Users deposit funds into Frax Finance and receive frxUSD stablecoin (previously FRAX).

Frax Finance is the principal architect of frxUSD - a crypto collateralized stablecoin pegged to the US dollar. Frax Finance was founded by Sam Kazemian, Stephen Moore, Jason Huoan & Travis Moore and launched in 2019.

FRAX (previously FXS) tokenholders own and govern the Frax Finance protocol.

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Frax Stablecoin

# Frax Stablecoin Outstanding supply Methodology

## 1. Overview

Outstanding supply measures the total amount of FRAX stablecoin tokens currently in circulation. This metric tracks the net result of all FRAX token mints and burns over time, providing a real-time view of the total FRAX supply available in the market. The calculation monitors token transfer events on Ethereum to identify mint and burn operations, then maintains a running cumulative total of the outstanding token supply.

## 2. Data sources

- **Ethereum ERC-20 token transfer events**: Parsed `Transfer` events from the FRAX token contract on Ethereum blockchain
- **FRAX token contract**: Specific token contract address `0x853d955acef822db058eb8505911ed77f175b99e` representing the FRAX stablecoin
- **End-of-day token price feeds**: Daily FRAX/USD price data for currency conversion
- **Token metadata**: FRAX token specifications including decimal places (18 decimals) and symbol information

## 3. Step-by-step calculation

### Component A: FRAX token mints identification
- **Purpose**: Identifies all FRAX token creation events by detecting transfers from the null address
- **Logic**: Filters Ethereum token transfer events for the FRAX contract where `from_address` equals the null address (`0x0000000000000000000000000000000000000000`). These transfers represent new tokens being minted into circulation. Each mint event includes the recipient address, transaction details, and the amount of tokens created. All mint transactions are classified under the stablecoin issuer business segment.
- **Key fields**: `block_timestamp`, `transaction_hash`, `to_address`, `value` (token amount), `token_address`

### Component B: FRAX token burns identification  
- **Purpose**: Identifies all FRAX token destruction events by detecting transfers to null or dead addresses
- **Logic**: Filters Ethereum token transfer events for the FRAX contract where `to_address` equals either the null address (`0x0000000000000000000000000000000000000000`) or the dead address (`0x000000000000000000000000000000000000dead`). These transfers represent tokens being permanently removed from circulation. Each burn event includes the sender address, transaction details, and the amount of tokens destroyed.
- **Key fields**: `block_timestamp`, `transaction_hash`, `from_address`, `value` (token amount), `token_address`

### Component C: Net supply change calculation
- **Purpose**: Combines mint and burn events to calculate daily net changes in FRAX supply
- **Logic**: Unions the mint events (as positive amounts) with burn events (converted to negative amounts) to create a comprehensive dataset of all supply-affecting transfers. The data is then aggregated by day using timestamp truncation, and amounts are summed to get the net daily supply change. Decimal correction is applied to normalize the 18-decimal token amounts to standard units.
- **Key fields**: `timestamp` (daily), `chain`, `amount` (net daily change), `token_address`, `token_symbol`

### Final aggregation
- **Combining components**: The daily net supply changes are processed through a cumulative sum calculation using a window function partitioned by chain and token address, ordered by timestamp
- **Currency conversion**: Outstanding supply values are converted to USD using end-of-day FRAX price feeds through the standard Token Terminal price conversion methodology
- **Time aggregation**: Daily time series data with forward-filling applied to ensure no gaps in the historical record
- **Final calculation**: The outstanding supply for any given day equals the sum of all previous net supply changes from the token's inception through that date, representing the total FRAX tokens in circulation

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Circulating supply of stablecoins issued by the project.

Frax StablecoinFRAX

Outstanding supply

Outstanding supply

Competitive landscape

Chain breakdown