1.4M^[1]

History

Not a forecast

Coins ranked 51-200 at this point in past cycles (12-14 months after a Bitcoin peak), one year later: 4,050 cases, 612 coins

39% were higher a year later^[13]

Typical result: Median -25% after a year; 45% higher after two years
Lost half or more: 38% within a year
Against Bitcoin: 12% did better than Bitcoin over the year

History, not a forecast.

Red flags and things to watch

1 red flag found

Red flag: The token owner, a 3-of-5 multisig, can add any address as a minting pool without an on-chain vote; the token sets no limit on pool mints.^{[2, 3, 4]}

FIP-430 (posted 21 Apr 2025) ended the guaranteed 1:1 migration from Legacy Frax Dollar into frxUSD and separated the two balance sheets.^[6]
CoinMarketCap says the token was renamed after the North Star hard fork; the FXS governance token now carries the FRAX name.^{[10, 7]}
DefiLlama counts 143.9M FRAX as circulating against 219.3M in the contract (2 Nov 2026).^{[11, 5]}

Checked: admin keys, contract upgrades, unlocks, insider supply, hacks, legal actions and claims against records.

Sources and dates

Facts as of 31 Oct 2026. Prices from CoinGecko in Canadian and US dollars; US$ figures without a C$ price are converted at 1.3976 C$ per US$.